November 29, 2019

More industries scaling up to Comprehensive Background Screening

More industries scaling up to Comprehensive Background Screening

A recent PwC’s Global Economic Crime Survey finds 1 in every 4 organisations is impacted by economic crime committed by employees. In India, the top 3 industries hugely susceptible to economic crimes are financial services, manufacturing and professional services, the survey presented.The economy is clearly expanding exponentially with big companies turning bigger and start-ups attaining unicorn status. With the sizeable increase in companies, background screening also took a larger space.

Undoubtedly, 2016 has been a roller coaster ride for the background screening industry with spiralling high employee crime rate. More and more companies joined the background screening club. The increasing number of crimes inside the organizations and economy has triggered the way out with a power packed punch of comprehensive background screening.

This has been made possible with the high tide of technology upgrade in the background screening space. Increased reliability and trust is getting developed with robust technology initiatives and intelligent data analytics. All companies are ramping up on their analytics and easy technical platforms to support. The hold of background screening within an organization is growing, strength to strength with the motto to hire the best. From this, we can easily reach at the conclusion of how quickly background screening is catching up. Security systems are becoming way safer and powerful.

Biometric identification such as our own Aadhaar based systems are becoming one of the ways to provide an easy identification and authentication mechanism. The primary intention is instantaneity. It helps to determine a candidate’s authenticity, confirming his personal details quickly. It will surely help in building trust of employers, with a few clicks. Not only will this simplify verification but also streamline the background screening processes to be faster, efficient and effective. To know more, schedule an appointment with our expert today.

Write to us at communication@authbridge.com.

By Shivangi, ago
Are you conducting a ‘Credit Check’_

Are you conducting a ‘Credit Check’?

Hiring for a position? Are you conducting a credit check on your candidates? If you have not given time to these questions yet, then it’s time you do. A credit check is valuable to employers for seeking added insight into a prospective employee. It reveals information about a person and their past credit history. Credit default is basically a behavioral trait relating to one’s ability to manage finances.

Employers hiring for a financial position or job where an employee may be responsible for handling financial assets, directing the course of the business or who have access to sensitive information, may or may not request a credit check. As is the case with all-round background screening, Employee credit checks should be conducted in strict compliance with policies in the concerned country.

A credit report completed for employment purposes is considered a part of overall background screening and includes the following details: Collections: number of accounts that have not been paid and are in collection. Trade accounts: number of open accounts listed for the individual (loans, credit cards) Negative accounts: number of accounts that are delayed for payment or have been charged off already

Satisfactory accounts: number of trade accounts that are paid according to agreed terms Inquiries: number of times creditors have requested a credit check on that individual Public records: number of public records on the report (bankruptcy, tax liens, civil judgments) Imagine a situation! You are hiring someone for the position of a Finance head, you think you have found your perfect candidate with the best suited credentials. Wait a moment! And re-think. Have you ever thought that this person could be a credit defaulter?

A credit check is a hygienic for a reassured hiring decision, tracking the lifestyle of the candidate. A candidate with a bad debt may have a higher probability of embezzlement. Employee credit check can provide employers with insight into a candidate’s sense of financial responsibility and stability.

A candidate whose credit record includes bankruptcy could suggest that the candidate lacks sense of responsibility, by not meeting his/her financial obligations on time. A thorough credit risk analysis can help to identify a candidate’s potential proclivity to commit fraud based on their financial status. This information could be used as a differentiator between two candidates with similar qualifications and credentials when assessing risk to the employer.

Adding credit checks to the list along with employee background checks can protect against internal fraud and theft. The question employers need to ask themselves is “When is it required to conduct credit assessment as a part of the screening process?” The employer can ask himself a few questions to determine if an applicant’s credit is relevant to the position they’ve applied for or he may be taken in any which way.

Once received the results of a credit check you’ll need to determine what parts are relevant to disqualify an applicant from employment or not disqualifying at all. Although, a credit check is not a conclusive check. To know more, schedule an appointment with our expert today.

Write to us at sales@authbridge.com.

By admin, ago
How to tackle CV Fraud_

How to tackle CV Fraud?

Pressure of hiring excessive workers within a short period of time may open doors for resume fraud and manipulation.

