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India Loses US$40 Billion to Employee Fraud Each Year
I was stumped by a recent research done by a Pune-based research and consultancy firm which stated that ‘India maybe losing around US$40 billion to employee fraud every year‘. A shocking statistic and something that can be greatly avoided if companies take the necessary precautions before hiring an employee. In India mostly it is the executive search firms and the recruitment companies that normally do the required background checks for candidates but as the job market becomes more competitive and as the economy grows, the requirement for background check specialists with intensive and specialist skills are becoming all the more imperative.
Industry statistics clearly demonstrates that there are material misstatements or omissions beyond acceptable limits in the employment history of applicants. There can be an over statement of designation or having worked at a job for a longer period than is accurate etc. In our experience, some common types of inaccurate information discovered through an employment verification include:
- Dates of employment extended to cover job changes
- Position, title or responsibilities – faked or exaggerated
- Employer listed is fictitious
Our specialists will contact the employer to verify information provided to them by the applicant. The report will contain dates of employment, last position and responsibilities handled along with eligibility to be hired.
Our Background Verification Services can be broken up into Pre and Post-Offer Services:
1. Reference Check
Candidate will be asked for two professional references of his Past / Present colleagues as well as we shall talk to at two of his past colleague / Senior without his / her knowledge and a reference check will be done in a standard format OR any customized format specified by the client. Below is the standard format that we usually choose:
1. Documents collection
After a refer check / background verification is done, generally we collect below mentioned documents from the candidate….
- Copy of Submitted Resignation
- Copy of Accepted Resignation
- Copies of the relieving letter from the last employer(s)
- Salary / TDS slip for the last (or last drawn) month from the previous employer.
- Salary Certificate/ Form 16 or Form 16A (whichever is applicable).
- Complete details (name /designation /contact number /email-id) of the Reporting Authority
- Complete details (name /designation /contact number /email-id) of the HR Head.
- Attested copies of academic and professional credentials.
- Updated copy of your CV.
- Three recent passport size photographs.
- Proof of Permanent Address (e.g. Leave & License Agreement / Electricity Bill etc.)
- Proof of Present Address (e.g. Leave & License Agreement / Electricity Bill etc.)
- Attested copy of PAN Card, if any
- Attested copy of Passport, if any.
2. Joining Follow-up
We are in continuous touch with candidate on weekly basis until he / she joins the company. We also do a cross verification with him / her by multiple ways to know what exactly going on at the back end.
Partnering with the right background screening provider is crucial in the new advanced and technological world to find potential employees and business partners. At Alliance One, we understand your requirement in the right and deep sense and are committed in contributing to informed hiring decisions. Here are several reasons why organizations choose Alliance One as their preferred partner for background verification services:
We utilizes primary sources of data to ensure the most accurate up-to-date information available – Promising a never compromising quality.
Our turnaround time is one of the fastest in the industry. This means you can verify your applicant’s information quickly and avoid losing them to another company.
Value for money is equally important to uncompromising quality. We, at Alliance One provide a pricing system which is extremely cost-effective.
Do mail me at amit@allianceonemumbai if you have any other questions about our processes and terms and conditions.
Note: Feel free to republish this article on your own blog or website but please copy paste the below ‘Author Credits’ and include it at the bottom of your post or page. Thank you.
Amit Sen, a commercial pilot by training, has over 15 years experience in the space of corporate investigations, handling Copyright & Trademark infringement cases, Pre – employment verification Industrial Espionage investigations, Asset & Net – Worth assessment assignments and vendor / supplier verification cases, among others. Co-founder of Alliance One Detectives – which is the best matrimonial detectives Mumbai. Apart from specializing in marital investigations, Amit has also successfully completed assignments in a wide range of sectors, including the machine tools industry, pharmaceutical industry, hospitality sector, specialized equipment (Oil & natural gas sector, aviation industry etc.), telecom industry & the IT & ITes sectors. These cases have all involved both offline and online investigations.
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