The overall discrepancy steadied at 10.7 per cent in Q1 2017
BANGALORE – May 2017 – First Advantage, a Symphony Technology Group (STG) company
and the leading global provider of screening analytics and identity solutions, announced the
release of their trends report for the first quarter of 2017.
Layoffs have marred the recruitment season in the first quarter of 2017. With major companies laying off thousands of employees, professionals are turning to fields of work unrelated to theirown. With this shift in job profiles and expectations, coupled with uncertainty of job security,
many are susceptible to faking the experience/ information which are pre requisites to secure a job they require to secure a job.
According to the Q1 2017 trends report the percentage of discrepancy with regard to ‘Incorrect Tenure’ is 28 per cent and ‘False Employment’ is 14 per cent. Accomplices to the fabricated employment details are Fake educational qualifications and procurement of false credentials
from suspect institutions, both of which have seen a spike in the south zone in this quarter.
Unfortunately this corresponds to the changes in hiring patterns, where fewer professionals are being hired despite having adequate qualifications. IT firms in hubs like Bangalore and Mumbai where majority of IT professionals reside are seeing a quantifiable increase in unemployment of qualified, experienced professionals.
The report is based on data collected from background verifications and reference checks conducted by First Advantage across India in Q1 2017. The results of the report are segmented under critical discrepancy types (employment, education, financial-related, address, and database) that examine the discrepancy breakdown by verticals, states, regions, industry, age,gender and the like.
KEY FINDINGS FROM THE REPORT INCLUDE:
A study of the Case Level Quarterly Discrepancy Analysis for Q1-17 shows that the discrepancy percentage has decreased to 10.7 per cent from 11.0 per cent in the previous quarter
In Q1-17, 79 per cent of the Overall discrepancy cases were Males and the remaining 21 per cent were Females
Highest number of discrepancies remains in the >= 22 to 30 years candidates
Highest number of discrepancy cases are in the BFSI sector at 41 per cent followed by IT at 21 per cent
Telecom and FMCG shows a high discrepancy trend in >=4541 to 50 years age bracket
In Q1-17 – discrepancies related to Employment, Address and Education components were at 59.0 per cent, 9.6 per cent and 6.1 per cent respectively
While the Education related discrepancies have increased from 5.7 per cent in Q4-16 to 6.1 per cent in Q1-17, discrepancies related to Employment decreased from 61.7 per cent in Q4-16 to 59.0 per cent in Q1-17
Address discrepancy trend has increased significantly from 37 per cent in Q4-16 to 40 per cent in Q1-17 in the South Zone
Education discrepancies show an increase in the South Zone at 23 per cent
In Q1-17, State- wise discrepancies, Karnataka state leads at 21 per cent followed by Maharashtra at 20 per cent and Andhra Pradesh at 10 per cent.
Bengaluru, Mumbai and Hyderabad are the metro cities which have topped in Employment related discrepancies in Q1-17.
In Q1-17 ‘Incorrect Tenure’ has topped the graph at 28 per cent. It is followed by ‘Exit Formalities Not Completed/Absconding’ at 21 per cent & ‘Other False Employment’ at 14 per cent in the Employment component
Fake Document, by far, forms the biggest chunk at 47 per cent in Q1-17 followed by Suspect Institution at 34 per cent in the Education related discrepancies.
In Q1-17- Associate level discrepancy continues to top the graph at 65 per cent followed by middle management at 1218 per cent.
“As companies get acclimated to the process of Background screening, the current scenario of recruitment is opening a dialogue for professionals to willingly share information that acts as a deciding factor between them and another candidate.” Said Mr. Purushottam Savlani,Purushotam SVP First Advantage India. He further added “Organizations have security in
knowing exactly who they are working with and understanding how the individual fits in their system. Background checks create a transparency that lends to trust”
For a complimentary copy of the “First Advantage Employment Screening Trends Report: India,” please contact Zamira Tasneem at firstname.lastname@example.org.
About First Advantage
FADV’s winning combination of searches and services provide insights to reduce risk while improving the quality of your talent and the reliability of your renters. As a trusted partner to over 35,000 organizations, First Advantage has offices in 26 locations across 14 countries and conducts over 55 million international background screens annually for 17.2 million applicants.
In India, First Advantage services cover over 1300 towns and cities, 6300 universities, all Government verification sources and employers across varied industries.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies. In addition
to capital, STG provides transformation expertise to enable its portfolio companies to deliver more value to clients to retain and attract the best talent and to achieve best-in- class business performance. All STG portfolio companies are expected to grow through innovation. STG’s current portfolio consists of 12 global companies with combined revenue of approximately $2.5
billion and thousands of employees spread across North America, Europe and Asia. For more information, please visit www.symphonytg.com.
COULD LAYOFFS ATTRIBUTE TO RISE IN DISCREPANCY IN IT SECTOR FOR Q1 TRENDS REPORT BY FIRST ADVANTAGE
Source: HR.com Articles