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Why do employers conduct background checks? Is it simply to verify a job candidate’s qualifications, or are there additional benefits?

The top four benefits employers realize by conducting background screening and how it adds value to their organization.

  • Improved quality of hire:-

Sixty-seven percent of survey respondents said that the quality of their hires improved due to background screening. Background checks help uncover false information on resumes, where 70 percent of respondents have reported finding an inaccuracy. In addition, respondents are finding misrepresentations more than once, where 74 percent of respondents cited that they find misrepresented information up to 10 percent of the time.

In another recent study, the Society for Human Resources Management (SHRM) found that job seekers who had committed negative acts in the past were the most likely to have falsified resumes.

 

If an applicant misrepresents their employment history, education, certifications, criminal history or employment eligibility, not only could it result in a poor hire, it could also potentially result in financial, legal and regulatory risks for the hiring organization. A background screening program can help uncover false or misrepresented information early on and prevent future risks and elevated hiring costs.

  • Enhanced regulatory compliance:-

In the Benchmarking Report, respondents named regulatory compliance as the second most important business challenge and 44 percent of respondents found that background screening helped to improve regulatory compliance.

A background screening provider with in-house compliance expertise, as well as intelligent built-in compliance tools, can help an organization to satisfy industry standards and state and federal requirements, which can vary from state-to-state and by job position, creating added complexity for employers.

  • Improved workplace safety:-

Forty-two percent of survey respondents found value in background screening because it helped them to increase workplace safety and security. Additionally, 16 percent of employers found screening reduced employee theft, 14 percent found it reduced workplace accidents and 11 percent said it reduced workplace violence.

A thorough resume verification process should include certain checks that cover each and every aspect of information provided in the resume. Below, we outline which areas you should not miss out in your CV validation process for job applicants.

1) Education Verification:-

Among the 1 out of 6 candidates who lied on their resume, 1.56 percent misrepresented information about their education in 2019. And this is just considering the discrepancies which were found out. Your resume verification process must verify the education credentials applicants present on their resume to make sure they are properly qualified for the job.

2) Employment Verification:-

No CV validation process can be complete without a comprehensive employment history check. A whopping 12.14 percent of all reported job applicants misrepresented information about themselves related to their employment history like which positions they held in which organisation and for how long, and so on. So, make sure you verify all employment-related information of your applicants.

3) Identity verification:-

No kind of background verification, including a resume verification is complete without a thorough identity verification. This is one of the most basic, yet extremely crucial checks that organisations must include in their hiring process. If an applicant is not the person he or she claims to be, chances are their entire resume is a lie. In 2019 alone, as much as 4,352 candidates provided fake IDs (Aadhaar, PAN, Passport, Voter ID).

4) Address check:-

6.67 percentage of applicants provided false information regarding their address in 2019 as reported by The Economic Times. Therefore, to ensure that applicants do not indulge in such fraudulent practices, and to verify their addresses so you can easily reach them in case of any emergencies, make sure your resume verification includes an address check.

5) Reference check:-

It’s a common practice among many job applicants of today to provide false reference letters or fake referees. In fact, 2.99 percent of cited referees did not respond in the year 2019, while 3.35 percentage of discrepancies in resumes were related to references. Therefore, make it a point to always cross-check every reference that applicants provide as part of your CV validation process. This practice will save you a lot of time, resources and trouble in the future. Ensure that the candidate’s resume states the correct information with background checks before investing your trust.

 

 

In 2017, the first time the index was created, India’s fintech adoption rate was 52% — still higher than the global average of 33%.

India’s fintech adoption has risen exponentially over the last two years led by the government’s push toward a digitalised economy and financial inclusion. EY’s Global FinTech Adoption Index 2019 says that India, along with China, leads emerging markets with a high 87% fintech adoption rate in 2019. The 2019 global average adoption rate is much more moderate 64%. In 2017, the first time the index was created, India’s fintech adoption rate was 52% — still higher than the global average of 33%. Fintech adoption locally is driven by greater use of money transfer and payments (at 94%). All other categories also have high adoption compared to global average. Within money transfer, adoption is led by peer to peer and non-bank money transfers (85%), and in-store mobile phone payments (88%).

