Your Employment Score And The 21st Century Job Market
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Getting a job is not what it used to be nor will it ever be the same again. In the not so distant past, employers reviewed your resume, called you in for an interview and phoned a few references to make sure you “check out.” These days with the proliferation and easy accessibility of data, the “check out” phase is a bit more extensive and, quite frankly, downright scary.
Consider the fate of one of my candidates a few months back. She was submitted for a product management position at a very well known and “hot” Silicon Valley company. She was currently employed for 10 years by another respectable Silicon Valley company and worked directly in the space that the potential employer wanted. In addition, she had advanced degrees in the targeted industry. After several days of interviews, the candidate was rejected. The reason? “A more qualified applicant applied online.” That’s It! To this day, I’m still stunned by that experience.
Companies have become increasingly more attentive to candidate review. Every aspect of a candidate’s background is now open to scrutiny, including your online presence (as I’ve discussed in a previous post), both personal and professional.
One little known fact that most candidates are unaware of, though, is that potential employers can also check your credit history. Why would an employer care about your credit history? Because a “less than stellar” history MIGHT indicate that you are an “at risk” employee. For example, If you’re having financial difficulty you might be easily distracted and not perform well.
Another reason your credit report might be checked is to see if you’re “shopping around” with other companies. Sometimes, when candidates go hunting for a new job, they apply for new credit or insurance in that particular area. Credit bureaus report on many of these applications.
Sneaky, yes. But, all too real and legal …
The Fair Credit Reporting Act requires credit agencies to provide their data to anyone who has a legitimate business need. In fact, it gets even scarier. Employers can also use this information not just for employment screening, but also for promotions, re-assignment or retention.
Of course, the Fair Credit Reporting Act gives you rights as well. If you are rejected for any of the reasons above, the employer must tell you so. They are also obligated to give you a free copy of your credit report. Furthermore, you have a right to dispute any of the information on your report.
However, it is very difficult to know the “real reason” why you are rejected. Employers can reject a candidate for a host of reasons: better qualified candidates (as you’ve seen above), not enough experience … basically, you name it.
Credit history is one aspect of a prospective candidate’s personal history review. Extrapolating from your credit, insurance agencies can and do charge more for insurance. The reason? The insurance companies believe that there is a correlation between bad credit and insurance claims. More insurance cost potentially means more expense to the employer. And, the list goes on …
There are a number of companies now providing what’s being called an “Employment Score”. It’s an overall assessment of credit, insurance, auto scores and other variations. Knowing your employment score can prepare you for your next job interview. With profile in hand, you can at a minimum, be prepared to answer tough questions or, best case scenario, fix inaccuracies before they become a problem.
With the economy in the tank, foreclosures on the rise, and unemployment high, it’s imperative to be extra-prepared. Your employment score another tool that can help put you on the offensive, rather than on the defensive.
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