There are almost 31 million small businesses across the US covering over 99% of all businesses nationwide. Unlike giant corporations that have networks of legal and investigatory teams, small businesses often need to handle their hiring and internal monitoring on a more intimate and direct approach. Opting for blind trust can be an expensive mistake. But why should your company never skip out on the right background check?
Deter Detrimental Dishonesty
Research shows that nearly 80% of job applicants lie on their resumes or during job interviews. Moreover, approximately 66% of employers or hiring managers know this and don’t care. A little misrepresentation or white lies to help secure a position a potential candidate knows they can do once their foot is in the door is one thing. But when those lies escalate and completely falsify abilities can lead to extreme expenses for the business as they rush to fill the necessary position with a competent worker.
Limit Company Theft
Approximately 75% of employees admit they’ve stolen from work at least once, and employee theft is responsible for 42.7% of retail inventory shrinkage nationwide. That results in millions of dollars lost annually, and a single company with over 100 employees can lose well over $100,000 per year just due to employees with sticky fingers. Cybercrime is another concern for companies who fail to run the right background check or recurring checks on their employees.
Avoid Negligent Hires
Negligent hiring is a term referencing legal complaints lodged against employers by employees. The claims can cover injuries, anger or behavioral issues, violence, sexual harassment, or any other potentially dangerous scenario involving an employee that the employer clearly knew was not right for the position or workplace and either hired anyway or refused to fire upon discovering the issues. Negligent hiring suits can cost a company an average of $1 million, and almost 80% of businesses lose in court. The right background check can limit the risks and help ensure you’re hiring the right people right off the bat. And even if you do still have turnover, it won’t be due to internal negligence.
Create and Maintain a Safe Workplace
Most businesses are created to turn a profit, but no successful business can run without a healthy and secure workforce. Workplace violence or trauma can be grouped into four categories: criminal intention, client-on-employee, worker vs worker, and employee relation such as when domestic violence issues continue to the workplace. Approximately 2 million people are involved in workplace violence annually, but only a fraction of those actually report it.
Workplace violence leads to nearly 21,000 non-fatal injuries that require home or hospitalized recovery. The majority of injuries involve women, and healthcare or social industries account for almost three-quarters of the offenses. There’s no way to avoid every potential threat to your business or workers, but incorporating background checks into your business plan can help significantly reduce the risks. And if you want to avoid extra internal headaches, give us a call to let the right Chicago private investigator handle it for you.