Executive due diligence and how it can save you a fortune
Carrying out due diligence in all areas of your company is essential to protect your bottom line and mitigate risk. Nowhere in your organisation is this more crucial than in ensuring that the executives at the helm, who have access to the most sensitive and critical areas of a company, are the right people for the job.
Hiring a new CEO or other C-suite executive is a costly process. It takes a considerable amount of time and manpower to manage the process and ensure that the right applicant secures the position. It pays to get it right first time.
The Recruitment and Employment Confederation (REC) states that a bad hire can cost a company over three times the staff members salary, which can run into hundreds of thousands of pounds at executive level. Financial costs are not limited to immediate recruitment costs; wasted salary, loss of productivity within the team and from the employee themselves, training and staff turnover as well as having to repeat the entire recruitment process, all contribute to a potentially catastrophic financial hit for the employer.
In addition to the financial cost of recruiting the wrong person for the job, there is also the risk to the company due to financial crime, money laundering, human trafficking and organised crime, among other dangers. Any interruption to business as usual can be costly, as well as putting your business, staff and members of the public at risk.
Executives are considered the face of the company and a bad CEO can create significant reputational damage. A positive company reputation in the eyes of both customers and investors is critical to drive growth and company performance. Investigation and management of C-level misdemeanours is also time consuming and highly inconvenient.
Ensuring that your company is led by the right people is crucial. Carrying out comprehensive Executive Due Diligence can help ensure the right decisions are made to ensure the hiring of effective and honourable key executives. Security Watchdog are specialist pre-employment screening providers who will help you eliminate risk and determine the right fit for your business.