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Lexis® RefCheck and it’s Benefits
A flare-up of technology and access to the internet has made many things possible, including the proliferation of false credentials among employees. ‘Degree mills' continue to mushroom, giving rise to a billion-dollar industry that helps university students falsify their qualifications and diplomas.
The students get other people to do the learning for them or purchase false diplomas. Others have legitimate degrees but falsify their specialization or academic transcripts using sophisticated modern technology to gain an advantage in their career. The falsification is such a clean job that most employers do not suspect it.
The pandemic made online learning the best option for continuity of education but created the perfect environment for the diploma mills to blossom. So, the problem is more severe today than it was previously, and many employers could end up falling into the trap of hiring unqualified and incompetent persons without knowing it.
Consequences of Hiring Unqualified Candidates with False Credentials
Getting unqualified persons to offer services on behalf of your company could land your business in severe problems.
In the current competitive business sphere, reputation is everything. Reputation is built on the quality of products or services rendered and the transparency of the process. If the customers note any falsehood or have a bad experience from interacting with a bad hire, the effects could be devastating. A business could lose its customers, translating to revenue loss. It would take a long while for the business to bounce back from this as seeking out new customers is expensive, more than maintaining current ones.
After getting wind of the incompetency of an employee, the way for a business to redeem itself is to rehire new employees. But the hiring process is expensive, and doing it again would lead to a second loss of revenue.
The revenue lost could be up to two times the poor hire's salary. If the individual decides to pursue legal action to contest the wrongful dismissal, the company could lose more money in legal fees.
Mitigating Risks from Hiring Incompetent Candidates
Conducting thorough reference checks is invaluable in the hiring process and a small investment compared to the harm an organization could suffer. To avoid these consequences, employers should conduct a thorough screening and vetting that exhaustively verifies the identities of shortlisted candidates and their qualifications.
The deep screening process involves identity verification, background screening, criminal checks, credit checks, and qualifications checks to ensure that the candidates are who they portray themselves. Social media checks are also crucial for verifying the academic credentials and conduct of the shortlisted candidates. The process is extensive but essential for fraud prevention. It also ensures that the business ends up with employees whose past, current, and future tendencies carry the image and values of the company.
Don't fall victim to fraudulent credentials
The hiring process is a pressing issue for any company because the employees directly influence the company's reputation and profitability. So, it's worth taking a little more time and effort to verify the identities and qualifications of persons to be brought on board.
Get a vetting tool like Lexis RefCheck to conduct reference checks on your behalf to protect your business from suffering the effects of negligent hiring like reputation damage and revenue loss.
A Comprehensive and Growing List of Verifications
Lexis RefCheck offers an extensive range of verifications, from the most frequently used criminal credit, ID verification and qualification verification checks to more industry specific checks for FAIS compliance.