If this happens in the US with this much frequency, then it must happen with greater frequency in Nigeria since it is much harder to verify education and experience obtained abroad.

Business Idea: who wants to set up an employment background screening company?

(CNN) -- It may sound crazy. Why would a high-ranking executive lie about his or her credentials, especially now, when all it takes is a quick phone call or Internet search to verify information?

Yet it happens more often than you might think. From a white lie about time spent as a customer service rep to a whopper about earning an MBA, résumé padding occurs regularly across industries, experts say. In a 2010 survey of 1,818 organizations, 69% reported catching a job candidate lying on his or her résumé, according to employment screening service HireRight.

The most common lie on a résumé has to do with education, said Kim Isaacs, founder and director of ResumePower.com and Monster.com's résumé expert. The discovery that Yahoo CEO Scott Thompson does not have a bachelor's degree in accounting and computer science (he has a bachelor of science degree in business administration, with a major in accounting) makes him the latest executive to be targeted for falsely claiming to have a degree.
Or, at least, a certain kind of degree.

In the wake of the allegation, made by shareholder firm Third Point, Yahoo removed all references to Thompson's degree from his biography on its website and said the error "in no way alters that fact that Mr. Thompson is a highly qualified executive with a successful track record leading large consumer technology companies." Yahoo's board is reviewing the issue and will "make an appropriate disclosure to shareholders" when that inquiry is finished.

The incident has raised debate over whether the gaffe counts as inconsequential "fudging" or "exaggeration" of his credentials or a lie that casts a shadow over his long career.

Many in the tech industry, including Third Point, are demanding Thompson's ouster. Others have spoken out on his behalf, calling upon the "Silicon Valley bloggerati" to stop picking on Thompson.

"Thompson has a degree in accounting, not computer science, but frankly at this point in his career does it really matter what he studied as an undergraduate?" Newsweek technology editor Dan "Fake Steve Jobs" Lyons asked in a Daily Beast column.

"(Thompson is) 54 years old, has been CEO of PayPal, and before that held high positions at Inovant, a subsidiary of Visa, and Barclays Global Investors. He's qualified to run Yahoo."

Résumé "embellishments" among titans of industry have led to mixed results. Former RadioShack CEO Dave Edmondson resigned less than nine months after taking his post after the revelation that he did not have degrees in theology and psychology. On the other hand, Bausch & Lomb's Ronald Zarrella offered to resign when it was discovered that he had not earned his MBA from NYU, as he'd claimed. The board did not accept his resignation, but he was forced to give up his bonus that year.

It's not a phenomenon exclusive to Fortune 500 companies. Former Notre Dame football coach George O'Leary resigned after five days on the job when it came to light that he did not have a master's in education from NYU or play football at the University of New Hampshire.

Résumé padding has become a point of increasing concern for companies big and small, prompting them to step up screening methods and background checks for job applicants, according to HireRight's Employment Screening Benchmarking Report.

"Screening continues to be a heavily adopted practice by employers in order to protect their business from unnecessary risks, maintain compliance and avoid poor quality hires," the report said. "Even where lies may not represent a huge loss to the employer, companies report that catching a candidate in an untruth undermines confidence and credibility."
The 2010 survey found that 94% of respondents performed criminal checks, 70% performed identity and previous employment verification, and about half verified education and references.

Isaacs sees résumé padding with growing frequency in her role as a résumé adviser because of the fluctuating job market and high unemployment rates. People often omit months in the start and end dates of their last jobs to exaggerate periods of employment and minimize unemployment. They also exaggerate accomplishments, like raising sales from 15% to 25%, or take individual credit for a project that was accomplished through teamwork, she said. Inflating titles from receptionist to administrative assistant, for example, also occurs frequently, she said.

People see job postings for which they feel they have the right experience but not the requisite degree, prompting them to fabricate an extra line on their résumés, Isaacs said.

"People feel inadequate and that they have to do whatever it takes to get their foot in the door. It's a combination of wanting to get an edge and jobs being limited due to the economy," she said. "People see others getting ahead and think, 'maybe it's my résumé.' The temptation arises from a desire to stay competitive."

It comes at a high price, including eventually being found out or, for those with a guilty conscience, the constant fear of being found out, she said.

It's easy to disparage Thompson, she said, but given the high incidence of résumé padding in general, people should use this opportunity to take a second look at their own résumés.
"He got caught, so he's the obvious target. But it's quite likely that many of the people who will talk about him have a similar lie on their résumés," she said.

"Sell your benefits, the ones that reflect ... why you're perfect even though you don't have the degree," Isaacs suggested. "Armed with an excellent résumé, you'll get your foot in the door, and there'll be something that comes along that's perfect for you, and you can start a job on honest footing, and it's just better for everybody."

