Home » Blog » Workplace » When Is It Important to run a Background Check When Hiring?

Business

When Is It Important to run a Background Check When Hiring?

Top Reasons to Run a Background Check, Avoid Liability, Detect a Criminal Record, Ensure Workplace Safety, Making the Best Decision

Published

3 years ago

December 16, 2020

TwinzTech

When Is It Important to run a Background Check When Hiring

Protect your businesses from potential risks and dangers, services provided by companies like CheckPeople are a crucial measure to take before making an employment decision. Recruiters assume candidates’ resumes are accurate most of the time, and that’s usually the case. However, it can and does happen that a candidate will be less than honest. A background check needs to take place to make sure the company is hiring the right person.

Table of Contents

1. What is Background Check?

Background Check

A background check or verification is an extensive review of someone’s criminal and financial records. That container combines some or all of the following: criminal history, employment history, education history, credit history, professional license verification, and identity verification.

2. Top Reasons to Run a Background Check

A business would need background check services for several reasons, such as avoiding liability, detecting a criminal record, ensuring safety at the workplace, discouraging less than stellar candidates, and generally eliminating uncertainty in the recruitment process. All of these aspects guarantee a sound hiring decision. We’ll go into each one below.

3. Avoid Liability

A company may face liability due to negligence if it has failed to screen job applicants properly. Let’s say a cab service is hiring a driver and ultimately does so without filtering him. At one point, he gets into a massive accident.

It emerges he was driving under the influence. Following his arrest, police report he had several DUI stops in the past. The company will be considered liable for damages to other vehicles and personal injuries because they didn’t do a background check.

4. Detect a Criminal Record

Flagging a candidate for criminal history is probably the main reason companies do pre-employment background screenings. They are best able to make a final decision if they know any crimes the applicant has committed in the past.

Sometimes the changes are minor, or there are none at all. However, companies should always run a criminal background check to make sure the person is suitable and will meet expectations.

5. Ensure Workplace Safety

Recruiters might be faced with objectively dangerous job candidates, from violent criminals to sex offenders. The risk is too high. The presence of such a person in the team will compromise the safety, and that’s putting it mildly. Every organization is aware that security at the workplace is a top concern today. It may be held accountable if safety is compromised.

6. Making the Best Decision

Ultimately, everything is about peace of mind. Hiring managers want their companies to flourish, and that’s why they want to select the best applicants. Employment screening can be stressful and hectic – that’s a fact – but you need to do what’s best for your business.

What’s more, it doesn’t have to be a lengthy and cumbersome process if you choose the right provider for the job. Some background check companies are much better than others. A background check is crucial if you want to make sure that you’re hiring the most suitable candidate.

7. Failing a Background Check

One can fail a background check for many reasons, and a criminal record is just one of them. Other causes include a failed drug test, inaccurate job history, education discrepancies, a poor driving record, or adverse credit history. Some are more severe than others.

Final Thoughts

Background verifications can confirm certificates, degrees, or employment dates and provide other relevant data related to employment history. Apart from providing a safe workplace for staff and clients, a background check will help you hire the most qualified applicant to contribute to your company’s success.

You want to encourage openness and honesty in the recruitment process and limit the risk of liability by exercising “due diligence” in the course of interviews. It’s simply not enough to rely on instinct in our day and age.

Comprehensive background verification of each candidate is the only way to make sure you’re thorough in the screening process. Forgoing a check is not the smartest of decisions, particularly if the job comes with security clearance or involves contact with vulnerable populations like children or seniors.

Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

Published

6 days ago

May 9, 2024

TwinzTech

Navigating the Process of Selling Deceased Estate Shares

Table of Contents

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

Accounting Write For Us Guest Post - Finance, Tax, GST, Economics, Banking

7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.