BFSI Sector Shows Major Discrepancy Trends in Q1-22
MUMBAI, India, July 18, 2022 /PRNewswire/ — First Advantage Corporation (NASDAQ: FA), a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital, announced the publication of its India Employment Screening Trends Report, which is a compilation of anonymized data and analytics from the Company’s background screenings performed for its customers in the India market in Q1-22.
In Q1-22, sectors such as banking, financial services, and insurance (BFSI), Retail, and Telecom showed substantially greater discrepancy percentages than the overall average of 9.6 percent.
Other notable findings include:
- BFSI and retail industries experienced greater differences in discrepancy percentage.
- Out of every 100 employment checks verified in the BFSI sector, 19 were discrepant in Q1-22.
- For Employment Verifications, IT, BFSI, and Consulting sectors have shown higher inclination towards alternate modes of verification.
“With the popularity of remote work, businesses are looking beyond macro trends like the need to manage company risk and assure compliance in the recruiting process and are focusing on micro-trends like continuing criminal records check and social media screening,” Amit Singh, Head of Commercial at First Advantage, said.
Further, he continued, “As we continue to plan and execute our FA strategy, our vision is to enable our customers to hire smarter and onboard faster
About First Advantage:
First Advantage (NASDAQ: FA) is a leading global provider of technology solutions for screening, verifications, safety, and compliance related to human capital. The Company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology, First Advantage’s products and solutions help companies protect their brands and provide safer environments for their customers and their most important resources: employees, contractors, contingent workers, tenants, and drivers. Headquartered in Atlanta, Georgia, First Advantage performs screens in over 200 countries and territories on behalf of its more than 33,000 customers. For more information about First Advantage, visit the Company’s website at https://fadv.com/.
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