High turnover rates can lead to high business costs for recruiting, benefits, productivity losses, and more. So, how do you ensure you're hiring talent that will stay put and be productive members of the team? To make some of the most informed hiring decisions possible, you need a solution that helps you determine which people are a good fit before you bring them on board.
When you need to improve employee retention and decrease overall hiring costs, Pre-Employment Verifications from Equifax® can help. How? By leveraging reliable, employer-provided data from The Work Number® database to give you deeper insight into the validity of information provided on an employment application.
With Pre-Employment Verifications, you can:
Confirm a candidate's current job status without contacting their employer.
Review previous professional experience.
Detect any inconsistencies and omissions in self-reported information.
Still on the fence about Pre-Employment Verifications? Our study reveals a clear link between verifications and improved employee retention. We harnessed Equifax's analytical power and The Work Number database to examine 2,200 organizations across 19 industries, each with 1,000+ new hires over several years.
By comparing those who use Pre-Employment Verifications from Equifax to those who don't, we found compelling evidence: Organizations leveraging The Work Number data experienced:
Our study also showed industry-specific gains in one-year retention when leveraging The Work Number for Pre-Employment Verifications.
Percentages based on Equifax proprietary data on average retail tenure realized by organizations conducting Pre-Employment Verifications, fueled by The Work Number Analysis conducted in 2024.
According to the Society for Human Resource Management (SHRM), the average cost per hire is nearly $4,700, and many employers believe the true cost can be three to four times the salary.¹ Equifax Pre-Employment Verifications offers a proactive solution, helping you boost retention, minimize turnover, and ultimately save on hiring costs. This includes expenses like recruiting, onboarding, training, and also lost productivity during the transition period.
Equifax Pre-Employment Verifications offers a proactive solution to this challenge. By verifying applicant information and employment history, you can make more informed hiring decisions, reducing the risk of costly bad hires.
Contact us.