Contemporary technological advancements have reshaped the way individuals and businesses carry out their daily functions. Whether people are navigating to a renowned restaurant or businesses are onboarding new employees, technology has become an indispensable aid. Among various technological marvels, one cutting-edge wonder that has emerged as a powerful force is artificial intelligence (AI). According to a report by IMARC Group, the Indian artificial intelligence market is projected to be valued at $680.1 million in 2022 and is expected to grow at a rate of 33.28% between 2023 and 2028, reaching $3,935.5 million.
It’s undeniable that AI has revolutionized business processes to a significant extent. However, its profound impact extends to employment practices, where this technological marvel has simplified HR processes, from finding the ideal match to conducting rigorous background verification. According to Gartner, 81% of HR leaders have explored or implemented AI solutions to enhance process efficiency in their companies. In today’s competitive job market, organisations are actively seeking qualified candidates to gain a competitive edge. Here, AI-powered background verification plays a crucial role, not only preventing scams but also ensuring the right individuals join the team.
Scam Prevention through AI-Enabled Background Verification:
Despite the numerous benefits of technological advancements, they have also created sophisticated opportunities for fraudsters to deceive HR departments. Whether through forged degrees or false job certificates, scammers can easily trick employers. According to the Association of Certified Fraud Examiners’ Report to the Nations 2022, organisations that unknowingly employed fraudulent personnel reported losses exceeding $3.6 billion. To counter fraudulent hiring, AI-enabled background screening has become an indispensable solution. By swiftly analysing vast amounts of data, this innovative approach not only accelerates the process but also offers reliable results, leading to faster decision-making.
Quality Hiring with AI-Enabled Background Verification:
Manual background screening is not only a time-consuming endeavour but also leaves room for errors, impacting the quality of hiring and an organisation’s long-term profitability. Here, AI-enabled background verification emerges as the greatest saviour. It not only helps businesses identify inefficiencies but also cross-checks candidate data from numerous sources, significantly improving the likelihood of efficient hiring.
Improved Employee Retention with AI-Enabled Background Verification:
Small oversights that might seem inconsequential at the moment can increase an organisation’s susceptibility to fraud. A seemingly perfect fit could end up destroying a company’s reputation. AI-enabled background verification provides a potential solution by analysing massive data volumes, allowing 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 organisation.
Incorporating AI-enabled background verification into your hiring process not only safeguards your organisation against potential scams but also streamlines and enhances the overall quality of your recruitment efforts. Embrace the power of AI to stay ahead in the evolving landscape of HR and employment practices.
