Jun 02, 2020 MicroBilt News
Hiring during the COVID-19 pandemic and subsequent shutdowns and work at home orders is facing more than a few new challenges. Fraud prevention being one of the most important challenges employers face when bringing new people into the fold.
Whether you are hiring from one of the many essential businesses that are struggling to retain solid employees amidst coronavirus fears or you’re a medical facility that needs new staff to help care for patients, or you’re a Fortune 500 business that needs qualified professionals capable of working from home and excelling in that role, you need to know that you’re hiring the person you believe you are hiring, verify credentials, and make sure the person you are hiring doesn’t place your business at greater risk for fraud at the hands of your new hires.
Background Screenings and Quality Hires – How does it Help?
Background screenings can help businesses identify potential employees who have committed fraud in the past. It can also help you verify the identities of potential employees ensuring that you’re hiring the person you believe you are hiring, with the appropriate credentials to do the job for your company.
More importantly, background screenings can help organizations identify the best talent among applicants based on actual experience, education, and certifications. Background screenings allow employers to make better informed hiring decisions based on actual information related to new hires rather than only the highlights most new hires want to reveal.
Are Background Screenings Enough to Prevent All Employee Fraud?
In times of crisis, like many employees are feeling today (many have partners who are out of work, are experiencing reduced hours or salary, or are simply facing widespread uncertainty about the future), the risks of employee fraud rise. The Association of Certified Fraud Examiners (ACFE), explains the “Fraud Triangle” in the workplace that states there are three factors generally present when employees commit workplace fraud:
Without all three, most people will never consider committing fraud in the workplace. While background screening is an important tool to weed out those who may have a history of rationalizing fraud and capitalizing on opportunities when under pressure, businesses must take other actions to prevent fraud, in addition to background screening. These are a few of the protections businesses can put into place to help prevent fraud.
- Conduct robust pre-employment background screenings.
- Dedicate staff and resources to rigorous internal controls – even when funds are tight for your business.
- Provide financial counseling services to employees and staff to help them avoid financial pressures that are often the catalyst for fraudulent actions.
- Reduce opportunities for employees to commit fraud within your organization.
During the COVID-19 crisis, employees everywhere are feeling enormous financial pressure. Even those who have their jobs and aren’t confronted with losses today have deep concerns about the future. Taking actions, like those above, can reduce your organization’s risks substantially.