First Advantage Releases Q32022 India Employment Screening Trends Report

MUMBAI/BENGALURU:
First Advantage Corporation (NASDAQ: FA), a leading global provider of HR technology solutions for screening, verifications, safety, and compliance, announced the publication of its India Employment Screening Trends Report. The 35-page document is a compilation of anonymized data and analytics from the Company’s background screenings performed for its customers in the Indian market in Q2-22.

In Q3-22, industries such as IT, Manufacturing, Healthcare & Pharma, Education, and Retail showed substantially greater discrepancy percentages than the overall average of 10.8%.

Other notable findings include:
· Discrepancy percentage in the Manufacturing sector increased from 7.5 % in Q2-22 to 9.51 % in Q3-22.
· Out of every 100 education checks verified in the BFSI sector, 15 were discrepant in Q3-22.
· For Employment Verifications: IT, Manufacturing, and FMCG sectors have shown a higher inclination towards alternative modes of verification.
· In Q3-22 sectors like IT, Consulting, Manufacturing, and Staffing are accepting a higher percentage of alternative modes for conducting address verifications.

“Since businesses are pursuing a variety of expansion strategies, organizations all around the globe have chosen digital transformations to increase the agility and speed of their operational processes.Businesses are looking beyond macro trends like managing company risk and assuring compliance in the recruiting process and focusing on micro-trends.,” Amit Singh, Head of Commercial at First Advantage said.

Further, he continued, “the importance of background verification, therefore, stands more pertinent than before in the light of the current market conditions where several large organizations have made employee KYC mandatory for hiring.”