Financial background checks
Depending on the nature of the job your company is offering, the financial health check may be one of the most essential parts of the pre employment screening process.
That is especially true in banking and the financial services sector, but whenever a new employee will (or may) have the opportunity or the need to handle funds or sensitive data, at the very least a credit check should be made as part of the standard background check process.
Even if the potential employee is honest, they may be looking for a better job because of a severe need for extra money. The candidate to hire is the one with the right qualifications and who is looking for a new challenge, not the one casting about for a better wage out of financial necessity. Background checks can reveal these sorts of intentions from the outset.
A financial health check also has wider implications. Of course you should be wary of placing anyone who is obviously having trouble meeting their debts in a trusted position, but the lack of solid financial standing may also imply a lack of personal responsibility and a tendency towards recklessness in an individual. In that case, you certainly don’t want that person in a position of authority in your business - if they can’t manage their own affairs they certainly can’t be relied upon to manage yours.
A half hour interview may not flag up that kind of thing, but financial background checks speak volumes about the life choices of the potential employee and add a new dimension to your understanding of them as people.
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