Global Trends

  • FinTech adoption rates rose to an average of 64% this year across the globe. The prime reasons being
  • Attractive rates and fees
  • Easier to set up an account
  • Access to different and more innovative products and services
  • Better experience, product features and quality of service

What are the services offered by fintechs?

  • Online foreign exchange, Overseas remittances, Digital-only branch-less banking
  • Peer-to-peer payments and non-bank money transfers, In-store mobile phone payments, Cryptocurrency eWallet
  • Online budgeting and financial planning tools, Online retirement and pensions management tools
  • Lending on peer-to-peer platforms, Investments via crowdfunding platforms, Online investment advice and investment management, Online stock broking, Online spread-betting
  • Online-only loan providers, Online marketplaces and aggregators for loans, Online loan brokers and broker facilitation websites Insurance premium comparison.

Background checks by employers are on the rise, but do you really know everything that is being searched? Did you know that your employer may be liable if they use some types of information to deny you employment? Whether you are getting checked or are doing the checking, you’ll need to know these ten secrets so you can protect yourself.

Secret #1: Poor credit may not disqualify you, and if it does your employer has to reveal it if it is a factor.

Less than 50% of companies run credit checks. Most of them are in the financial industry. Some states set extremely strict limits on the practice. If they run the report, it’s like any other check. Only the past 5-7 years count and if there is a problem they have to provide a copy and explain why.

Secret #2: People lie regularly on resumes and applications.

The Society of Human Resources Management says that 53% of all job applications contain inaccurate information. The Wall Street Journal in 2003 said that 34% of all job applications contain outright lies. This is one reason why background checks are so necessary these days.

Secret #3: Internet database searches may not be enough.

Many internet databases only gather surface level information about people. If you need to be very thorough about your check then you’ll want to hire a company with experience in digging beyond this level.

Secret #4: If you are disqualified for a criminal offense, it must be revealed to you.

Companies are only allowed to disqualify you for criminal offenses if the offense has a direct bearing on the job. A parking ticket arrest isn’t going to keep you out of all jobs but it may make it difficult if you’re a driver. Also, if they do disqualify you they must give reveal it and give you a chance to explain yourself.

Secret #5: Avoiding background checks could get you cited for illegal hiring.

CBIC regularly audits companies who might be suspected of hiring illegal aliens knowingly or unknowingly. You can have your company debarred and face massive fines. Systems like E-Verify help, but companies must also do their due diligence.

Secret #6: If you’re an executive, you’ll probably be scrutinized more.

It is the common practice to look deeply into the histories of potential executive hires. If you are working at this level, expect your private life to be not so private anymore. In some states, once salary reaches a particular level an employer can look further back into your history.

Secret #7: If it was a secret, but you made it public, it’s no longer a secret.

This is something that can catch people off-guard in today’s socially connected world. If you share something publically on a site like Facebook, say a health related matter, and an employer can find it through a normal internet search, then it is considered a public record and they can use it. Assume everything you put onto social media can be found by an employer. Take steps to either delete it or change the privacy settings on posts you don’t want them to see.

Secret #8: Asking for social media passwords is illegal.

Some employers have tried testing the waters by asking for candidate’s passwords as a condition of employment. There are several lawsuits pending that are making their way to the Supreme Court. Best practice right now is to not ask in the first place.

Secret #9: In some cases, an employer can ask the employee for information that they can’t legally get from a background check.

The laws vary from state to state about what an employer can ask about in a job application. The most common thing you see is a question about whether or not you’ve ever been arrested at all. Background checks only go back 7-10 years. Check the law carefully when writing your employee questionnaires!

Secret #10: Even if an employer has bad things to say about you, they normally limit themselves to reduce liability.

