First Advantage, a Symphony Technology Group (STG) company and the trusted partner of over 45000 organizations worldwide in given that employee certification solutions along with Zinnov Management Consulting, a leading research and advisory firm, today announced the ‘First Advantage Discrepancy Index’. This index is a result of the industry’s need to establish a comprehensive set of indices which reflect the applicant inconsistency trends in India.
The corporate sector in India lose 4,000 crore every year to professional discrepancies. On an average, a business loses 90,000 a year per employee due to employee difference. flush though almost 6 million checks are being done in India every year, discrepancy rate in India has only greater than before year on year. Wrong employment details provided by candidates are normally the biggest cause of discrepancy, accounting for 71.5 percent of all discrepancy lent cases. Bangalore seems to be heading the race with almost 24 percent of total discrepancies coming from the city.
The main index in the report was recognized as the “Applicant Discrepancy Index” (AFI), which is a single value to point toward the employee screening trends in India. This value was derived from the “Primary Indices”. The primary indices indicate the trends across the 4 basic categories- employment, education, address and others. These are resultant by considering two factors- (i) Business impact (impact is measured against sub-factors in each category. E.g. Employment has 12 sub factors like incorrect tenure, exit formalities not completed and the like) and (ii) Frequency/number of cases in each case. The Secondary indices indicate the movement of 4 basic categories of discrepancy (employment, education, address and others) across cities, zones, industry verticals etc. This is again derived using two factors (i) Business impact (ii) frequency of occurrence
With these ever rising figures, the First Advantage discrepancy index aims to supply full trends in this gaze at. This index will add significant value to organisations trying to understand detailed discrepancy trends at both macro and micro level. Four main categories of Indices have been developed – employment, education, address and criminal & others. Each of these 4 index has a list of wide-ranging parameters under them. They are further supported by secondary indices such as city, industry vertical, level of hiring and education. Ten major cities across India along with ten major industry verticals have been covered in this index. The index is strongly partial by the business impact of discrepancy and also on the frequency of cases.
“We are delighted to partner with FADV in release the ‘First Advantage Discrepancy Index’. With rising incidents of employee discrepancies happening in India, organizations are now more vigilant than ever to safeguard their integrity.” said Pari Natarajan, CEO and Co- founder at Zinnov’
“As a market leader, we recognize the industry is changing with a growing demand for data and analytics around the nature of discrepancy in background screening and trust decision making. The discrepancy and imitation industry worldwide is over a few billion dollars and growing rampantly in the highly mobile and socially connected world today. To drive alertness and better understanding First Advantage has launched an index to measure discrepancy and discrepancy in the employment and consumer screening in India, in partnership with Zinnov, a leading research firm in India.
The “Background Screening Discrepancy Index (BSFI)” much like the job index measures discrepancy across various education, employment, criminal, address and other verification areas. The objective in launching a benchmarking standard is for organizations to benchmark and measure their performance against the index, help them streamline their risk & compliance governance and protect their executives (CXOs) and most importantly, the corporate brand.
This is thus far another FIRST by First Advantage toward its ongoing labors to bring about improvement and analytics in the Background proof (BGV) industry.”
