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The Return on Investment When Using Background Checks

The term “Best Practices” is common in business used in every management meeting but is it really best for companies? As many countries evolve into its goals to become corporate and more and more emphasis are on ROI or Return on Investment. ROI and its burdens prove that it initially fell to the most companies’ operation side, but now even Human Resources and Risk management hard to qualify like business areas have to prove their stated best practices and its value.

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The Return on Investment When Using Background Checks

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  1. The Return on Investment When Using Background Checks

  2. The hiring strategy which is the heart of every Human Resources or Risk Management is employment background checks. Employment background checks are widely known as a crucial part of the hiring process designed to leave out any undesirable applicants while also representing a significant cost.

  3. But people are debating and asking how much do background checks cost and what value does it deliver? The payoff of background checks based on common sense and the goal of this paper are best practices.

  4. Turnover of Companies • Turnover is the ration of the number of replaced employees in a given time period to the average number of employees employed during the same time. There was estimation for the annual average total of employment for a country which was at least 138 million employees; the turnover rate is 37 percent that resulted in 53 million job turnovers.

  5. Bad Events • Bad Catastrophic Events happens when there is workplace violence, drug and alcohol use, sexual harassment and accidents that have occurred due to false qualifications. These events will result to lawsuits and negligent hiring litigation that will haunt employers and will always follow on.

  6. The Whole Picture • For every dollar an employer invests in background checks, their return of investment will range from 5 to 16 dollars that will result to improved productivity, lower turnover, and decrease employer’s liability and cut out absenteeism from the picture.

  7. For additional info concerning The Return on Investment When Using Background Checks, go to http://govpublicaccess.com

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