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Interstate Screening & Compliance Services
Pre-Employment Screening, Verification & Compliance
The Facts
What keeps you awake at night?
Of all the threats facing companies of all sizes today, some of the most challenging are those arising from poor hiring decisions and the ever increasing flood of regulations. Speed and agility are important in today’s talent war, but adding new employees, if done carelessly and without the benefit of a well designed background check, could significantly damage your company’s bottom line.
The US Chamber of Commerce and the American Management Association have provided us with a startling statistic: 30% of all business failures are caused by employee theft! Every day, headlines alert us to another danger: violence in the workplace. In a single month, the Workplace Violence Research Institute reported, an estimated 16,400 threats were made, 723 workers were attacked and 43,800 were harassed every work day.
The average award in a workplace violence lawsuit is over $1 million, costing employers $36 billion each year. Even if you weed out a bad employee before they do irreparable damage, they have cost you in terms of turnover.
Here are some interesting research statistics to consider.
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Almost one third of all business failures are caused by employee theft.
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Researchers estimate turnover costs of most positions range from 50-150% of the annual salary. If a professional is making $50,000 per year that’s a turnover cost of up to $75,000.
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53% of resumes and job applications are falsified.
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The typical organization loses 5% of its annual revenue to occupational fraud.
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On-the-job violence costs employers $36 billion each year.
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Employers lose 79% of negligent hiring lawsuits.
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33% of mid-sized companies incur federal fines each year.
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The total cost of federal regulations to employers has risen to more than $1.8 trillion.