AuthBridge Report Highlights Employment Verification Challenges
In New Delhi, a report by AuthBridge, a firm specializing in background verification, has revealed a 44% increase in employment verification discrepancies across six major sectors from 2020-21 to 2023-24. This rise has prompted companies to adopt more rigorous verification processes to avoid hiring individuals with false credentials.
Sector-Specific Insights
The report, based on millions of background checks, highlights significant discrepancies in various sectors. The telecom sector saw a discrepancy rate of 18.2%, while the BFSI sector’s rate climbed to 10.4%. The pharma sector experienced a 50% increase, reaching 17.1%. Although the FMCG industry showed a decline, e-commerce, which accounts for 17% of FMCG consumption, faced growing verification demands due to the rise of gig workers.
Challenges and Solutions
AuthBridge’s analysis also explored the adoption of digital verification methods and addressed challenges like moonlighting and AI-powered checks. CEO Ajay Trehan emphasized the importance of background verification in modern HR practices, especially with the increase in remote work and digital onboarding. He stated, “By enabling informed decision-making, we empower companies to mitigate risks, enhance efficiency, and stay ahead in this era of transformation.”
Gig Economy Concerns
The gig economy showed a 12.5% discrepancy rate, highlighting the need for thorough screening in sectors like logistics, e-commerce, and last-mile delivery.
Doubts Revealed
AuthBridge -: AuthBridge is a company that helps other companies check the backgrounds of people they want to hire. They make sure the information people give about their past jobs is true.
Employment Verification Discrepancies -: This means that when companies check the job history of people they want to hire, they find mistakes or false information. It could be about where they worked or what they did.
Telecom Sector -: The telecom sector includes companies that provide phone and internet services. They help us make calls and use the internet.
BFSI -: BFSI stands for Banking, Financial Services, and Insurance. These are companies that deal with money, like banks and insurance companies.
Pharma -: Pharma refers to the pharmaceutical industry, which makes medicines and drugs to help people stay healthy.
FMCG -: FMCG stands for Fast-Moving Consumer Goods. These are products that sell quickly at a low cost, like snacks, soaps, and drinks.
E-commerce -: E-commerce is buying and selling things online. It’s like shopping on the internet instead of going to a store.
Gig Workers -: Gig workers are people who do short-term or flexible jobs, like delivery drivers or freelancers. They often work through apps or websites.
Gig Economy -: The gig economy is a job market where people work on short-term projects or tasks instead of having a permanent job. It’s like doing many small jobs instead of one big job.
CEO Ajay Trehan -: Ajay Trehan is the Chief Executive Officer of AuthBridge. He is the leader of the company and makes important decisions.
HR Practices -: HR practices are the ways companies manage their employees, like hiring, training, and making sure everyone follows the rules.
Remote Work -: Remote work means doing your job from home or another place outside the office. It’s like working on your computer at home instead of going to a workplace.
Digital Onboarding -: Digital onboarding is the process of starting a new job using online tools and resources. It’s like learning about your new job through the internet instead of in person.