Yahoo’s ex CEO, Scott Thompson lied about his Computer Science degree which not only affected his hiring but also the official regulatory filings for the company. Dean of Admissions of MIT, Marilee Jones made up degrees from Union College and Albany Medical College, neither of which has any record of her attendance. Instances of misrepresenting information on resume is very common. Resume verification is crucial to ensuring that the right candidate is hired and retained in the organisation. Bad hires can lead to huge losses.
A study by CareerBuilder where 2,500 managers were interviewed found more than half of them had detected resume frauds. Resume frauds such as the exaggeration of skills, falsification of experience are some reasons that necessitate resume verification. CV validation is also important to detect resume frauds such as claiming to have been employed by companies they never worked for.
Professional Resume verification agencies have a bank of data to deliver insights on resume frauds. AuthBridge, a leading background verification company, has compiled trends in resume frauds in India for 2017. According to this report, in 2017, 15.21% candidates misrepresented information to employers which is a jump from 10.29% in 2016. The major areas where resume frauds were detected were in the areas of employment verification along with address verification, reference check and education. The maximum resume frauds that necessitated resume verification were faced by the Financial Services industry, at 24.99 %. This was followed by the Telecom industry.
Bad hires can cost billions of dollars in revenue for companies annually. The rates of theft, malpractice and other crimes can lead to a loss of productivity as well as the reputation of the organisation. In the U.S., losses pertaining to embezzlement at workplace leads to a loss of $4 billion annually. Close to 75% of workers stole repeatedly from the workplace according to the U.S. Department of Commerce figures. More than 30% of businesses, according to data, fail because of bad hires.
Resume verification is the only way to avoid detrimental consequences of bad hires. With Resume verification, one can ensure that what is stated in their resume and what information produced is consistent and true. Exaggerated claims are identified and corrective actions can be ensured. As per Society for Human Resource Management, a bad hire translates to costs as much as five times the salary of the wrong candidate. Particularly when hiring key executives, great caution with resume verification is critical. Partnering with professional resume verification services providers such as AuthBridge is an ideal solution to overcome resume fraud-related challenges.
In India, 15.21% candidates faked resumes in 2017. The infographic below summarises the check level discrepancies in resumes. Employment records were the most manipulated.
Comprehensive resume verification such as the ones done by AuthBridge can include various checks such as employment verification, education verification, address verification, identity checks, criminal records and so on. Use of APIs, online databases and automation is driving efficiency in turnaround time and effectiveness of reporting. With real-time results, background checks can be conducted on the fly-anytime, anywhere. Trust can now be built in real-time, this is called TrustOnDemand.
Also Read– TrustOnDemand: The Game Changer for Hiring & On-Boarding
The new technological advances have helped HR professionals optimise resume verification processes to yield reliable and accurate results.
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