Why leading companies rely on risk mitigation through expert-backed background checks?

How much is a bad hire costing your business?

Learn how to mitigate your business operational risks whilst Enhancing Trust – An Insightful Approach to Background Verification?

The Hidden Costs of Skipping Background Checks

In today’s highly competitive and interconnected global marketplace, the risk of a bad hire or a fraudulent business partnership is greater than ever. While some companies have embraced background checks as part of their recruitment lifecycle, others, especially smaller organizations and startups, are still hesitant. They tend to rely on reference hires, thinking they’re saving costs. But is that really the best approach? One bad hire can erode reputation, trust, and revenue in ways that are often irreparable.

The Reality Check: Why Companies Shy Away

It’s easy to see why companies might hesitate. Conducting background checks can seem tedious and expensive. However, the consequences of skipping this crucial step can be catastrophic. Think about it—would you take the risk of onboarding someone who could potentially disrupt your business? Consider the following:

• Visa and Onboarding Costs: In regions dominated by expatriates, like the Middle East, companies incur significant costs to process visas, health insurance, and other onboarding formalities. A thorough background check can help ensure that these costs aren’t wasted on unsuitable candidates.
• Fake Credentials: A growing issue across the globe, including cases of prominent figures claiming degrees from institutions they’ve never attended. Chalanas has uncovered cases where entire universities were fabricated, with fake degrees being stamped and validated by supposed "attestation agencies."
• Intentional Fraud: Even long-standing business relationships aren’t immune. We've seen cases where trusted buyers turned defaulters, not due to financial hardship but because of deliberate fraud. One Fortune 500 company experienced this first-hand, where the real issue wasn’t financial capacity but intent to deceive.

Why Background Checks Matter

Background checks aren't just a matter of procedure; they are an essential part of risk management. Without them, companies expose themselves to various threats, including fraud, theft, and credibility damage. A single oversight can lead to enormous losses—financial and otherwise. Take the hotel account executive who, after gaining the trust of his employer, transferred over a million in customer credits to his personal account. Or the bank, running in circles after a borrower used loan money to buy vehicles instead of repaying his debt.

• Human vs. Technology in Background Checks: Automated systems and subscription-based databases are fantastic tools but only as effective as the data they hold. While technology can provide efficiencies, it is the human element that adds depth and accuracy. Chalanas combines both approaches, ensuring thorough manual checks in conjunction with cutting-edge tech solutions.

Chalanas: The Background Check Leader in the Middle East

For nearly a decade, Chalanas has partnered with a renowned 40-year-old global background check service provider, offering coverage across 180 countries. We’ve helped expand their services in the Middle East, working with clients that range from government entities to Fortune 500 companies and leading consulting firms.

• Wide Industry Coverage: We have represented our client across industries—from banking and financial services to government, oil & gas, and healthcare. The comprehensive nature of our background check services includes employees, businesses, and business owners.
• Decades of Experience: Chalanas isn’t just another consultancy. With decades of experience, we know the ins and outs of the risks businesses face, and we help you mitigate them through our partnerships and tailored solutions, background checks being just one such cog in the wheel.
• Customized Solutions: Whether you’re looking to validate degrees, employment history, or business credentials, we provide customized solutions that get you the information you need to make informed decisions.

Key Takeaways

• The true cost of a bad hire or bad partnership far outweighs the cost of background checks.
• Governments and Fortune 500 companies acknowledge value of trusted partners to provide insightful, reliable, and timely background checks.
• Human expertise, combined with automated technologies, offers the most comprehensive background verification services.
• Background checks are no longer optional—they are critical in today’s interconnected world.

Ask Yourself:

• Can your business afford the risk of a bad hire?
• Are you willing to sacrifice reputation, trust, and business relationships to save a few bucks?
• Would you rather have peace of mind knowing that your hires and partners have been thoroughly vetted?

At Chalanas, through our veteran #BGC partner, we bring an unparalleled expertise that has a proven track record of success to every background check process they handle. Move forward confidently, knowing that your team and partners are trustworthy, reliable, and compliant with the highest standards.

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A Chalanas Chalanas DM Abby Chalanas Chalanas Research CHALANAS MANAGEMENT CONSULTING Chalanas | Business Consulting | Strategy & Management

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