Modern technology has a plethora of advantages for companies. For instance, clients and workers alike benefit from reliable, high-speed connections and unlimited internet access. Smart devices also hold human networks linked with vital knowledge accessible in a matter of clicks.
Technological advancements also facilitated the exponential growth of the freelance economy and the growing number of remote jobs. Additionally, the COVID-19 pandemic also accelerated the development of the virtual workforce. The circumstance compelled companies with formerly staffed employees in workplace settings to embrace work-from-home methods rapidly.
Importance Of Identity Verification
These developments have brought in a range of new factors businesses and recruiting firms must face while conducting interviews and hiring, including identity verification. Here’s a deeper insight into this verification process by outlining its significance in remote hiring:
1. Make AML And KYC Compliance Easy and Safe
Identity verification was implemented to guarantee companies adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. It’s been a critical method in the modern age for assisting businesses and organizations in preventing identity fraud.
Due to the virtual nature of things, it’s more challenging to get a clear check on an individual. It’s easier to conceal behind a false identity, especially when recruiters and applicants don’t meet face to face.
Though recruiters may believe they’re hiring a potential individual, they may be engaging with somebody who’s performing fraud, so it’s important to seek services like ID Verify and other identity confirmation platforms to know the person.
Keep in mind, identity checking is a collaborative endeavor. Although human resources may be responsible for the recruitment process, they can collaborate with cybersecurity and information technology to ensure the appropriate techniques are utilized to identify and deter fraud.
2. Increased Efficiency Of Hiring And Onboarding
Companies are adapting their recruiting processes in response to the COVID-19 scenario. With a greater emphasis on virtual jobs, conducting in-person interviews and checking a candidate’s identification could be challenging.
Automated processes for checking an applicant’s identification at the beginning of the selection stage may help minimize risk. Likewise, automated identification checking may hasten the process by minimizing data entry errors, which may hold back the recruitment and onboarding phase.
However, almost half of companies responding to a survey acknowledged they’re unprepared for remote recruiting and onboarding. This also implies they’re not equipped to perform checking for identity theft.
The way to solve this is to employ a third-party firm focusing on identity authentication. Also, companies should start strengthening automated recognition systems. As straightforward as it is to hack identification or build a fictitious digital profile, processing records and certificates without verifying them exposes the organization to an increased level of system attacks and regulatory violations.
3. Enhanced Workplace Security
According to a poll, four-fifths of businesses say they’ve become applicant identity fraud victims. The poll also found 31% of companies don’t perform due diligence prior to recruiting as they usually delay the comprehensive background check until the applicant turns in their documents and records.
Though several human resource practitioners believe their reference service verifies applicant identification as a component of the selection procedure, it’s not always thorough. Additionally, human resource professionals are concerned with the consistency and integrity of employee and applicant identification results.
While companies work to build an environment of confidence and protection, ensuring identity validation at the beginning of the recruiting phase is more important than before. This process enables the early detection of deception, and it also discourages fraudulent people from applying, resulting in a better job environment for everyone.
4. Positive Applicant Experience
Validating applicants’ identities at the beginning of the recruiting phase in a secure, virtual process creates a positive applicant experience. It sends a clear signal to applicants they’re engaging with a progressive company that’s considering workplace safety seriously.
By collecting and checking data in advance, applicants are also less prone to be hassled by demands for changes to the information recorded improperly. In remote situations, providing applicants with a better experience would mean good reputation points for the company.
By incorporating identity verification into the initial hiring phase, companies would be secured and onboarding would be accelerated. It’s time to reconsider obsolete recruiting strategies and adapt modern ideas to cater to the increasingly changing hiring settings.
Along with streamlining the recruiting process, identity verification protects the company’s integrity, personnel, and clients from possible threats. It can also discourage frauds from applying, sparing you more time and money. By applying stringent identification protocols, organizations would be ensured they’re hiring the right people for the job.