The revelation of CV fraud cases highlights the importance of conducting background screening to ensure applicants’ credentials are actually in line with the words on a resume or CV. The most common form of résumé fraud deals with employment related information, be it forging work experience, the tenure with a company, the job titles, responsibilities or references. With the rising instances of resume fraud hitting the headlines every now and then, companies are slowly waking up to this menace. For employers unfamiliar with background screening, stories of fraud should serve as a driving reason to begin considering the benefits associated with developing a screening program.

Indian outsourcing industry body NASSCOM set up a National Skills Registry with over 100 companies as members to combat resume fraud. Yet there are many CV cheats which continue to reap benefits of such fraud. To quote a recent instance, a software exporter based in Bangalore fired 25 employees after an internal investigation revealed lies on their CVs.

The company filed police complaints against the employees as well as the hiring agencies which helped the employees provide false certificates and letters of previous employment. 30 agencies were exposed, 10 of which were reported to the police and another 20 have been blacklisted. As no one validates a candidate’s resume with the actual information filled during joining formalities, the first step to tackling resume fraud is comparing the resume with the information filled in your company’s form. The subsequent steps include conducting a thorough background check on candidate’s education, employment, identity and various other aspects. This can be followed up with reference checks.

Professional background screening providers can leverage their expertise and network to deliver quick and accurate results and help you tackle fraud and establish safety at workplace. To know more, schedule an appointment with our expert today.

Write to us at communication@authbridge.com

By admin, ago
Weed out Fraudsters_ Instant Employee Screening Solutions

The Importance of Comprehensive Background Screening-Backed Hiring

In April 2018, an instance of a senior employee of an e-commerce company committing fraud made headlines. The accused entered into a fraudulent agreement with one of the suppliers. Substandard products supplied by the vendor were priced on par with genuine products. The company had to file a police complaint on both the employee as well as the retail supplier for colluding to commit the fraud. The employee now faces criminal charges including forgery, cheating, breach of trust and fraud.

A few years back, an IT company based in Bangalore employed a software engineer at management level who came across as bright and competent. Two months into his employment, the company noted that at odd hours, large files were being uploaded on to the servers of its competitors. After an investigation, it was discovered that the employee was selling data to the competitor. Frauds at the workplace have obvious financial consequences, but other repercussions include damage to company’s reputation and compromised data security. Falsifying bills, excise and taxes are some of the other areas into which employee frauds extend.

Expense fraud is one of the most common ones encountered across the globe. In Australia, 42 percent of employees have been found to make false mileage claims according to a study. These are some of the reasons why comprehensive background screening backed hires for any role is a must. For instance, Kate was the chief financial officer for a firm struggling in a highly competitive market. Her extensive experience and leadership skills ensured the firm’s growth while its valuation tripled.

Apart for being responsible for establishing ethics and the right tone of culture in the organisation, employees often handle sensitive data as well as important contracts. Hiring employees with critical capabilities can help build accountability into every aspect of businesses.

Smart technology speeds up Employee Screening Process

Background Check is the ideal solution that can help prevent wrong hires and ensure safety in the workplace. Until about a decade ago, background screening was completely non-existent in India other than reference checks.

With the advent of integrated smart technology, background checks has become easier, faster and smarter.

Applicant tracking system (ATS) linked with the background screening process enables a seamless flow of data. Once the third-party investigations are carried out, the data directly reaches the company and can be permanently stored in the ATS.  Data handling and processing which earlier was something only humans could carry out is now handled by artificial intelligence (AI). Advanced algorithms of machine learning and AI can accurately retrieve information from any organisation the candidate is indirectly or directly linked. Access to various databases maintained by both national and international agencies, legal and regulatory checks make the background check processes truly comprehensive.

The dataset covered is broader now than that was accessible to traditional screening. Large volumes of data can present a “data mountain” for HR teams to sort through, which can be like finding a needle in a haystack. The major advantage of AI-enabled background screening is the elimination of duplicate reports. Relevant and actionable insights help HR teams complete the employee screening process in a quick time.

