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 1. Blogs
 2. The Value of a Holistic Candidate View

Acquire Top Talent July 11, 2022


THE VALUE OF A HOLISTIC CANDIDATE VIEW

By Jennifer Hunter

Learn how having the right talent solution in place can help enable the ability
to make more informed hiring decisions.
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In today’s competitive job market, when a new hire is found, speed is of the
essence to get that candidate onboard. But with an average cost per hire of
about $4,000, when one of those hires turns out to not be the right fit, costs
can mount. Retaining talent starts with talent acquisition – and having the
right solutions in place to help enable more informed hiring decisions is a key.
Before investing in a candidate, employers can benefit from leveraging
pre-employment verification solutions to enable a more holistic candidate view
and in turn, enable better informed hiring decisions.

 

HELPING DRIVE RETENTION AND MITIGATE YOUR RISK WITH PRE-EMPLOYMENT VERIFICATIONS

Although about 93 percent of employers worldwide conduct at least some kind of
background screening, research shows that 80 percent of job candidates who
falsify or omit critical information on their resumes are hired. This not only
hurts retention and the overall employee experience if the candidate turns out
to not be the right fit but can also put the organization at risk if critical
information, such as education and experience, is falsified. And the information
a candidate chooses not to include is also a critical piece of the puzzle.

More fully verifying a candidate’s history with solutions that not only help
validate candidate-provided information but also detect omissions can assist in
driving key indicators for future retention success, while helping you mitigate
your risk. If a candidate does not include relevant experience on their resume,
what might they not be telling you? From hospitality, to warehousing and
manufacturing, the risk of candidate omissions – because of termination due to
putting themselves, their peers or their customers in danger, for example –
could be especially troublesome. Many industries and specific job types already
require verification of past employment for similar reasons, meaning
pre-employment verification solutions that enable more holistic candidate views
help you address your regulatory needs too.

Because employers need to make sure they are thoughtful about every candidate
entering the application process before making an offer, hiring is not only
expensive but time consuming too. By leveraging an automated pre-employment
verification solution, talent acquisition professionals can spend less time
manually verifying candidate-provided information, saving time for more
strategic work. Using automated employee verifications also helps offer better
privacy for candidates, especially if their current employer doesn’t know
they’re actively looking. Paired with a faster, more efficient hiring process
that sets the tone for a more positive employee experience – and instilling
greater confidence in the candidate that they’re well-equipped for the role –
enabling a more holistic candidate view with pre-employment verifications can
help set the new hire up for greater success too.

 

STREAMLINING PROCESSES WITH ALL-IN-ONE SOLUTIONS

Because having verified employment data during the hiring process helps
employers provide greater visibility into future candidate retention and job
success, the more verified data they have, the more informed of a hiring
decision they can make. Research shows that in 2021, the top three reasons for
conducting background checks were to protect employees and customers (76
percent), to improve the quality of hires (52 percent) and to protect company
reputation (41 percent). It’s clear that organizations are beginning to
recognize the need for pre-employment verifications and now, they need solutions
that make the process as efficient and streamlined as possible, while also
adding verified education and employment data to help deliver a more holistic
view of the candidate.

As employers increasingly demand additional data sources that fulfill top
screening data needs, such as education, the future of pre-employment
verifications is trending toward all-in-one solutions that enable a more
holistic candidate view – all in one place – to help streamline the experience.
By leveraging such pre-employment verification solutions, talent acquisition
professionals can verify current job status, validate experience and detect
omissions or inconsistencies that require further conversation with the
candidate. And by tapping into verified employment data to help enable more
informed hiring decisions, employers can also help candidates feel more assured
that they have confidence in their ability to perform and be a good fit for the
role.

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The information provided is intended as general guidance and is not intended to
convey any tax, benefits, or legal advice. For information pertaining to your
company and its specific facts and needs, please consult your own tax advisor or
legal counsel. Links to sources may be to third party sites. We have no control
over and assume no responsibility for the content, privacy policies or practices
of any third party sites or services.

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