By reading the article you’ll notice that nearly all of the executives that were caught lying on their résumés were either fired, or forced into retiring. This costs each company involved tremendous money and resources. Not only do they have to go through the executive hiring process again, but they also lose shareholder trust, which negatively affects the each company’s stock price. When Scott Thompson, former CEO of Yahoo!, was found to have lied about his academic credentials, a very prominent shareholder wrote this to the company:
Could Your Company Use Pre-Employment Screenings?
Think about it for a minute… if top executives in very public roles are willing to lie on their résumés, with a very high potential of getting caught, then entry- and mid-level applicants are probably even more tempted to embellish their histories. In fact, the article by BusinessInsider.com states, “A 2014 poll from CareerBuilder found that 58% of hiring managers caught applicants exaggerating or fudging details about previous roles, skills, or awards.” That means that over half the applicants applying for a position at your company are not telling you the whole truth. Do you want that person working for you?