It is estimated that resume fraud costs employers approximately $600 billion annually. Lying about educational accomplishments is the most common form of “resume padding” and it is estimated that half of all job applicants falsify their educational background.
The American Psychological Association estimates that as much as 67% of all resumes contain some misrepresentation of professional or educational accomplishments. A recent FindLaw survey found that 36% of the time businesses discovered false resume information after the applicant had already been hired. In addition, is believed that the market for fake diplomas and business degrees is a billion dollar industry.
The ADP Screening Index estimates that as much as 45% of employment history, education level and credential reference checks show false information on applicants’ resumes. Hiring unqualified employees can cause a number of problems for companies, including: increased recruiting and replacement expenses; higher employee turnover; lowering business performance; loss of customers and potential civil and criminal liability.
The Recruiting Times estimates that it costs $7,000 to replace salaried employees, $10,000 to replace mid-level employees and $40,000 to replace senior executives, which makes good pre-employment screening a must for businesses of all sizes in today’s difficult economy.
GoodHire.com is a new B2B data service from Inflection that eases the processes and pitfalls of pre-employment screening for small and medium size businesses. According to Inflection, GoodHire’s background reports are compliant with the Fair Credit Reporting Act and the service has numerous privacy protections to safeguard employers and employees.
GoodHire verifies the qualifications of potential employees, protects businesses from dangerous hiring litigation, and helps Human Resource professionals make better hiring decisions for their company.
Using reputable employee background check services like GoodHire has numerous benefits for businesses, including: more objective hiring; minimizing job applicant fraud; legal protections against litigation; saving time and money by standardizing the screening process; lowering employee turnover and speeding up hiring times.
In addition, GoodHire is a member of the National Association of Professional Background Screeners and all of their business accounts come with access to free legal advice from a qualified attorney as well as reliable customer service representatives.
There are currently three types of reports and price points that GoodHire offers to employers:
- Value – $29.99
- Standard – $54.99
- Premium – $79.99
The Value background report includes a SSN trace; address history; national criminal records search and sex offender information.
The Standard background report contains everything in the Value report plus terrorist watch list information and on-site criminal records check.
The Premium background report includes everything in the Standard report plus education verification and employer verification information.
For more information on employment screening, check out this helpful information from the US Small Business Administration.
For more detailed coverage of human resource hiring, screening and vetting issues visit the HR Vetting blog.