Pre-employment background screening has been a time-consuming process traditionally. On an average, about 20 days are needed to verify an employee’s background information. This long a time duration is critical for employee dropout; organisations that have a high turnover rate find it difficult to carry out pre-employment screening. This is the reason why 94% of candidates in India are hired without any pre employment screening. TrustOnDemand™ is a revolutionary concept aimed at bridging this Trust deficit. Developed by AuthBridge, this concept is powered by technology for fastening up the process of pre-employment screening using real-time delivery of background verification results.
When employers are unable to carry out background verification, issues like identity frauds and resume frauds originate. In fact, 77% of frauds in BFS are related to identity frauds. Around 15% candidates lied on their resume in FY2017 to bag a lucrative job. New business models are emerging that are changing the way we live or do business. The advent of sharing economy also has resulted in fast-growing digital interactions. The need of the hour is TrustOnDemand™, which can provide quick solutions for background verification, ensuring safety in every area of businesses. TrustOnDemand™ is an accurate way of carrying out pre-employment screening of candidates, vendors, employees and visitors to prevent the consequences of such frauds.
The sharing economy has begun to make its mark in India in the last few years. Many startups are leading the sharing economy which has witnessed an investment of 4.8 billion dollars. Multiple such incidents with delivery boys, drivers and the likes have exposed the loopholes in terms of trust deficit in shared economy businesses. Because the companies do not own the drivers or the accommodation owners, the business model is open to breach of trust. With real-time verification solutions, enabled by technology, organisations are now looking at validating identity, profile and reputation of their employees, partners and attachments who represent their brand and influence their financials and market reputation.
With advanced search algorithms, the use of APIs and extensive databases, the technology-driven TrustOnDemand™ ensures safety in the shared economy business model. Aadhaar Data can be used to instantaneously check the background of vendors or partners, delivery boys or apartment owners while eKYC can be used to verify as well as gain more information about individuals – delivering instant background verification on the go. Access to online criminal repositories, online records from government and industry bodies and digital footprints of an individual can be used for analysis and inferences about an individual’s credentials, character and competency. This in turn helps in making informed hiring decisions- without waiting for background verification process to be completed.
As per reports from Investopedia, sharing economy would have a value of anywhere between $250 billion to $2 trillion. The “On-demand” economy is here to stay and grow whether it is in food, travel or furniture. Partnering with delivery boys, school bus drivers or other vendors in the rapidly evolving markets will further necessitate TrustOnDemand™ solutions for building trust and securing reputation. With more and more shared economy startups emerging, the traditional background verification methods do not suffice.
These methods take time, are cumbersome and do not provide accurate data in real-time. When startups fail to deliver on their promises of conducting authentic and meticulous background and identity verification of delivery boys, hosts or drivers, reputation suffers. Building reputation and trust are critical for businesses in many industries to survive. TrustOnDemand™ will continue to be the need of the future to ensure a safe business environment for business owners and customers alike.
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