By Armaan Mehta
Contemporary technological advancements have altered the way humans and businesses conduct their functions. Be it people navigating their way to a famous restaurant or businesses onboarding a new employee, technology has greatly aided day-to-day activities. Amongst other technological marvels, one cutting-edge wonder that has emerged as a powerful force is artificial intelligence. The Indian artificial intelligence market is expected to be worth $680.1 million in 2022, according to a report by IMARC Group. It is anticipated to expand at a rate of 33.28% between 2023 and 2028, reaching $3,935.5 million by that time.
Role of AI-enabled background verification: Enhancing talent acquisition
Scam prevention: While technological advancements have offered several benefits, they have also created sophisticated opportunities for defaulters to deceive HR departments. Whether it is a forged degree or a false job certificate, it has become easy for scammers to trick employers into hiring them. According to the Association of Certified Fraud Examiners’ Report to the Nations 2022, organizations that employed fraudulent personnel reported losses of more than $3.6 billion. In order to steer clear of fraudulent hiring, AI-enabled background screening has emerged as an indispensable solution. Filtering through massive amounts of data, this innovative approach not only accelerates the process but also offers reliable results. This as a result leads to faster decision-making.
Quality hiring: Manual background screening is not only a time-consuming endeavor but also leaves the possibility for error. This not only affects the quality of hiring but also impacts the organization’s profitability in the long run. Here, AI-enabled background verification comes in as the greatest savior. It not only helps businesses identify inefficiencies but also cross-checks candidate data from numerous sources. This raises the likelihood of efficient hiring.
Improved employee retention: Small insignificances that might seem to be inconsequential at the moment can increase an organization’s susceptibility to fraud. A candidate who might seem to be just the perfect fit could end up destroying a company’s reputation. Here, AI-enabled background verification provides a potential solution. Analyzing massive data volume, AI allows businesses to accurately identify any potential gaps. Having gathered multiple details about a candidate’s prior employment assists employers in finding experts who are most appropriate for the future development and longevity of their organization.
Speeding up the process: Manual background verification demands considerable time and effort. Employers have to go through plenty of resumes on a daily basis, finding the relevant information in order to locate the right fit. This consequently affects their capacity for quick and accurate decision-making. Enters AI-enabled background screening, a system that allows businesses to automate these activities while leaving the final choice to HR. This allows companies to screen numerous candidates at the same time, which speeds up the process and results in faster decision-making.
Simplifying the hiring process!
Technological advancements have impacted every aspect of businesses and recruitment is no exception to it. From locating the ideal fit to running background checks, technological marvels have simplified HR processes to a great extent. Amidst other technological wonders, AI has proved to be a game changer. The top investment objective for HR leaders in 2023, according to Gartner, is HR technology, especially AI.
With its precision and dedication to detail, AI-based background screening is able to accurately screen vast volumes of data and identify any dangers and hazards. As a result, companies are able to eliminate any roadblocks that could result in fraudulent activity. This allows accurate and timely recruiting, eliminating the possibility of fraud while increasing the likelihood of quality hiring.
The author is co-founder, TraqCheck
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