In 2018, about four years after being made Samsonite’s Global Chief Executive, Ramesh Tainwala quit after being accused of resume fraud by activist investment fund group Blue Orca.
Tainwala supposedly earned his Doctorate Degree in Business Administration from Union Institute & University in Cincinnati and records showed he enrolled from February 1992 to September 1993. However, a credential check through the National Student Clearinghouse, which verifies degrees, confirmed that Tainwala never got a degree.
Samsonite’s shares dropped 21 percent over two days of trading in Hong Kong after the release of Blue Orca’s report on the fraud.
JP Morgan experienced a similar incident in 2017, when the company failed to properly screen thousands of employees for more than eight years and end up paying a USD 1.25 Mn fine at the time.
The above cases of Samsonite and JP Morgan reflects that both businesses not only suffered loss by not performing sufficient background checks, but the organizations may have also put their employees and customers at risk.
Keeping these incidents in mind, how can you ever be sure that you have found the right candidate from just going through the skills he or she can bring to your business?
Imagine you have filtered through the candidates to fill an opening in your business and finally landed on someone who seems like a perfect fit. Great. But no matter how much you like your choice, you should know better than to trust your gut without verifying their details, including their qualifications and employment history. Thorough background checks are a vital step, not only in confirming your decision about the person, but also in identifying and preventing hiring decisions that could potentially harm your business, employees, or customers.
However, what’s the best way to get the information you need? Should you ask each person the same questions? Moreover, with the advent of GDPR, which opens up a whole new can of data privacy worms, and the ongoing talent crunch, how do organizations supersede the risk of the wrong hire?
HireRight, a leading provider of on-demand employment background checks and employment and education verifications, recently conducted global research with over 4,000 HR professionals on the state of employment screening and recruitment practices. The Indian part of this study informed HireRight’s 2019 India Employment Screening Benchmark Report, which will be launched on November 13, during HireRight’s webcast “2019 India Employment Screening Benchmark Briefing”.
The study, which included 421 participants from India, delves into the top trends in employment screening and recruitment in India. The report addresses five key themes:
Talent challenges: Filling the ranks
2019’s top business, HR and screening issue all suggest the same thing: that it’s never been more essential or more difficult to attract the right talent.
The screening landscape: Cutting corners?
More talent is being screened than ever before - but less extensively, and with different rules for different candidates
Investing for the future: Digitalization takes hold
With a growing range of roles falling under HR’s remit, organizations are turning to technology to bridge the divide.
GDPR: The cost of foreign investment?
Many Indian organizations have turned a blind eye to the GDPR - but could this impact their ability to secure investment?
Discrepancies: When the cracks appear
While discrepancies are in decline overall, 1 in 8 HireRight screenings in India still had a discrepancy in 2018.
As a part of this webcast, Caroline Smith, Deputy General Counsel, International, will reflect on HireRight’s recently released country cards, which she authored. The country cards give an overview of some of the regulations and legislations that affect background screening in each specific country, as well as some information about what/how businesses often screen in that country.
To date, twenty country cards have been created, including 7 within the Asia-Pacific region, covering India, Indonesia, Japan, Malaysia, Philippines, Singapore and Thailand.
Hiring a new employee always carries a certain level of risk, but you could be opening your business up to additional risks if you are not careful in the recruitment/onboarding process. Attend this specially curated HireRight webcast on Wednesday, November 13, 2019, to find out more about:
- The top recruitment and background screening trends in India
- The latest on the draft India Data Protection Bill, and other countries’ regulations impacting screening
- The launch of an exclusive set of country cards for India and other key countries in Asia that highlight the rules and regulations that impact background screening in those countries
- The most frequently performed checks and the best practices
Find out the answers to your screening challenges and get to know what organizations are doing to keep up with the employment screening. Click here to register yourself for the webcast 2019 India Employment Screening Benchmark Briefing webinar.