Interesting.
I guess the increasing global jobs scarcity, as well as the intense competition, has led to all of this.

Wallie:
Business Idea: who wants to set up an employment background screening company?

Hi Wallie, I think one actually exists and they have an office on Broad Street.

salihu_ali:

Hi Wallie, I think one actually exists and they have an office on Broad Street.

They're called Background Check International, and run by Kola Olugbodi. Quite effective too.

I say he's getting fired and rightfully so!

NEW YORK (CNNMoney) -- Embattled Yahoo CEO Scott Thompson told company employees late Monday that he is sorry for the distraction his resume padding scandal has caused -- without commenting on what role his own actions might have played in creating the drama.

"I want you to know how deeply I regret how this issue has affected the company and all of you," Thompson said in a memo obtained by CNN. "We have all been working very hard to move the company forward, and this has had the opposite effect. For that, I take full responsibility, and I want to apologize to you."

The scandal erupted late last week, when activist shareholder group Third Point first alleged that Thompson lied about his college degree. Thompson's published bios have claimed that he holds a Bachelor's degree in both accounting and computer science from Stonehill College, but his degree is actually only in accounting.
Yahoo (YHOO, Fortune 500) said that it had incorrectly stated Thompson's academic credentials, claiming the mistake was an "inadvertent error."

Thompson's memo to Yahoo's staff included no explanation for how the mistake happened. His apology was solely for the impact the scandal has had on the company, not for the act itself.
That didn't impress the troops.

A senior Yahoo executive, who spoke to CNN on the condition that his name not be used, said: "Thompson has quickly lost the confidence of many employees, who think he has to go."

False statements about Thompson's degree predate his tenure at Yahoo, which began in January. References to a "computer science" degree also appeared in his online biographical information on PayPal's website when he was president of the eBay (EBAY, Fortune 500) subsidiary.

Thompson's degree information is actually correct in eBay's regulatory filings to the Securities and Exchange Commission and in the bio featured in filings for F5 (FFIV), where he serves as a director. In both cases, the companies state: "Mr. Thompson holds a B.S. in Accounting from Stonehill College," with no reference to a computer science degree.

But the false statement about his degree appeared in Yahoo's latest annual report filed to the SEC: "Mr. Thompson holds a Bachelor's degree in accounting and computer science from Stonehill College."

Critics like Third Point seized on that line and are demanding answers about how it made its way into Yahoo's regulatory filings. CEOs are required to personally certify that their company's statements are accurate.
The annual report Yahoo filed last month includes this line, directly above Scott Thompson's signature: "This report does not contain any untrue statement of a material fact."

Yahoo's board is conducting an independent review of the false statement, and Thompson said on Monday he would cooperate fully with the review. The CEO urged a "prompt" conclusion to the probe.
A spokeswoman from Third Point declined to comment on Thompson's apology.

The investment group said earlier on Monday that it wasn't satisfied with Yahoo's review process. It sent Yahoo's board a letter demanding that it be allowed to inspect books and records relating to Thompson's hiring, and it urged the company to make details of the review public.

Yahoo's board "will make an appropriate disclosure to shareholders" upon conclusion of its review, Yahoo said in a statement e-mailed statement to CNNMoney.

It's unclear right now who will ultimately take the blame for the resume brouhaha. Tech blog AllThingsD reported on Tuesday that the woman in charge of Yahoo's CEO search, director Patti Hart, will step down at Yahoo's next annual meeting, which has not yet been scheduled. Yahoo did not reply to a request for comment on Hart's status at the company.

Yahoo's typically uses the headhunting firm Heidrick & Struggles for its executive searches. But AllThingsD says the firm wasn't involved in the search for Thompson -- he reportedly reached out directly to company directors to pitch himself for the CEO job.

CNNMoney has reached out to Heidrick & Struggles to find out if the firm was involved in vetting Thompson's background. The firm did not immediately reply to a request for comment.

Meanwhile, Thompson said he would continue pushing forward on the company's latest attempt to rebuild.
"I feel I owe it to all of you to make sure that nothing disrupts the progress we've made in just a few short months due to all of your focus, commitment, and hard work," he said. "We have a lot of work to do. We need to continue to act as one team to fulfill the potential of this great company and keep moving forward. You have my word that all my energy and attention will be on that mission."

http://money.cnn.com/2012/05/08/technology/yahoo-ceo/index.htm?hpt=hp_t3

salihu_ali:

Hi Wallie, I think one actually exists and they have an office on Broad Street.

AjanleKoko:

They're called Background Check International, and run by Kola Olugbodi. Quite effective too.

It just seemed like a glaring opportunity if none existed!