It is very easy for an employer to land into legal hot water if they say negative things about a previous employee. If word gets back to the employee and the information isn’t air-tight it can cause a lawsuit. There is a usual set of questions that are asked to reduce liability to the minimum. These are normally a check of the name, position, salary, why they left, and would they rehire the person again.

When someone mentions the word ‘audit’, the majority of people want to run for the hills. The word itself has become negative over time and for good reason. An audit is an investigation into how you are doing. It’s not a traditional audit in the sense that your finances are being investigated however; a retail audit is purely an investigation to see how your store is doing and what improvements can be made.

Although it may not seem like it, a retail audit can be very beneficial, as it may pick up on things that you are unaware of. Did you know that retail audits can vastly increase sales, as well as increase customer satisfaction? But how exactly will retail audits benefit you? Here are some of the benefits you might expect from retail audits, grouped by role.

What is a Retail Audit?

A retail audit is a study of a selected sample of shops, which is usually provided by a field marketing services agency. The audit is a service that provides information about how well a brand or product is selling, whether stock is being used efficiently, effectiveness of store displays and whether the shop is doing everything it can to maximize sales, from promotions to free samples.

Retail audits have substantial, benefits for both the company and the customer. They help maximize the effectiveness of in-store execution, protect the brand and the best thing is the full cost of the audit will be fully regained, with extra profits created by the improvements the audit suggests.

Who Benefits?

Pretty much everyone associated with the company will see some kind of benefit in retail auditing. From head office, to the customer even. Here is what everyone should expect to gain from the audit:

Head Office- the people at the top of the retail chain will be able to lower the cost of ownership. Whilst they can do this using spreadsheets, their own ideas and improvements can be lacking and having an external source view the situation can offer some new light on the situation. As a result the money saved can be passed down onto the consumer.

The head office can also track and measure the stores performance in real time, instead of reading a report submitted either monthly, quarterly or sometimes even yearly! In addition to this, they can also track staff members to see if they are doing everything they can to maximize profits, or if they need help in certain areas like customer service.

Retail Mangers– will be able to Increase in-store merchandising without spending more money. The audit will ensure that the seasonal and merchandising programs you already pay for are effective at maximizing sales.

The audit will also alert the manager to any safety concerns and methods to improve.

If your management is part of a chain, then the retail audit can increase sales across all branches. Whatever changes are made in one store, will be made in all.

They can also gain consistent access to previous performance data at all the branches and single out any past problems to see if improvements have been carried out.

The customer- this will Increase customer satisfaction. If your store is run perfectly, then people are more likely to shop there. If the store is well run then they are more likely to be a returning customer. Not only this, but they will also recommend you to other people and word of mouth is a surprising powerful way to advertise.

Checking out the health & safety standards and making room for improvement if necessary will also improve the customer experience. If the customer is happy then they are less likely to complain. A reduction in customer complaints means sales increase.

Each retail audit is unique. You will never get the same experience as another company or even the same experience each time you choose to use the service. Each time you do decide to retail audit, something new will come up. With each audit programme being tailored to your specific needs, you will save lots of money that would be wasted on improvement programs that simply won’t be as effective. If you feel like standards are slipping and are not really sure where to look to improve things an audit will set you on the right track, while you can concentrate on more important things.

You can always refer back to this data in the future and apply it to other brands and products that you think would benefit.

Studying the Customer Experience feedback for companies that utilize a field service delivery model reveals some interesting insights. The most interesting of which is the importance of the field executive. The impact of their performance comes not only from their technical ability to perform the install or repair task, but also their ability to interact with clients. When you consider that your field executive may be the only face-to-face contact that your customers have with an employee of your company you can understand why their customer experience (CX) skills have such an impact on the overall CX.

1: You only get one chance to make a great (in-person) first impression; nail it!

