It is no surprise that the current state of our economy continues to bring uncertainty and apprehension to our existing job market. With the un-employment rate continuing to increase, job competition is at an all time high. It is more important now than ever that companies process background screenings on potential employees.
With more people competing for fewer jobs, the potential for embellishments or conflicting information on résumés is probable. While companies are trying to cut costs and tighten budgets during this economic slow down, they must keep in mind the importance of screening potential employees. The cost of making a bad hiring decision could be quite damaging and possibly be more harmful for the company in the long run.
Companies need to be confident they are hiring the most capable candidates with the right qualifications. A recent article published in the Boston Herald stated, “There’s a surplus of human capital, and employers basically have their pick. If you’re an employer today in Boston and you have a job opening, you’re going to get 200 applications for one job.” With this surplus of potential candidates, the margin of error in hiring the wrong person is substantial. Potential candidates are going to be asked to take on more job responsibility and therefore the qualifications necessary for the job will increase. The article also went on to say, “Employers have upgraded job requirements, holding out for higher-level credentials and college degrees for lower-level positions.”
With a larger range of potential candidates, companies can afford to be a little more vigilant. Employers may want to consider adding searches that their company may not have previously processed such as employment or education verifications. The more information you can obtain, the better informed you can be in making a hiring decision.