Professional background screening service provider, AuthBridge, specialize in offering advanced APIs that can integrate with mobile, as well as, web applications. Given the ease and speed with which candidates’ background details can be obtained, onboarding any level of executive becomes a breeze. Extensive and reliable reports on wide-ranging checks such as national identity, education and address verification & employment history are available at the fingertips.

By Shivangi, ago
Five Must Do’s to Hire the Right Leaders

Five Must Do’s to Hire the Right Leaders

A Gallup study highlights the fact that 87 percent of employees across the globe, including leaders, are not engaged at work. Disengagement at any level can cost companies up to $96 billion in terms of lost productivity annually. Senior leaders are responsible for mobilizing teams and boosting engagement at junior levels. When leaders themselves are not engaged, it can reflect in the team’s performance. Surveys show only two out of ten business leaders are engaged in Australia while just 35 percent of U.S. managers are actively engaged.

 

Why executive screening is a must for leadership hiring

A study by Bain Company shows at least 60 percent of the workforce was not aware of the goals, tactics or strategies of their company because the leaders failed to communicate the same. It is well-known that engaged leaders and teams contribute in a big way to boost productivity, which, in turn, reflects on the bottom lines. The key to achieving all-around efficiency lies in hiring the right leaders who are highly engaged and are able to inculcate this culture across the company.

Hiring for high stake executive roles requires a specialised strategy backed by executive screening as compared to hiring for mid or junior level executives. While referrals are one way of hiring senior executives, they may not be effective in hiring the best fit for the leadership role. Relying excessively on the resume can also backfire.

Some false claims made on executive resumes include:

  • The omission of negative experiences
  • Cherry picking successful projects
  • Taking undue credit for the entire deliverables
  • An unclear picture on the exact contribution made towards a project success.

Hiring managers need to adopt a different tactic backed by comprehensive executive screening to ensure the right leader is hired.

 

Five tips to hire right

The following tips help formulate an effective HR strategy:

Ask relevant, structured questions:

The first step in hiring senior executives it to design a comprehensive hiring strategy. This needs to contain the details of the structured interview along with how the competency and reliability of the candidate would be assessed. Structured interviews are two to four times more effective than unstructured, casual interviews, according to studies.

Pay attention to integrity: Skills and competencies matter, but at senior levels, integrity is often the most critical aspect. More often than not, this aspect tends to be overlooked during the hiring process. Structure the interview to assess culture fitness as well as the candidate’s values, ethics and motivation levels. For instance, ask the candidate to list three most important values or discuss how he or she would handle data security threats.

Ensure leadership due diligence: Extensive executive screening with leadership due diligence is a must in today’s competitive business scenario. Executive screening can reveal the truth behind the resume with reference checks, education, and qualification checks, past employment details, and financial checks as part of leadership due diligence. Entrust a professional executive screening and leadership due diligence provider to hasten the process.

Conduct professional reference checks:

 References are the best way to know if the candidate is genuine and has no red flags in his or her employment history & the professional reference check can do it all. The candidate’s previous employer, boss or professional colleague can all reveal important information that helps ascertain the candidate’s integrity. A professional executive screening provider can follow up on references to complete the leadership due diligence process.

Avoid hasty decisions: Hiring senior leadership cannot be a rushed process given the critical importance of hiring right. It is also important to take time to assess the candidate in a less formal setting to see how he or she responds to everyday stressors such as traffic or waiting time.

By Shivangi, ago
How well do you know about your Leadership’s Background_

Leadership Due Diligence – Latest Developments

For every organisation today, hiring is a gamble. With the number of frauds increasing year by year, you never really know who you are welcoming into your organisation. Regardless of the position, the risk is the same. This means that even for leadership positions, it is necessary to conduct exhaustive executive screening.

According to a report, about 85 percent of managers and employers have caught applicants providing false information on their resume. Five years ago, it was just 66 percent of managers. Today, there have been many cases of various companies suffering major setbacks because they did not carry out their leadership due diligence properly. For instance, in 2015, a US-based IT company discovered with the help of exhaustive senior executive screening from AuthBridge that, the man they had hired for their Indian branch CEO position had lied about his qualifications.

Moreover, the cost of a bad hire is high for executive-level positions, and organisations committing this dire mistake will have to pay the price. Recent research has found that hiring for leadership positions can cost around 10 percent of the entire CTC. However, for executive screening purposes, just 0.25 percent of the CTC is used.