The customer has already dealt with a sales person, and they’ve worked with someone to schedule installation, but when the executive arrives at their home or business the interaction is much more crucial than we expected: while the installation is taking place, the executive becomes the face of your company. How did they present themselves? Are they respectful of our home or workplace? Did they answer our questions? The experience your customer has with their executive can mold their opinion about your company, and these opinions tend to stick.

Recommendation- Impress upon your field service team that they are the crucial final link in a delivery chain and that their work in the field significantly impacts how customers rate the overall experience (and be sure to keep this in mind when hiring new employees).

2: Show up on time and with the equipment needed to do the work.

These sound obvious, but even our most CX-oriented clients struggle in these areas. As the executive (literally) has boots on the ground, they are responsible for managing the customer’s expectations if they are late, if they don’t have the equipment the customer requested, or if circumstances unique to the customer’s home/business makes install more difficult than expected. The amount of difficulty or “effort” the customer experiences during the installation process ties directly to their likelihood to recommend your company; i.e. your company’s Net Promoter Score. A seamless process is more likely to generate Promoters and any problems experienced during the process has a substantial negative effect on their likelihood to recommend your company. All the good sentiment built by marketing, a smooth sales process, and anticipation of a great new service can be destroyed by a disappointing or effortful install process.

3: Don’t make promises you can’t keep.

Survey data shows that a key breakdown in communication occurs between field services and other departments. Customers will ask the field executive for more information about the product or service; when field service team members say that “they will have someone contact you,” and then the call does not occur, this breakdown in communication creates a very negative customer sentiment.

It is not field executive job to pass messages to other departments but in the customer’ mind everyone works for the same company.  A communication breakdown creates a frustrated end-user.

Recommendation- Improve inter-departmental communication capabilities so the Field executives can direct requests to the right departments like billing, sales and customer service. 

Because interaction between the executive and the customer has such a large impact on NPS and customer experience, it is essential for field service companies to monitor and to measure these interactions. You probably aren’t surprised to hear that we think a Customer Experience Management solution is the best way to accomplish this; customers answering short surveys provides a critical feedback loop to see where your team can improve and to recognize where your process works well and your employees are already doing great work.

When someone mentions the word ‘audit’, the majority of people want to run for the hills. The word itself has become negative over time and for good reason. An audit is an investigation into how you are doing. It’s not a traditional audit in the sense that your finances are being investigated however; a retail audit is purely an investigation to see how your store is doing and what improvements can be made.

Although it may not seem like it, a retail audit can be very beneficial, as it may pick up on things that you are unaware of. Did you know that retail audits can vastly increase sales, as well as increase customer satisfaction? But how exactly will retail audits benefit you? Here are some of the benefits you might expect from retail audits, grouped by role.

What is a Retail Audit?

A retail audit is a study of a selected sample of shops, which is usually provided by a field marketing services agency. The audit is a service that provides information about how well a brand or product is selling, whether stock is being used efficiently, effectiveness of store displays and whether the shop is doing everything it can to maximize sales, from promotions to free samples.

Retail audits have substantial, benefits for both the company and the customer. They help maximize the effectiveness of in-store execution, protect the brand and the best thing is the full cost of the audit will be fully regained, with extra profits created by the improvements the audit suggests.

Who Benefits?

Pretty much everyone associated with the company will see some kind of benefit in retail auditing. From head office, to the customer even. Here is what everyone should expect to gain from the audit:

  • Head Office- the people at the top of the retail chain will be able to lower the cost of ownership. Whilst they can do this using spreadsheets, their own ideas and improvements can be lacking and having an external source view the situation can offer some new light on the situation. As a result the money saved can be passed down onto the consumer.

The head office can also track and measure the stores performance in real time, instead of reading a report submitted either monthly, quarterly or sometimes even yearly! In addition to this, they can also track staff members to see if they are doing everything they can to maximise profits, or if they need help in certain areas like customer service.

  • Retail Mangers– will be able to Increase in-store merchandising without spending more money. The audit will ensure that the seasonal and merchandising programs you already pay for are effective at maximising sales.

