Hire CEOs, CFOs, CMOs Only After Thorough Background Verification
A comment on social networking platforms or some irrelevant detail about C- Suite executives’ personal lives in the media can cause problems on financial markets or loss of goodwill too. Once people attain the C-suite, technical and functional proficiency matters less than leadership skills and a strong grasp of business fundamentals. Nevertheless, in scrutinizing hundreds of executive profiles developed over the past decade or so by the executive search by Top MNC firm and interviewing numerous top managers about the requirements for senior leaders past, present, and future, we have seen some clear signals about how C-level jobs are evolving.
MNCs are careful about corporate governance. Even small details like credit card track record too are checked through credit reporting companies during background verification. An MNC found out that the credit card given to a senior-level executive for work-related expenses had been used to pay a Rs 45,000 electricity bill, incurred by the executive’s family.
A Leading MNC rejected the application of a senior executive professional for a CFO position in the final stages of the selection process. It was almost a done deal, but then formal due diligence found out that he had booked huge losses from betting on some Indian stocks. Hiring CEOs, CFOs, CMOs have become much more arduous than before with a level of scrutiny that some admit crosses over into intrusion. To avoid a bad regime MNCs focus on greater fraud risk perception, higher legal liabilities for companies and a tougher regulatory environment, more rigour is put into the interview processes and background checks. There is greater focus on checks and alerts for people who have been part of fraudulent behavior. Background checks are of two types, one is checking the credentials presented in interviews and resumes, the other type is examining the behavioral record, which covers embezzlement, felonies, integrity, use of intoxicants and bad conduct. CEOs, CFOs, CMOs are asked to disclose their financial details, which are then verified.
The cost for candidate’s background verification could vary depending on the level of scrutiny, Fourth Force is a Leading background investigation agency in India with a nationwide network of 29 state offices and a ground force of 100+ former police personnel with vast experience brings in competencies, capabilities and technology to arm you with 100% background information that will help you make 100% successful hire which is cost effective as well.