Leaders are in a capacity to leverage authority & drive the business towards greater success hence, an organization must know if their investment is worthwhile. Leaders are the role models bringing business results with integrity therefore, thorough executive screening is highly critical. It is significant to conduct a lengthy executive search on the background of the prospective leaders as they represent the character of the company & hold a position of trust.
In the process to fast track the way up the corporate ladder, many candidates resort to creating an impressive resume by exaggerating & manipulating details. We have all heard the saying- ‘One bad apple can spoil the whole bunch’ likewise one toxic employee can have real costs on the company which is why the criticality of screening goes up. Lying on the resume can come back to haunt you maybe a few years down the line.
There is a need to step up the screening process of the leaders to ensure better regulation & compliance in place.A thorough background check acts a key to ascertain the potentiality of the leaders to be taken on board.Screening of high-level senior positions must also be subject to critical analysis to ensure that no wrong candidate takes such a position of value defeating the purpose of its existence.
AuthLead by AuthBridge, highly intense executive screening, tailor-made suitable to the broad specifications of the company & the leadership team. AuthLead indicates the smallest of discrepancies.There are many corporate fraud cases and examples from real world to show that an ‘inadvertent’ error in executive hiring can impact the company image, branding and stock position irreversibly.
Leaders make or break the image of a company. Their actions, conduct & performance determine their conditioning & how far their contribution will be a boon to the success of the company.
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Do you think stringent Background Check on CXOs is justified?
With corporate governance becoming the driving factor of all background screening practices, more precision is required inverifying the prospective leaders. Though, a thorough verification on the senior executives can cause intrusion but its worthwhile considering the magnitude of damage caused with senior level fraud. The growing trepidation about the senior management exploiting their privilege positions substantiates the need to conduct powerful checks focussing on every aspect of the prospect’swork life.
Citing a case from last October, a senior executive for a technology firm was turned down due to his involvement inbetting with huge losses on Indian Stocks.The finding was workable only with formal due diligence. Shortlisting for senior positions has always been sensitive & contentious, but its criticality was only realized with rise in senior management frauds.
Executive verification can vary depending upon the thoroughness of the investigation.Owing to greater fraud risk perception, higher legal liabilities & a tougher regulatory environment, a need to thoroughly screen the C-suite executives arises. The New Companies Act also necessitates increased disclosure & declaration to avoid damages of non-disclosure later.
Unprecedented number of corruption, bribery & corporate fraud cases reported in the year 2014 &2015 have commanded higher intensity & impetus on advanced background verification of the senior executives. The transition from basic to exhaustive screening has been remarkable considering the new age risks of fresh hiring at responsible positions. A recent study indicates a conspicuous risk of shift towards strategic risks over the operational ones.
Pharma is intensely hit by corporate frauds &demands a review of the system as a whole.
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The key pointers during the verification process include ethics, integrityissues, conflict of interest, management working & authenticity of the candidate. Sexual harassment cases & legal constraints too have a strong bearing on the candidate’s profile. These factors make it clear why piecing through the veil while hiring CXOs becomes an essential.
Large companies are cautious about good corporate governance, which is why every minute detailcontributes to making a good choice of senior executives.