The audit will also alert the manager to any safety concerns and methods to improve.

If your management is part of a chain, then the retail audit can increase sales across all branches. Whatever changes are made in one store, will be made in all.

They can also gain consistent access to previous performance data at all the branches and single out any past problems to see if improvements have been carried out.

  • The customer- this will Increase customer satisfaction. If your store is run perfectly, then people are more likely to shop there. If the store is well run then they are more likely to be a returning customer. Not only this, but they will also recommend you to other people and word of mouth is a surprising powerful way to advertise.

Checking out the health & safety standards and making room for improvement if necessary will also improve the customer experience. If the customer is happy then they are less likely to complain. A reduction in customer complaints means sales increase.

Each retail audit is unique. You will never get the same experience as another company or even the same experience each time you choose to use the service. Each time you do decide to retail audit, something new will come up. With each audit programme being tailored to your specific needs, you will save lots of money that would be wasted on improvement programs that simply won’t be as effective. If you feel like standards are slipping and are not really sure where to look to improve things an audit will set you on the right track, while you can concentrate on more important things.

 

The advancement of technology has given us so many ways of finding out what we need to do to sustain businesses of different kinds.

Regardless of the differences that are unique to each business, one thing remains important – knowing what your customer base wants, and then work on fulfilling their needs in order to survive from the competition. With the era of monopolies now gone, it makes it very essential to on market research.

Market Research helps you to stay focused

Marketing research and marketing in general is not an easy venture to get into, especially with all the multitasking that happens today. Even as a business owner, you might find yourself trying to focus on multiple projects, playing various roles within your organization, while still running the business and trying to help it succeed. However, when you have done sufficient market research, it should inform you what your consumers want. This helps you make a list of priorities you need to accomplish, which in turn helps you in managing your time as effectively as possible. It also gives you a guide on both the long and short term strategies you need to put in place, which helps you feel more organized, less frazzled and overwhelmed in the long-term.

Gives you better insight on your customers

Regardless of whether your business has been in the game for a long time or is starting out, target customers should always be a priority, as they are either potential or loyal customers. Good market research strategies will clear doubts you may have on the identification of these customers, including their gender, ages, locations, and so on. The more analysis you do on their spending habits and products they frequently purchase, for instance, the better you can understand what makes them tick. This allows you to focus on manufacturing certain products or giving certain services in order to retain them as loyal customers.

Helps in analyzing competitors

Monopolies do not exist anymore in this day and age, so every business has fierce competition all around it. This should motivate you to do adequate research on the market as well as your competitors, and you may learn some strategies from them that can either push you ahead or reduce the growth of your competitors. Even more important, it will help you to keep your growth consistent through the improvement of your services and products.

Gives you adequate information for selling and forecasting activities

The most important focus of sales forecasts is helping a business keep adequate inventory, an action which regulates the balance of demand and supply. The only way to find this out is through doing research. After doing a sales forecast you can then begin to plan for alternative goods you can sell, or find new methods of selling the goods. In addition, you may have consumer bases in other countries; market research allows you to find them and tailor make strategies for those areas.

Reduces losses and risk on a significant level

The best approach to use would be a contingency approach. At the back of your mind, you remember that the business may not do well due to factors that may be beyond your control, or others may be mistakes you will learn along the way. Market research proves to be effective at reducing risks that you incur or the losses your business may suffer, as long as it has concrete findings to back it. It helps in avoiding mistakes such as poor pricing methods and poor marketing, so that your business has a fighting chance of thriving.

Making your business succeed in the face of increasing competition is not an easy thing, and that is why market research exists – to enable you find weaknesses you should improve on. With these tips, investing into proper research is justified, and it will give your company great benefits.

customer base     market research     loyal customers       market research strategies      sales forecasts       IsparkIndia

 

Decades ago, mystery shopping used to be a tool to simply measure employee performance. Nowadays, it’s used by businesses in retail, hospitality, and entertainment industries to measure the quality of the customer experience they provide.

