Chennai, NFAPost: Cases of discrepancies in the Healthcare industry showed a higher discrepancy percentage of 27.4% in the third quarter of 2020, compared to 14.6% in the second quarter of 2020, according to the Trends Report released by First Advantage, a leading background screening company in India.
Sectors like Manufacturing, Banking, FMCG, Retail, Healthcare, BPO, Pharma, and Telecom have displayed background screening discrepancy percentages higher than the industry average of 9.4% in Q3-20. Several industries like Banking, BPO, Financial Services, FMCG, Healthcare, Manufacturing, Pharma, Retail and Telecom have hugely contributed to the industry average discrepancy percentage.
The COVID-19 being an extraordinary crisis brought the entire world to a standstill and organisations were forced to lookout for alternate methods to continue with their business operations. In the third quarter of 2020 – alternate modes of verification in the Employment component in sectors like E-Commerce & Logistics, Insurance, Manufacturing and Pharma – have increased in comparison to the second quarter of 2020.
The major forms of alternate mode of verification that have gained credibility in the last quarter are Digital Address, Employment through PAN & TAN Validation and Employment through PF Validation.
In Q3-20, 36 out of every 100 Address verifications were conducted through the alternate mode of verification. Even the traditional sectors like Banking, IT, Financial Services, Consulting and BPO have adapted to the alternate mode of verification in the Address component.
While companies continue to actively employ during this time and are working directly with people in remote locations, conducting background checks becomes an important task in the hiring process for organisations. Through this trends report, First Advantage seeks to help employers model their background screening programs to establish best practices.
“While our processes have transformed in order to adapt with the new normal, our values and commitment towards our clients remains intact at First Advantage. Our focus, as always, has been to enhance customer onboarding experiences, reduce delivery cycle timelines and provide improved quality performance,” said First Advantage India Head – Commercial Amit Singh.
The data in the trends report will help the employers upgrade their risk mitigation and hiring strategies and benchmark them against industry standards. With an unprecedented crisis that has been brought out by COVID-19, organisations have responded swiftly by transforming operations and processes to provide innovative solutions. Recruitment is taking place through digitisation in most of the industries in order to keep up their businesses operational.
The Quarterly Background Screening Trends report by First Advantage has been able to deliver data which provide insights into cases of inaccuracy witnessed in the hiring process across all industries. This data is alarming as well as surprising. Although it calls for efficient screening practices to assure blot-free recruitment processes for all organisations, it is commendable to see how organisations are re-modelling their background screening programs to establish best practices with desired results.
