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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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Job Cuts Hit Tesla: More Than 6,000 Positions Axed Across Texas and California

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Tesla Charger

Tesla Inc. has announced plans to slash over 6,000 jobs in Texas and California as part of CEO Elon Musk’s directive to trim more than 10% of the company’s global workforce.

The cuts come amidst a tumultuous period for the electric vehicle maker, which has faced challenges ranging from production bottlenecks to supply chain disruptions.

In Texas, where Tesla is headquartered and operates a major factory, 2,688 workers are set to lose their jobs.

The layoffs are scheduled to begin during a 14-day period starting June 14, as outlined in a WARN notice filed with the Texas Workforce Commission.

Also, Tesla revealed intentions to lay off 3,332 employees across multiple sites in California, according to separate WARN notices filed in the state.

The decision marks Tesla’s largest-ever round of job cuts, with the company boasting more than 140,000 employees globally before the restructuring initiative commenced.

Despite announcing a reduction of over 10% of its workforce on April 15, insiders familiar with Tesla’s plans suggest that the actual number of job losses could exceed 20,000.

The news of the layoffs comes as Tesla’s stock performance continues to struggle, with shares plummeting by 42% this year, marking the worst performance in the S&P 500 Index.

The company’s workforce in Austin, Texas, surpassed 22,000 employees at the end of last year, with its production facility responsible for manufacturing the Model Y and Cybertruck.

However, the extent to which factory jobs will be affected remains unclear amidst the restructuring efforts.

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Heritage Bank Faces Union Action as NUBIFIE Protests Mass Layoffs

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heritage bank- Investors King

Amid mounting tension and grievances over alleged mass layoffs, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has led its members to the head office of Heritage Bank in Lagos.

NUBIFIE’s actions stem from Heritage Bank’s recent management decision to terminate the employment of over 1000 personnel without adhering to due process, prompting widespread outrage among affected workers and the union alike.

The union has made it clear that its picketing of the bank’s premises will persist until management addresses the sacked workers’ grievances and ensures the provision of rightful severance packages.

At the forefront of the protest, aggrieved ex-staff members have barricaded the entrance gate, obstructing access to and from the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos.

Reports reveal that Heritage Bank, under the leadership of Mr. Akinola George-Taylor, dismissed over 70 senior staff members within a year of his tenure. Moreover, numerous other employees were allegedly coerced into resigning, exacerbating the bank’s internal crisis.

Of significant concern is the failure to remit accrued entitlements and allowances owed to the affected staff.

Sources familiar with the matter have disclosed that the bank’s chief executive officer instigated the internal turmoil as part of a broader scheme to purge the institution of individuals suspected of loyalty to certain board members.

This purported purge is believed to be aimed at consolidating power and control over the bank, with the backing of a prominent shareholder seeking sole ownership and the removal of existing board members.

Despite efforts to seek clarification and comment from Heritage Bank’s head of Corporate Communications, Ozenna Utulu, no response has been forthcoming as of the time of reporting.

The standoff between Heritage Bank and NUBIFIE underscores the growing unrest within the banking sector and the urgent need for dialogue to address grievances and ensure fair labor practices.

As protests intensify and pressure mounts on the bank’s management, the outcome of these developments remains uncertain, leaving both employees and stakeholders on edge.

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Google Fires 28 Workers Over Controversial Project Nimbus Protests

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Google has terminated 28 employees who participated in protests against the tech giant’s involvement in Project Nimbus, a joint venture with Amazon to provide AI and cloud services to the Israeli government.

The protests, organized by the No Tech for Apartheid group, took place across Google offices in New York City, Seattle, and Sunnyvale, California.

The demonstrations, which included a nearly 10-hour sit-in, culminated in the arrest of nine protesters on trespassing charges.

Subsequently, several workers received notices of being placed on leave, only to be informed of their dismissal by the company the following day.

Google cited the protesters’ interference with other employees’ work and refusal to vacate the premises despite multiple requests as the primary reasons for their termination.

The company’s response has reignited discussions about the balance between corporate policies, employee activism, and human rights advocacy.

Critics argue that the dismissals infringe on employees’ rights to engage in collective action related to working conditions, a stance supported by US labor laws.

Tech workers have increasingly voiced concerns about how the products they develop are used, highlighting ethical considerations in their industry.

The situation underscores the challenges faced by tech companies in managing internal dissent and navigating complex geopolitical issues.

Google’s handling of the protests has sparked internal debates about the company’s stance on the Middle East conflict and its approach to employee engagement.

Despite the firings, support for the protesters and their cause has grown, indicating ongoing tensions within the organization.

Google’s actions signal a broader reckoning within the tech industry regarding the responsibilities of corporations in addressing social and political issues.

As employees continue to advocate for change within their companies, the fallout from the Project Nimbus protests serves as a reminder of the ongoing struggle to balance corporate interests with ethical imperatives and employee rights.

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