Here’s something to keep in mind if your firm is planning on adding new blood in Finance: Around one out of every 10 candidates is lying about his or her resume.
Specifically, 8% of Americans admitted to embellishing or exaggerating information on their resumes, according to a report by FindLaw.
What’s more, in 36% of the cases where employers did uncover the false info, it was after the hiring decision was already made, the study found.
A prime example: Yahoo’s recently disgraced Chief Executive Officer Scott Thompson. Thompson fudged his resume by claiming he held bachelor’s degrees in both computer science and accounting from Stonehill College in Easton, MA.
However, as a shareholder pointed out, Thompson didn’t actually have a degree in computer science. This white lie left the company with egg on its face, and forced Thompson to resign after just four months.
To keep your firm safe from embarrassment, it’s a good idea to have HR and hiring managers in Finance on alert for common resume fabrications. According to Job Mouse, a job news and career-advice website, these are the five areas exaggerations are most likely to occur:
- Education — this ranges from candidates inflating their grades to flat-out lying about a degree (like Thompson).
- Job title — Applicants will sometimes claim a higher title or even make one up in hopes of garnering a higher starting salary.
- Pay — It’s very common for candidates to pad past salaries and benefits.
- Why they left — People have a tendency to make bad exits from previous jobs sound better during interviews.
- Performance record — E.g., grandiose claims about the applicant’s role in a project.