How much does a background check cost?
The cost of a background check depends on the searches a company chooses to include. If you are working with an agency that conducts background investigations for a service to other companies, you will also be paying for administrative time and any phone interviews they conduct with past employers or to verify an applicant’s educational history.
However, the cost of hiring a mistake can be significant. Administrative time, advertising the position, training, three month’s salary, and other upfront costs can your business over $6,000. There are certain intangible costs that come with a bad hire, as well. For instance, lost morale, lost productivity, problems with clients, and changes in unemployment or workers compensation rates can all add up. Depending on your specific situation, you could lose $8,725 if you hire the wrong person.