Know your Weaknesses

Mystery shopping helps identify areas in need of improvement. If one of those needs is to improve employee experiences, a properly defined and run mystery shopping program can identify that need. It goes further than that, however, as mystery shopping can also help isolate specific factors that are causing problems for the employee. Understanding where your company is failing your employees – maybe an SOP works great on paper but not so much in practice – is the first step to being able to fix a negative experience.

Identify your Strengths

The opposite is also true. If your employees are finding a certain methodology easy to use or understand then chances are they’ll be using them more often with their customers. Areas like this are great to keep track of as they can fall under the ‘if it ain’t broke, don’t fix it’ category.

Test your Training Programs

Implemented a new protocol or system lately? Trained your employees in its use? By using mystery shopping you can see how well that training has gone, and take appropriate action if it comes to light that maybe the training wasn’t all that effective.

Improve employee experiences by building trust

All three of the above key points can help improve employee experiences by informing the company of areas that are functioning well – or not. By ensuring that employees have the knowledge and training to tackle changing circumstances and all systems used, a company takes the guesswork out of the actual tasks that an employee has to do. No one enjoys work when their boss insists on them doing something in a way that doesn’t work on the floor, or using a system that they’re only half-trained in.

Mystery shopping can also help improve employee experiences by building trust. Depending on the type of program you’re running, it’s important to let your employees know that there is an ongoing mystery shopping program running. Not only does this allow them to ask questions – what will they be assessed on? – and express any concerns – will the results impact their performance reviews? – thus growing trust through transparency.

You might think that telling them too much might be detrimental to the honesty of the results, but it’s more important to tell them what’s going on than to let them think that they’re being reviewed in secret. Nothing breaks trust more quickly than finding out you were being assessed without your knowledge. In addition, telling your employees about the program reminds them of what the company holds as important, and let’s them integrate that into their own day-to-day activities.

Building trust with your employees is the best foundation for a great company culture.

Identifying the type of background checks you should be running on candidates, while trying to stay within budget constraints and being under pressure to hire faster, can make it hard to make decisions about how comprehensive your employment screening should be. Although background checks are necessary and should always be viewed as an investment, there may be an opportunity to reduce cost and turnaround time by reviewing the background checks you are running across position types at your organization.

Reduce Cost

The cost of your background check usually correlates with the level of verification needed to complete all services included in the background check. Naturally, running a criminal search, education verification and drug test on a new hire is likely going to be more expensive than just running any one of those checks independently. A common mistake we see employers make when running background checks is failing to tailor the check to the requirements of the job. Often, employers apply an overarching standard across an organization when a specific position might not fit the need. For example, a receptionist at a trucking company might not need the same depth of background check and drug testing that should be done on their drivers.

Making sure you are only running background checks that are needed for specific role you are hiring for can help you lower cost and run more in-depth background checks for the positions where it matters most. Working with a background check provider that is willing to assist in creating background check packages specific to the roles you are hiring for will help reduce unnecessary searches.

Reduce Turnaround Time

Similar to background check cost, turnaround time typically correlates with the level of verification that is needed to complete the background check.

Conducting background checks by job type can help reduce turnaround time at the same time that you are reducing cost. Review your background check requirements per position and determine what information is most important to verify and relative to the job requirements. In doing so, you may find you can eliminate or add criteria which will most certainly adjust your expected turnaround time. In the example above, if it is decided that you do not need an education or employment verification on receptionist roles, you will be able to get those positions hired faster without having to go through a longer verification process.

Don’t Get Carried Away

You get what you pay for. Although cutting cost and turnaround time sounds nice, reducing either one impacts the quality of your background checks. It is important to take a deep look at each type of role you are hiring for to establish must-have requirements before cutting any searches. It may be worth seeing where you can use any cost savings to implement more thorough background checks for other positions at your organization.

background checks     employment screening   criminal search   education verification   drug test                background check cost    employment verification   IsparkIndia  Market Research

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