The High Cost of Resume Fraud
By Russ Warner, VP Marketing –
Resume fraud costs employers millions.
Resume fraud is alarming. It used to be that minor exaggerations were commonplace. Now, it’s common to find entire work histories, professional references, certifications or diploma sections simply fabricated.
Resume fraud can be credited partially to the recent recession. Many had lost their jobs and needed to rise to the top to become gainfully employed. Thus more and more people put falsified information on their resumes in hopes of getting back in the workforce.
In addition to unemployment, another contributor to resume fraud is increasing competition in the workforce. Candidates are willing to sell their integrity and lie their way into a company. The outcome of such fraud can be devastating when employers learn the truth and have to end the working relationship.
The True Cost of Workplace Dishonesty
Dishonesty on the resume is only the tip of the iceberg. When all types of dishonesty in the workforce are considered, it costs billions of dollars annually. The U.S. Dept. of Commerce reported 75 percent of employees steal from their employer on a regular basis, and such theft results in 30 percent of business failures. In addition, money laundering and embezzlement results in over $4 billion lost annually.
The cost of a “bad” hire can be alarming. In addition to the cost spent on posting a job, screening candidates, reviewing, interviewing, then training, purchasing equipment and supplies, once an employee is terminated, there are other costs. Productivity losses can be staggering.
Taking Measures Against Corruption
To avoid resume fraud, many companies have starting spending more time and money to review candidates before they’re hired. That includes background checks, reference checks and even credit report checks. But this extra vigilance comes with a cost as well. The recruiting process is more time consuming and costly. Employers are constantly looking for resources to help them screen candidates and eliminate potential fraud.
With EyeDetect®, Converus’ lie detection solution, employers can use technology to help screen job candidates with 85 percent accuracy. EyeDetect is useful in determining criminal history, drug use, bribery, theft in the workplace and much more.
