What makes vetting talent and background verification important

It was a routine review process in the organization, and Rhea helped the external auditor with the relevant documents. After a detailed security review, the external audit team wanted to talk to the leadership team. This wasn’t usual, and Rhea was concerned. However, she checked the availability of the COO and the CHRO. But what happened at the meeting shocked her. At least a dozen workers had duplicate benefit accounts. This meant they had been moonlighting, and the organization was now accountable to the Provident Fund Office. Rhea was shocked to discover that she knew some of them. But she had not known that they were working for other organizations while employed by her company.

Imagine the following situation. As a recruiter, you advertise a job, and after a long process, you hire someone you think is a good fit. The person might have a fantastic CV and a great personality, but they might be hiding a criminal record or not providing work records. Sometimes they also lie on CV and make false statements to stand out from the competition.

Without background checking, these problems don’t come to light until it’s too late. You may not realize until a few weeks later that you could have hired them better. Now you’ve to start the process all over again. A solid vetting process helps avoid mistakes.

A bad hire can cause several problems for your company, from lost productivity to internal disruption to the existing team. There’s also the financial cost of sourcing and training a replacement. The damage can be immense if the person in question becomes involved in illegal activities while working in your company, which can destroy your reputation with your clients and customers.

Although it may seem tedious and time-consuming, it’s worth background verification of your applicants before offering them a job. It’s crucial to ensure that an applicant’s credentials justify them in every way so that you can proceed with the recruitment. Screening potential employees are crucial regardless of their experience or position.

Why is the vetting process so important?

According to a report in the Economic Times, nearly a quarter of large companies in India conduct background checks on IT employees before hiring them. This is because of increasing virtual interview scams, moonlighting, low productivity, and fake experience certificates of employees.

Importance of vetting employees

Companies use a vetting process to assess an applicant’s background and qualifications and eliminate unqualified candidates from the applicant pool. This includes background checks, phone checks, and virtual and technical assessments.

Improves efficiency 

Vetting facilitates effective recruitment and helps HR filter out unsuitable candidates. Often candidates use part of the job description to their advantage. But with a good screening process, you can find the right candidate with the right qualifications and experience. A thorough screening process reduces disruption and is a good investment of time and money. When companies hire the right talent the first time, it significantly reduces costs, as most costs go into finding and training new candidates.

The vetting process allows recruiters to refine the interview process and get the different stages right. You can use the information from a vetting process to adjust the interviews to ensure an enriching hiring process.

There’s a large pool of talent; therefore, companies are inundated with the challenges of the recruitment process. Due to many applications, it isn’t easy to assess candidates on their skills, reliability, and professionalism. A thorough background checking process helps to avoid wrong decisions.

Companies that understand the importance of a precise, detailed vetting process turn to reputable background check agencies such as Verifitech to assist them in the recruitment process.

The need for a proper vetting system for potential employees is becoming increasingly clear. Although employers don’t assume that potential applicants will lie about their experience or CVs, it’s important to take precautions. Without proper screening, there’s a good chance that you will hire someone who’s not suitable for the job.

If the qualifications are wrong or the applicant doesn’t fit into the team, it will cost time, effort, and money to replace the applicant. With the right questions and references, the mess could have been avoided. Today we know that vetting pays off, saving company’s time, money, and disappointment.

Why are talent acquisition and retention so important?

Now that you have acquired a great talent who fit your organization’s expectation, the next most critical step is retaining him/her.

HR managers know that talent acquisition strategies have a vital impact on employee retention. Recruitment and retention are closely linked, and when employee engagement and retention increase, the need for new hires decreases. Satisfied employees are less likely to leave, and this is something that HR should keep in mind in any recruitment process.

Talent acquisition and retention are ongoing strategies focusing on long-term resource planning to choose a suitable candidate for the role.

Effective employee retention saves the company from productivity losses. Companies with high retention rates have more engaged employees, who get more work done. Engaged employees are more likely to build excellent customer relationships and form teams to become more productive.

If you take a company’s success, employee retention is more important than talent acquisition. HR should look for a balance in recruiting and retaining employees. Retaining an employee is cheaper and more cost effective than hiring new employees.