Eamon Jubbawy: The Risk of a Bad Hire
Sixty two percent of employers report having been affected by a bad hire in the past year. The impacts are in time, money and morale. According to CIFAS, the average total cost of internal fraud was ?483,000 in 2013, the average cost of a redundancy settlement ?12,000 and the cost of a UK Border Agency fine for an illegal worker ?20,000. As a result, a bad hire can cripple an SME or an already-frail business. Comprehensive and systematic background checks of prospective employees are vital as a cornerstone in the prevention of fraud and as protection from costly mistakes.