Benefits of Background Screening

Here's how WOLFE background screening can benefit your organization:

	Reduce turnover costs Studies show that turnover costs can be approximately 30 percent of an employee's annual salary. Background screening reduces turnover and can save employers hundreds of thousands of dollars annually.
	Increase retention rates The value of keeping one front-line employee is many times greater than the cost of losing one. An employee who stays on a job with you for 20 years can save the cost of recruiting and hiring for the position multiple times—an estimated $100,000 or more. Background screening can help you retain more long-term employees.
	Minimize employee theft and fraud According to a variety of estimates, employee theft and fraud cost companies anywhere from two to seven percent of their annual revenue on average. Background screening reduces employee theft and shrinkage by nearly 48 percent, according to some studies.
	Make the work environment safer, more secure Violence in the workplace is a serious safety and health issue. Homicide is the fourth-leading cause of fatal occupational injury in the United States. Background screening prevents organizations from hiring individuals with histories of violent crimes.
	Avoid costly liability situations Legal liabilities for your organization can arise from the actions of your employees and the employees of any contractors or staffing agencies you use. You can also be exposed legally if you use background information improperly. The right background screening program and professional advice will help protect your organization from such liabilities and what they can cost you financially and in damage to your reputation.
	Avoid embarrassing publicity Any incident that involves one of your employees can easily end up in the newspapers and other local and national media. Firings such as when the president is found to have misrepresented his education or an employee's arrest as a sex offender or wanted criminal can appear on the six o'clock news. A quality screening program can minimize the potential for such embarrassing headlines involving your employees.
	Facts that show why background screening is essential Statistics gathered in recent years make one thing abundantly clear: background screening is absolutely essential. For example, research conducted by the Association of Certified Fraud Examiners (ACFE) indicates that organizations in the US lose an estimated seven percent of their annual revenues to fraud. According to the Society for Human Resource Management (SHRM), half of all resumes and employment applications contain false or misleading information. Statistics published by the US Department of Justice show that workplace violence represents 18 percent of all violent crimes. An estimate from the US Department of Commerce attributes 33 percent of all business failures to employee theft. The average jury award in 66 percent of all negligent hiring trial cases is $600,000 in damages. And in negligent hiring civil suits, according to the Workplace Violence Research Institute, the average jury award to the injured is $3 million.