Not-So-Risky Business

Excerpt from: {see} Digital Magazine - Issue #7
Published: July 23, 2009



NOT-SO-RISKY BUSINESS

With the Latest in Background Screening, Small Businesses Can Choose from a Large Pool of Applicants Without Fear of Making a Bad Decision

Things are looking up. You just interviewed a great prospective employee. He met all your requirements, plus he was smart, well spoken and had a strong work ethic. Once you go through your standard pre-employment screen, you'll be ready to make an offer. Since the position requires handling company money your policy calls for pulling a credit report on all prospective employees.

You run a credit report and then it happens... your dream candidate has vanished - poof - into thin air. Your credit check didn't turn up much. You've just found a great potential employee who happens to be one of the nearly 100 Million people in the U.S. with little or no credit history. Now you're at a crossroads. Do you go forward and hire this person who seems fine, in person, and risk your business and reputation by hiring someone without knowing all you can about him? Or do you toss his application and start looking for someone else because you simply don't have enough information only to worry that you missed a chance to hire a top-notch employee?

This can be a major issue for businesses of all sizes. The HR staff from a large financial institution interviewed for this article revealed that they routinely recruit students and immigrants (sometimes combined, i.e. students on visas who stay in the U.S. to work) who have not had time to establish a credit history. How do they do something so risky? They work with placement companies that can verify education, identification, etc.

Now smaller businesses can do the same thing as the big guys. With the wealth of alternative data now available, your pre-employment screening is no longer tied to only looking at traditional data. If you look in some different places, you'll see that alternative data is available and that you can make employment decisions with confidence and without abandoning your pre-employment screening policies.

Read the Original Article and More Inside {see} Issue #7

View Our Other Articles From This Issue of {see} Magazine

THE NEW FACE OF TRACE CAN WEBSITES LIKE FACEBOOK MAKE IT EASIER TO TRACK DOWN PEOPLE WHO OWE YOU MONEY?

OVERCOMING THE NO CREDIT JITTERS

GET YOUR VOICE HEARD HAVE YOU EVER VISITED WASHINGTON, DC, OR YOUR STATE CAPITOL AND WITNESSED THE LEGISTLATIVE PROCESS? DO YOU READ OR HEAR NEWS REPORTS ABOUT LAWS THAT HAVE PASSED AND WONDERED 'HOW DID THEY COME UP WITH THIS'?

DECISIONS, DECISIONS ...

 
 
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