Failing to retain staff is a costly mistake as the impact of high employee turnover can have severe consequences on a business.
It is increasingly important to ensure that the rate at which staff leave is kept under control with responsible practices like proper pre-employment background checks, which will ensure that companies hire quality candidates who will commit to a long-lasting and rewarding relationship.
That’s according to Rudi Kruger, GM of LexisNexis Risk Management, who adds: “Time is money and productivity is essential in this fast-paced world.”
“Having to replace staff can cost your business thousands of rands. The task introduces additional administrative expenses, vacancy advertisement costs and the use of existing staff and company resources to source, hire and train new employees,” he adds.
In sales and service orientated industries, downtime during recruitment and lower productivity during candidate orientation can also affect profits. Businesses, therefore, do not want to go through the hassle and financial implications of replacing staff at regular intervals.
Employee turnover can be limited by simply ensuring that the right candidates are hired in the first place.
“Practising background checks can assist greatly in reducing turnover when practised correctly,” says Kruger. “When employers are empowered with vital information sourced independently, they can avoid lost time, minimise costs, and limit staff turnover by making informed decisions before offering employment to someone who may not be fit for the long haul.”
He adds that suitable candidates are more likely to stay at a company versus those who have questionable credentials. By investigating a candidate’s academic and employment history, employers can verify their past and look out for job hopping patterns, relevant experience and other business interests.
“The bottom line is that candidates are hired to fulfil roles that are meant to enhance the business. However, when a candidate offers misleading information in their CV like inflated job titles and inaccurate responsibilities, you run the risk of being duped into hiring someone who will not last at your business,” says Kruger, adding that employers need to be aware of prospective employees’ criminal records and credit histories as these are key indicators of their overall reliability.
Verifying candidates’ background has never been easier with technology-based solutions like LexisNexis RefCheck, a pre-employment and background screening solution.