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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, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos State Increases Salary of Civil Servants Due to Current Economic Challenges

The Lagos state government has announced an increase in the salary of workers in the state public service.

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The Lagos state government has announced an increase in the salary of workers in the state public service.

The Governor of the state Mr. Babajide Sanwo-Olu disclosed this on Tuesday when he met with civil servants during his working visit to the State Secretariat, Alausa.

He, however, did not discuss the percentage of the increase but he assured the workers that the ground plan was being worked out.

In his words, “You have not asked for this one. I have looked around and I know that as a country, there is pressure, I know that as a country there is a high level of inflation.

“I know that as a country there is a high cost of living. Last month, at a cabinet meeting, I instructed the Head of Service Office and the Ministry of Establishment, Training, and Pension to start work on how we would increase the entire salary of the public service.

”I don’t want us to be a Lagos of ‘Buga,’ we want to reflect it in our salary. I am aware of the pressure on all of you and the pressure of inflation in the country, we are not going to wait for the Federal government. This is Lagos. We are Lagos.

”We are going to review it. We’re going to ensure that we can indeed take care of our public service. Once we do that, not only will we expect a lot more from you, but the citizens will see the benefit of doing the right thing.

”We don’t want to wait for a union to hold us to ransom, we want a government that is proactive, that will need to reflect on the yearnings of the people and make that happen.”

On the other hand, the federal government of Nigeria had earlier stated that there were plans to increase the N30,000 minimum wage in light of inflation and a hike in the price of food and commodities currently ravaging the country.

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LinkedIn Ranked Bamboo, Piggyvest, Moove Among Top 10 Nigerian Startups to Work With in 2022

Bundle Africa, Piggyvest, Bamboo, Moove among six others emerged as LinkedIn’s top 10 Nigeria startups to work

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Bamboo - Investorsking.com

Bundle Africa, Piggyvest, Bamboo, Moove among six others emerged as LinkedIn’s top 10 Nigeria startups to work.

LinkedIn released its list of top 10 emerging companies in Nigeria that are gaining both national and international attention. 

Topping the list is Bundle Africa, a financial service company founded in 2019. Following Bundle Africa was Utiva, an e-learning provider. 

Moove, another financial service company was ranked 3rd while Okra, a software development company was ranked 4th. Both Moove and Okra were established in 2020.

Also featured on the list is Cowrywise, a financial services company established in 2017. Cowrywise was ranked 5th while another financial services company, Bamboo which was established in 2019 took the 6th position. 

Other startups on the list include Nomba, TeamApt, Prospa and Piggyvest which were ranked in the 7th, 8th, 9th and 10th positions respectively. All four are financial services companies. 

A clear look at the list by Investors King shows that all the listed startups in the top 10 are headquartered in Lagos State.

According to the professional networking platform, despite the present nature of the economy and the stormy challenges of growing a company, the top ten companies are rising to the challenges and continue to innovate and gain attention in 2022.

LinkedIn further disclosed that it used LinkedIn data across four pillars to arrive at the list. The four pillars are employee growth, Jobseeker interest, member engagement within the company and its employees, and how well the startups pulled talent from top brands. 

LinkedIn further clarified that the list is ultimately meant to be a resource for jobseekers. Especially those that are excited with the opportunity to innovate, grow and solve big problems.

Of all the top ten startups, Moove has the highest headcount which currently stands at 425. TeamApt followed with a headcount of 350 while Nomba has a headcount of 235. 

Piggyvest has a headcount of 105 followed by Bamboo with a headcount of 75.  Prospa has 70, Utiva has 55, Okra has 50 while Cowrywise has the least headcount of 45.

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Bill to Jail Employers For Late Payment of Salary Reach Second Reading at the House of Rep

The House of Representatives has passed for second reading a bill that will penalised salary defaulters. 

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Femi Gbajabiamila

The House of Representatives has passed for second reading a bill that will penalised salary defaulters. 

The bill will prohibit late payment of salaries, underpayment of wages, pension and other emoluments in Nigeria.

The bill was sponsored by the speaker of the House of Representatives, Rt. Hon Femi Gbajabiamila. It scaled through to the second reading on Tuesday without a debate.  

If passed into law and signed by the president, employers who delay salary, wages and pension risk one-year imprisonment. 

Section 2 of the bill stated that “Every employer of labour in Nigeria, whether private or public, and whether it is employing any worker on permanent or contract basis must ensure that all payment of wages, salaries, pension and all benefits to workers are paid promptly without delay weekly, fortnightly monthly, quarterly or yearly as may be agreed by parties in the contract of employment of the additional individuals”. 

Furthermore, the bill seeks to prohibit arbitrary and harsh deduction as punishment in the event of damages and negligence by an employee. 

Section 3(1) of the bill says “an employer is prohibited from entering into any contract with any workman for any deduction from the sum contracted to be paid by the employer to the workman, or any payment to the employer by the workman for in respect of bad negligent work or injury to the material or property of the employer or in respect of any fine.”

Meanwhile, different opinions have trailed the bill. While some commentators commended it, others opined that the bill was dead on arrival. 

A social commentator with the name, Alabi Adejobi said,” The Federal Government and the State Governments are the worst salary defaulters. Unfortunately, they are also the biggest employer of labour in the country. So the law would not work because it is against the biggest defaulters.”

However, another commentator with the name Omolade Grace welcomed the bill. “Better, I hope they can enforce it.” She noted. 

Investors King understands that the bill will need to be passed by both the House of Representatives and the Senate before it is transmitted to the President. It will only become law if the present assent to the bill.

 

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