At AuthBridge, we understand that in India, there is an urgent need for reliable, accurate and fast screening of emploees so that organisations across industries can carry out their leadership due diligence and make smart hires. It is exactly because of this reason that we have developed Leadership Due Diligence – AuthLead™, a game-changing verification product made exclusively for conducting thorough and accurate executive screening.

Also read: Overcoming C-Suite Hiring Challenges with Leadership Due Diligence

 

The new senior executive screening norm

Background screening for executives cannot afford to follow the same procedure as any normal screening service. Because the position is higher and the responsibilities are more, the stakes for a bad hire are much higher. Therefore, organisations need to follow the below in order to ensure a thorough leadership due diligence.


• Make sure executive screening is more comprehensive and highly accurate

When it comes to C-suite executives, it is important that background verification companies check more than just their educational qualification and employment history. You should also include a credit check, in addition to a criminal record check.

A huge part of leadership due diligence is making sure they have a good reputation and are well-respected in the industry. Ensure that they have a good track record in all aspects of their professional life. Leaders are the face of your organisation and it is imperative that you put your best foot forward by conducting a thorough executive screening.

• Make sure your organisation’s executive screening consists of the 3C’s

Any comprehensive executive screening process must include the 3C assessment basis. These 3C’s stand for Character, Credentials and Competency. When it comes to character, executives of any company need to be individuals with strong morals and values. Their character, to a large extent, determines the fate of the company.

Credential checking in leadership due diligence ensures that executives have the required educational qualification and professional experience to take charge of the company. When it comes to competency, executives undergo a thorough executive screening to ensure that they are of a healthy body and a healthy mind, and have the right mindset and attitude that is in alignment with the culture and vision of the organization.

• Make sure your organization digs deeper into references

An executive candidate is likely to have remarkable and striking references. Always make sure that you do your part in digging deeper into these references provided to ensure that they are genuine and are not biased. To know more, book an appointment with one of our experts today.

Write to us at sales@authbridge.com

By Shivangi, ago

Do ‘consistent’ background checks reduce fakery in resumes?

With the outgrowing speed of technology boom in India, efficient hiring is the biggest trigger for ‘instant’ background verification today! Every industry sector is experiencing shortage of talent and trust in the way hiring is being done. With the overall discrepancy level significantly rising from 10.29% to 15.21%, a great deal to build trust with instant verifications is the need of the hour.[ Source: AuthBridge Annual Trend Report 2017]

Some Key Highlights:-

  • 15.21% Candidates misrepresented information to employers in FY2017; major jump from 10.29% in FY 2016
  • Employment verification witnessed the maximum discrepancy followed by address verification, reference check and education verification respectively
  • Financial Services industry had the maximum discrepant cases with a rate of 24.99 %, followed by Telecom

Over 80% of the large organizations and an increasing number of start- ups are opting for background screening of their new hires says a report published by the Society for Human Resource Management (SHRM). Since this practice has somewhat been slightly fragmented; an amalgamation of manual and automated verification procedures, HR generalists need to brainstorm hiring solutions that are efficient, thorough and effective. Resume Lies Rising with ‘no holds barred’– What HR needs to Do?

Consistency is the key when it comes to background verification of new hires. Companies need to be homogenous with their background screening procedures and policies; such as, criminal history check, police verification, address check, employment verification etc. and know how they conduct them and apply the necessary processes. Reviewing all the applicants in an identical fashion and documenting the process when needed is a desirable thing to do. Developing a matrix for each type of position and evaluating the background screening proceedings for the particular type of job can help in drastically reducing discrepancy levels. These are some signs of a structured background screening program.

Since, the Human Resource Function in an organization is the sole leading voice in conducting background screening, it is advisable that they consider applying a set of standard practices without bias to all offices and designations in conducting background screening to implement a successful verification program.

A sneak peek into our 4th Annual Trend Report- Background Screening 2017 helps you to understand how AuthBridge supported the transformational recruitment across different sectors and came up with the concept of TrustonDemand to help organizations create powerful HR plans and policies.

By admin, ago
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