Why Startups need to do Background Verification

 

The last couple of years have seen robust growth in the startups ecosystem in India. While in 2012 more than $760 million was invested in startups that figure has considerably risen to $1.6 billion in 293 deals with startups in 2013. What this tells us is that we are looking at some unprecedented growth in the startups segment. While Bangalore seems to be leading in the startups growth segment with about 43 per cent of the deals done with startups located in India’s silicon valley, other metros of south India such as Hyderabad and Chennai appear to be catching up too. Bangalore’s lead in this segment is largely due to the spurt in startups specialising in e-commerce services. However, other metros in India such as Delhi, Pune, Mumbai, Kolkata and Ahmedabad are soon catching up with Bangalore in the race for setting for startups.

All this bodes an unprecedented growth for the Indian economy but, and this is key to actualising the growth forecast, it can only be realised if startups make background verification of employees mandatory during their constitution. The reasons for this are many.

The first among them being that most new startups function more as an extended family where employees often play multiple roles with access to information and funds disbursal that are usually controlled by systems in large established companies. For example a startup may depend on their company driver to carry cash to the bank instead of say, a security van. It is very possible that the driver may one day disappear with the money. If the background verification of this driver has not been done it is possible that the address he has given in his employee form may be fake thus making it impossible for the police to track him and bring him to book.

Bakground check carried by background verification agencies do a thorough validation of the potential employee’s address, police record, court records, education records, drug use records and past employment records.

Screening a potential employee’s past employment records by background verification firms can save lakhs of rupees for a start-up. It has been seen that potential employees may make fraudulent claims of enhanced pay packages in their past jobs and in the event that no background checks are carried out the company will end up shelling out huge sums to match the employee’s fraudulent expectations. Sadly, this scenario gets repeated more often than we would like to admit in startups because they usually prefer to spend their rupee on expedient costs and unfortunately end up incurring huge losses by employee frauds.

Background checks by professional background screening firms help to maintain the credibility of startups with their clients. Because think of it, how difficult is it for an employee to slip in a bogus claim of educational qualifications and experience in a certain domain? All s/he would need is some forged documents. And nobody would be the wiser until your hapless clients realise that the job entrusted to your company has been botched up. And the reason for the botch up is that your employee was not trained nor experienced to implement it. And the worst of this is that even you were not aware of this massive cover up under your very nose. What does that say about your brand integrity? It may also happen that your potential employee is absconding from his previous employment perhaps because of some unethical action and has falsely furnished termination letters.

The best way to pre-empt this is by employing agencies that do background checks professionally on time and on budget. Dcode Research Services based out of Bangalore is one such that you can entrust the verification of your potential employees with. Dcode Research has been awarded the ISO 9001:2008 and the ISO/IEC 27001:2005 for providing background screening services within the legal framework that the client requests.

Call us or mail us right away.


 

 
 

Background Checks in India:

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Union Territories in India:
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