By Tammy Cohen, PHR, SHRM-CP
As 2017 comes to an end, and companies strategize for the upcoming year, managers start distributing budget reports to analyze what worked and what didn’t. It might be tempting to skimp on your background screening program, but—in addition to protecting both your company and your clients—a comprehensive screening program saves your company money in the long run.
Industries with high turnover rates spend an exorbitant amount of money on the hiring and onboarding processes. Businesses who look for more permanent hires lay out an even larger investment. To deploy best practices in your hiring and onboarding program, maintain a thorough background screening and drug testing program.
• Drug abuse causes roughly $400 billion loss each year
• 7 out of 10 employers report instances of drug use with symptoms ranging from absenteeism to overdose
• Healthcare costs for prescription drug abusers are 3x more expensive
• The cost of untreated substance abuse can reach $13,000 per employee
• Workplace fraud carries a median impact of $145,000 per case
• The AFCE 2014 report found that an average 5% of total annual revenue is lost to fraud
• Fraud cases found within the first 6 months still saw a median loss of $50,000
Background screening is a small price to pay compared to the expense of alcohol and drug abuse in the workplace and the potentially catastrophic costs of fraud. Companies make an investment every time they onboard a new hire; background checks and drug screening ensure those investments are worthwhile in the end. Keep this in mind when planning your budget, and lay the foundation of a vetted, stable workforce to achieve your goals in 2018. To partner with an experienced provider, contact InfoMart.
Tammy Cohen, an industry pioneer and expert in identity and employment screening, founded InfoMart over 28 years ago. Deemed the “Queen of Screen,” she’s been a force behind industry-leading innovations. She was most recently the first-to-market with a fully compliant sanctions search, as well as a suite of identity services that modernizes talent onboarding. Tammy revolutionized the screening industry when she stepped into the field, developing the first client-facing application and a due diligence criminal search that has since become standard for all background screening companies. Cohen has received national awards and honors for her business and civic involvement, including Atlanta Business Chronicle’s Top 25 Women-Owned Firms in Atlanta, Enterprising Women Magazine’s Enterprising Women of the Year award, the YWCA of Northwest Georgia’s Kathryn Woods Racial Justice Award, and a commendation in the 152nd Congressional Record. To learn more about Tammy, visit www.tammycohen.com.
InfoMart has been revolutionizing the global background and identity screening industry for over 28 years, providing businesses the information they need to make informed hiring decisions. They develop innovative technology that modernizes talent onboarding, including a first-to-market biometric identity authentication application and a verified sanctions search. The WBENC-certified company is a founding member of the National Association of Professional Background Screeners, and they have achieved NAPBS accreditation in recognition of their consistent business practices and commitment to compliance with the FCRA. The company is dedicated to customer service, speed, and accuracy, and it has been recognized for its success, workplace culture, and corporate citizenship with over 40 industry awards. To Get the Whole Story on InfoMart, please visit www.infomart-usa.com, follow @InfoMartUSA, or call (770) 984-2727.
Don’t rely on second-rate companies to conduct background checks for you. Contact InfoMart to learn more about our intensive and thorough process, and to get started today.