Background check and Other Factors in Internal and External Recruiting

Recruiting candidates to fill job vacancies is an ongoing process in any organisation. Whether an employee has resigned or you are expanding and new positions have opened up, you will be in need of someone to take the job. There are two main methods of filling a job position- internal recruiting and external recruiting. Both of these methods come with their advantages and disadvantages but deciding between the two has a lot to do with your organisation and the position that needs to be filled.

 

The advantages and disadvantages of internal recruiting

One of the most important things required when hiring an employee is the background check. The background screening is essential to know for sure that the candidate is in fact who he or she claims to be. When hiring an employee internally to fill a different position, there is a good chance that you have already done the background verification at the time of joining. A big advantage of internal recruiting is that you do not have to conduct a second background verification on the candidate and this will save you time and money. There are several other advantages of hiring internally as well. Existing employees already know how things work in your company and adjust faster to the new role, contributing to less downtime. You also have the advantage of already knowing your employee strengths and weaknesses and have a good idea how they will perform in the new position. Internal recruiting, however, is not without its drawbacks. While the process is cheaper and quicker, you might be compromising by not getting a fresh new perspective on the job. There is also the possibility of some employee being unhappy about having a colleague promoted over them which could cause some tension. And finally, you could end up creating a new vacancy in the position that your promoted employee formally occupied.

 

The advantages and disadvantages of external recruiting

External recruiting should be considered when none of your existing employees qualifies for the new position or you could benefit vastly from hiring a new candidate. What is important to remember when you are hiring externally is that a thorough background screening is required. A background verification check of a new employee could be time-consuming but will work to your advantage in the long run. Doing a pre-employment screening, identity verification and police verification could save you from hiring someone with a sketchy past that could jeopardise your company. Making sure a candidate is being honest about their past is imperative in saving you and your company a lot of problems later on. The extra time and effort required for external recruiting will pay off when you find the perfect candidate for the job. An external hire will not only bring along new ideas but could also be the most qualified and experienced person for the job. External hiring takes longer and costs more but provides you with a larger pool from which to choose the right employee.

 

Summary

Both internal and external recruiting have their pros and cons. Which method you chose to follow will depend on the vacant position and what you are looking for in a candidate. Internal recruiting is quicker and you can often do away with the background verification because you have already screened the employee once. External recruiting is a longer and more expensive process but a thorough background screening of potential candidates will work well to your advantage. To understand the background verification process in detail, write to us at communication@authbridge.com or call us on +91-850-680-4541

Spot Fake Companies with Vendor Due Diligence

As a business owner, you will, at some point or another, require to partner with or outsource jobs to other companies. When scouting for a company to work with, due diligence is required to ensure you choose the right business partner. There is a lot at stake when you choose to take on a business partner; you could risk quality, time, money, and your reputation if you select the wrong partner. Unfortunately, there exist a lot of fake companies which provide substandardly or even no service, and associating with one of them could set you up for failure.

 

How does vendor due diligence help?

Let’s say, for example, your company sells exclusively cut glassware. You have an e-commerce website via which you sell your product and the items need to be couriered to your customers. You decide to hire a local courier company without doing thorough due diligence, but unfortunately, they provide substandard services. Soon you have customers complaining that their purchases are damaged and they want a refund or a replacement. An experience like this does not only ruin the reputation of your company causing you to lose customers but could put you in financial loss.

Conducting Vendor due diligence would have given you a better insight into the kind of services they provide and could have saved you all the setbacks you suffered. The same is true when entering a business partnership with another company.

Conducting business partner due diligence will let you know exactly how the business operates and whether or not they are a good fit for you. Vendor due diligence and business partner due diligence will also keep you informed of aspects such as lawsuits or past losses faced by a company. If a company is fake or just a front for money laundering or other illegal processes, a due diligent check will identify the problem before you make any commitments.

 

The best way to conduct due diligence checks

Background verification and screening is a specialised process that can be expensive and time-consuming. It is no surprise that a lot of companies skip this step or do only a partial screening. The consequences of not performing vendor or business partner due diligence could, however, be disastrous. Now, the fact is, all the companies do not have the time and resources to do a thorough screening on their own, which is why outsourcing the job to a company that specialises in this area is a good idea. AuthBridge is a professional background screening agency that takes the effort of the screening process off your shoulders. Our company uses specially developed algorithms to pull up all available information about a vendor or company from the Internet. By accessing public databases, we can get the following information on any company: – Registration details – History – Complaints and feedback – Pending and past lawsuits – Financial history – Identity verification of the owners, and so on In a short amount of time and by using minimal resources, we can help you determine if the company you are about to partner with will live up to your expectations. Because vendor due diligence are our area of expertise and we already have a framework in place, hiring us would cost you less than if you did the screening yourself. Our structured and reliable background checks will take a load off of your work while giving you the information that you need to make the right decision. While we take the responsibility of weeding out the bad apples of the business world, your resources can be channeled towards increasing your productivity. With the help of AuthBridge, due diligence checks of vendors and potential business partners no longer have to be a tedious process.

To understand more about Due diligence Services,

write to us at communication@authbridge.com or call us at +91-850-680-4541

Know your customers, the challenger banks’ way

India is witnessing a new banking revolution. Riding this wave are challenger banks, making a significant impact on the consumers, so much so that they are now competing with the traditional, long established banks. These banks can leapfrog over traditional boundaries and use technologies to offer branch-free, mobile-based services. Leveraging their lean and agile structure, these players can reach markets quickly and acquire customers rapidly.

With tech DNA, challenger banks are expected to deliver a frictionless experience for the customers. But the regulatory requirements can hamper their functioning, especially remote customer onboarding and customer due diligence processes which can slow down their pace of innovation. So, how to approach this without impacting the ecosystem? The solution lies in technology.

The automated customer pre-screening can help to bring down the risks of frauds and manual errors. A perfect fit into the business model of the challenger banks, the new age KYC will reduce application dropouts, and create a strong brand association.

Solutions like Video KYC and image-based KYC offer facial recognition and liveness detection which can authenticate customers’ identity and location in real-time. Technologies like AI can help in flagging suspicious customers, curbing down the cases of identity frauds that are prevalent in the industry. On-the-go authentication can also improve process transparency.

Also ReadSimplifying KYC for a digital India

The introduction of Digital and e-KYC policies has enabled businesses in BFSI and Telecom to ensure a seamless customer onboarding. The RBI regulatory sandbox will allow the FinTech to scale up quickly, though with limited capabilities. Even without being purely digital yet, the policies can certainly be steppingstones towards a digital India, especially for the underserved and the unserved segments of the population

Challenger banking is fast catching up with consumers. However, their differentiator of remote customer onboarding, and the need to make it effortless and quick has made these organizations vulnerable to financial and identity frauds. The challenge for them is to scale up their defenses without interfering with the customer experience.

TruthScreen, AuthBridge’s real-time, compliant and secured platform for authenticating individuals and businesses, has been continuously working with the leading Indian BFSI players to solve multiple use cases ranging from liveness detection, instantaneous KYC, customer and agent onboarding to enhanced customer due diligence. It’s advanced data aggregation and the matching engine can provide identity verification and fraud detection services, in-turn streamlining the account opening and compliance processes.

For more information, write to us at : –sales@authbridge.com

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