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Why Invest in Employment Verification?

A vital part of the hiring process is pre-employment screening, where companies determine the truth of what is on a person’s resume and other details about their background.

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A vital part of the hiring process is pre-employment screening, where companies determine the truth of what is on a person’s resume and other details about their background. This process is known as “Employment Verification.” It is critical for companies who want to ensure they are hiring the most qualified and experienced professionals possible.

While most businesses have screening measures in place, these practices can vary from in-house, extensive background checks to outsourced third-party verification. For a business, it’s worth asking: What is better to invest in, an entire in-house team or a third-party provider?

In-House vs. Third-Party Verification

Pre-employment screenings investigate a person’s employment history, job titles, education, and other topics of interest. The wisdom of investing in an in-house or third-party verification depends on multiple factors.

An in-house screening conducted by the HR department can have many advantages over outsourcing. For one, there’s no queue or delay in starting the screening process. In-house verification can also lower the costs, at least for large corporations. But for small and medium businesses, the cost of staffing a full-time verification team can be unreasonable.

A third-party employment verification provider completes advanced fact-checking for employers. This service assures would-be employers that their prospective hire is top-notch. Businesses that perform this service charge reasonably little for their work, often only charging a low, flat rate per employee researched. Cost differences may also arise for someone who wants to do more thorough background checks or bulk background screening. Companies that perform these verification procedures can also conduct more in-depth research for high-profile or high-risk jobs that may require a security clearance.

How Screening Impacts the Bottom Line

Whether to screen employees for criminal history or to confirm their professional history, background checks are prevalent in the US and abroad. But is it worth investing in more rigorous procedures for your company?

Background checks are one aspect of employment verification that gives an employer peace of mind. With issues like criminal history and drug screenings taken care of, employers and HR managers can focus on other aspects of the hiring process.

Another reason for a hiring manager to hire a third-party provider is to remain competitive. Businesses worldwide are vetting their would-be hires with critical lenses by studying their resumes and performing tasks like transcript translation and verification. These measures are part of efforts to improve the quality of their hires and meet the demands of a global workforce.

Beyond being part of safeguards to protect their workforce, rigorous screening practices also assuage concerns for clients and other investors. They provide an assurance that only the best and brightest are in their offices and that they are all working towards the same goal.

Final Thoughts

Investigating the history of would-be hires is an important task. This work improves the safety and morale of a workplace. Whether you hire in-house staff or third-party professionals, high-quality screenings are crucial. Either way, it’s a part of the hiring process worth investing in—your clients and employees will certainly appreciate your efforts!

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Kaduna Electric Implements 10% Salary Hike Amidst N110 Billion Debt Crisis

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Electricity - Investors King

Kaduna Electricity Distribution Company (Kaduna Electric) has announced a 10% salary increase for its workforce, despite grappling with a debt of N110 billion and operational challenges.

The decision follows the dissolution of the company’s board of directors by the Nigerian Electricity Regulatory Commission (NERC) due to its failure to settle the substantial debt owed within the Nigeria Electricity Supply Industry framework.

Umar Hashidu, appointed by NERC as the company’s administrator under Section 75 of the Electricity Act, emphasized the strategic significance of the salary increment during a meeting with the management team.

Hashidu stressed the importance of boosting employee morale and enhancing overall company performance amidst economic uncertainties.

The salary adjustment is a proactive measure aimed at motivating staff in the face of prevailing economic challenges, noted Hashidu, acknowledging the pressing need to address the escalating cost of living crisis.

Despite Kaduna Electric’s struggles in meeting market obligations and complying with NERC performance indices, Hashidu expressed optimism in overcoming these hurdles through concerted efforts.

The announcement signals a period of transition and reform within Kaduna Electric, following the resignation of the former Managing Director, Yusuf Yahaya.

Despite the company’s debt burden and leadership changes, the salary hike reflects a commitment to prioritize employee welfare and maintain operational stability.

As Kaduna Electric navigates through its financial challenges and strives for improved performance, the salary increase serves as a testament to the company’s dedication to supporting its workforce amidst adversity.

It remains to be seen how this move will impact the company’s trajectory in the Nigerian Electricity Supply Industry landscape.

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UPS Announces 12,000 Job Cuts Amid Cost Reduction Plans

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United Parcel Service's (UPS)

Global logistics giant UPS has announced its decision to cut 12,000 jobs or 2.4% of its extensive 500,000-strong global workforce.

The decision comes as UPS seeks to achieve $1 billion in cost reductions, citing subdued demand and rising union labor expenses, as stated during its earnings call on Tuesday.

CEO Carol Tomé acknowledged the challenges faced in 2023, emphasizing the company’s commitment to focusing on controllable factors and fortifying its groundwork for future growth despite the adversities.

A UPS spokesperson clarified that the job cuts would impact less than 3% of the company’s total workforce and would not affect union-represented roles.

The reductions are expected to span across various regions and functions within UPS, with 75% of the cuts anticipated to occur within the first half of the year.

UPS’s fourth-quarter revenues for 2023 amounted to $24.92 billion, falling short of Wall Street analysts’ expectations of $25.43 billion.

Consequently, UPS shares experienced a decline of over 8% in Tuesday’s trading session.

The decision follows UPS’s agreement with the Teamsters union last July, which saw adjustments to the pay structure for both full-time and part-time workers.

This move is part of UPS’s broader strategy to streamline operations and navigate evolving market dynamics while maintaining its commitment to financial prudence and sustainability.

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Microsoft Gaming to Slash 1,900 Jobs Amid Acquisition Fallout

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microsoft - Investorsking

Microsoft Gaming announced plans to cut 1,900 jobs, accounting for approximately 9% of its workforce.

The decision outlined in a Thursday memo comes just over three months after the completion of the high-profile acquisition.

Microsoft Gaming CEO Phil Spencer cited the need for an “execution plan” aimed at reducing redundancies and streamlining operations within the company.

The move underscores the challenges of integrating two major gaming entities and aligning strategies following the $69 billion acquisition of Activision Blizzard, which closed in late 2023.

Former Blizzard president, Mike Ybarra, also disclosed his departure from Microsoft and Blizzard on social media, further highlighting the changes within the organization.

Spencer emphasized that the affected employees, who played integral roles in the success of Activision Blizzard, ZeniMax, and the Xbox teams, would be provided with full support, including severance benefits in accordance with local employment laws.

The decision reflects a commitment to navigating the restructuring process with thoughtfulness and compassion.

The layoffs at Microsoft Gaming contribute to a broader trend of job cuts across the tech industry, with several companies making deep cuts in their workforce in the early months of 2024.

Economic pressures and efforts to streamline operations have been cited as driving factors behind these decisions.

Despite the anticipated efficiencies following the merger, layoffs are often expected outcomes, and Microsoft’s share prices remained largely unchanged following the announcement.

The company’s focus now lies in aligning its strategy, optimizing its cost structure, and continuing to invest in growth opportunities amidst the evolving landscape of the gaming industry.

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