Recruiting candidates for the financial services sector carries a higher level of risk than many other industries, because jobs that offer access to money might attract people who have the wrong intentions. It’s important to ensure before you make an offer that prospective employees are financially stable, to avoid exposing the company to that risk. With the global screening options available these days, there’s no reason why you need to take any chances.
What Individual Financial Stability Means
For an individual to be financially stable, it should be possible to verify that he (or she) is living within their means, has no significant unpaid debts, and is not in arrears with personal financial obligations. You should also be able to confirm that they have no history of criminal activity involving money, and no record of making “mistakes” impacting company finances that benefit themselves, a family member or a friend. It does not mean the person needs to have a high financial worth, although this can be reassuring. Various forms of global screening can identify issues affecting individual candidates, even if they originally come from another country.
International Candidate Conundrum
To address the reported skills shortage currently facing many industries in the U.S., employers are looking outside the country’s borders for the talent they need. Recruiting an international candidate can be an exciting step, especially if the person comes with a hard-to-find skill set that differentiates your company from the competition.
Before you extend that offer of employment, however, remember that international candidates generally have no credit record in the U.S. There’s no way to know if they’ve declared bankruptcy in their home country, or how many times they might have done it. Without conducting thorough global screening, you won’t even be able to find out if they have a criminal conviction for fraud or theft.
The Credit Check Option
Credit checks are one of the main ways companies determine candidates’ financial stability. It’s not about the credit score, but about the levels of debt currently carried by the candidate, as well as their payment history in each country they have lived in.
A person who has filed for bankruptcy several times and who regularly runs up his or her credit cards shows indications of being incompetent at handling funds. While this can happen for a number of reasons, you want to be certain that it’s not because of problems such as gambling, shopping addiction or other nefarious issues.
A credit check is the first step towards finding out if your prospect is a good potential addition to your team. When your prospect is an international candidate, however, you’ll need to take extra global screening measures to get the information you want.
Doing an International Background Check
Conducting an international background check is a complex task, which most business owners and recruiters aren’t equipped to handle themselves. Every country has specific rules and regulations, and you’ll soon run into bureaucracy and red tape if you try to simply call up educational and financial institutions for a report. By using a company that specializes in global screening, however, you can confirm the authenticity of any candidate’s education, employment and professional status.
For more information on the global screening of international candidates, please contact us at +1 (800) 295-7109.