How does the Location of the Prospective Entity Make a Difference?

How does the Location of the Prospective Entity Make a Difference?
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With the job market getting more competitive by the minute, HR teams face the pressure to hire the perfect candidate. At the same time, in a bid to appear to be the ideal choice, candidates go all out to make their resume a stellar one. Misrepresenting information about crucial aspects such as residential address is quite common across the world. Given the spate of financial frauds and cybersecurity breaches, it is important for companies to track down employees even after they resign or are terminated. A single bad hire can cost up to Rs. 20 lakhs for a company in India, while in the U.S., billions of dollars are lost due to bad hires. Physical address verification ensures the right candidate is hired for all positions, minimising the risk of workplace frauds.

Why is physical address verification important?

Physical address verification is an important aspect of background checks for the following reasons:

· The residential address is where offer letters, settlement documents, dues and so on are sent. At times, during or post the termination phase, legal notices may need to be sent to the residential address of the candidate.

· The physical address is also the primary point of contact in case of unexplained absenteeism, violations or disciplinary issues. Many instances have been encountered where the employee disappears after committing frauds at the workplace. Physical address verification helps employers track down these employees.

· A verified and valid address also helps the police conduct investigations in case the candidate has a criminal history.

· Given the high incidences of terror activities in certain geographical areas, the validity of the physical address is critical to ensure that reliable candidates are hired.

Shocking figures of discrepancy in address verification

In India, a survey by professional address verification services provider AuthBridge highlighted a shocking discrepancy rate of 15.21 percent in 2017. This represents a 48 percent increase from 2016 and is also the highest ever recorded in the past three years.

Physical address verification related discrepancy stood at 6.67 percent in 2017 while it was at 6.8 percent in the previous year. In terms of age groups, the Millennials aged between 20 to 29 years had the maximum physical address related discrepancy, followed by seniors in the age group of 40 to 49.

The top six reasons for physical address related discrepancy include:

· Candidate not residing at the given address

· Untraceable address

· House locked

· Candidate left organisation

· Candidate not responding

· Incomplete or incorrect address

Also Read: Address Check – You Could Be Hiring a Fugitive

How is physical address verification done?

Physical address verification conducted as part of a comprehensive background check ensures the candidate is reliable. Candidates, many times have to relocate to a different city or state in their quest for professional growth. While many stay in temporary accommodations including PGs, serviced apartments, rentals or boarding lodges, these also have to be verified to ensure their validity.

Permanent physical address verification validates the original address of the employee which may be in a different state or country. Combined data from both of these checks can reveal the entire picture of the candidate’s reliability.

Professional physical address verification service providers such as AuthBridge employ GPS tracking to validate physical addresses.

This data can corroborate the findings of the field executives who visit the actual site when the candidate is present.

Comprehensive checks ensure the process of physical address verification is quick, accurate and reliable. This, in turn, speeds up the recruitment and on-boarding process, ensuring an all-round smooth experience for both the HR and the candidate.

2018-05-23T16:47:46+00:00
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