By now, you should know the countless benefits of running pre-employment background checks. From hiring better quality candidates to protecting your organization and remaining compliant, the question is no longer whether to background screen or not but how to do it. A background screening provider can help do it all while saving you time, resources, and money in the long run.
If you are already utilizing a screening provider or just now looking to partner with one, you may have noticed recent price increases. That begs the question — how much does a background check really cost? There are several different factors that you should consider when breaking down the cost of screening.
Let’s look at some of the essential factors of background check solutions and how to decide on a reasonable screening budget for your organization.
When shopping for background screening solutions, it's common to approach it from a logical purchasing perspective: find a user-friendly product at the cheapest price. However, this viewpoint leaves out some critical considerations, such as risk management and legal compliance. Let’s take a look at what’s included in different background screening price ranges:
It’s easy to find services that run “instant” national US criminal database checks. Many of these options will even give you a “pass/fail” or “red light/green light” notification, signifying whether a company should hire a candidate or not.
So, why would you not select the cheaper option? Risk management. The Fair Credit Reporting Act (FCRA) was designed to ensure job applicants are treated fairly through the hiring process, and these bargain background checks do not measure up to FRCA criteria.
In general, a reliable background screening package that measures up to FRCA standards costs companies between $30-$100, depending on how in-depth your organization wants to screen. In this range, the most basic screens often include SSN Traces, Sex Offender Registry and National Criminal records; while more in-depth screens include Country Criminal Searches, Verifications, and more.
If your organization is being investigated for negligent hiring regarding the information on a candidate's background check, your screening process will likely come under intense scrutiny. A $10 instant background check will most likely not cover your bases.
Many employers that don’t background screen claim cost as their reason. However, completely skipping background checks can be significantly more expensive than partnering with a reliable screening provider. Here are just a few of the ways your organization can save money with the right screening solution:
Background checks reduce your organization’s risk of losing income due to hiring an unfit employee while also helping you hire more qualified candidates. In addition to the return on investment in running background checks, partnering with the right screening provider can also reduce your HR team’s workload so you can focus on company culture, DE&I, and more people-centric initiatives.
Your organization is unique, and so are your background screening needs. Background check costs vary depending on what you’re screening for and where you’re screening. In general, a comprehensive and reliable background check can typically be run for less than a day’s pay of the position being hired for. And in many cases, far less.
Failing to utilize a screening provider can cost your organization. Verified First is here to ease your workload, save you time, and help you hire better candidates. We know your company has special needs, so we offer background screening packages specific to many different industries, including a la carte products like drug testing, verifications, I-9, and more.
To learn more about how Verified First can revolutionize your hiring process, talk with one of our experienced representatives and see how your business can save!