SINGAPORE & SYDNEY & HONG KONG & KUALA LUMPUR, Malaysia & MANILA, Philippines--(BUSINESS WIRE)--First Advantage, a Symphony Technology Group (STG) company and the leading global provider of screening analytics and identity solutions, today announced the release of the First Advantage 2014 Background Screening Trends Report for Asia Pacific.
Employees remain the most valuable assets in any organisation and with multinational companies expanding their footprints in Asia Pacific region, the challenges associated with hiring the right candidates have increased. To ensure that the most suitable talent comes on board, it is imperative to be aware of the candidate's background. First Advantage conducts 2 million background checks a year in Asia Pacific and found a 6.5% increase in candidates misrepresenting their curriculum vitae (CV). It is therefore extremely important for the employers to perform thorough background checks on their candidates, which can help in avoiding unwarranted situations that may be instrumental in compromising the security or integrity of their organisations.
This latest study reveals key macro and micro trends and also provides the insight for organizations to benchmark their current programs and fine-tune their existing screening practices.
The report is based on data drawn from employment background verifications and reference checks conducted by First Advantage in Asia Pacific. This trends report presents results covering Japan, Korea, China, Hong Kong, Malaysia, Philippines, Singapore, Australia and New Zealand. The screening results represent the company's clients located in Asia Pacific. The report results are segmented under critical discrepancy types (employment, education, financial-related, Address, Database) and examines the discrepancy breakdown by state and by industry.
KEY FINDINGS FROM THE REPORT INCLUDE:
- Australia and New Zealand (26.94 percent) have consistently recorded a higher discrepancy rate across Asia Pacific, followed by Singapore (18.88 percent) and Hong Kong (16.38 percent)
- Discrepancy rate in China continues to be lowest at 9.17 percent in Q4 in comparison to all other countries in the Asia Pacific regions
- Discrepancy related to employment continues to be the highest at 54 percent in 2014. This is followed by education discrepancies at 21 percent and database discrepancies at 19 percent
- One in 9 employment verifications identified a discrepancy with the last job title/designation (10.81 percent), while one in 27 showed a variance in the reasons for leaving a past job (3.76 percent)
- The three most common education discrepancies are graduation dates with a variance of more than six months (6 percent), graduation dates with a variance of less than six months (5 percent) and unconfirmed degree (3.40 percent).
- Out of all employment discrepancies found in Asia Pacific in 2014, 54 percent was because of employment history.
- Case level discrepancy across the Energy sector was found to be the highest at 26.67 percent in 2014. This is followed by financial institutions at 19.88 percent and consumer products at 12.80 percent
- Employers are increasing the number of checks for their candidates with 67 percent of all cases subjected to at least five checks in 2014, compared to 42 per cent percent in 2013.
- Key regions and verticals in the Asia Pacific are including more checks within each screening request, as many as six or more checks per report.
- More companies are opting for "infinity screening" which involves expanding programmes to include contractor screening and annual rescreening of existing employees.
"Through this trends report, First Advantage seeks to help organizations better understand their recruitment risks at the macro and micro level within this prolific region. This report compiles our deep understanding of localized cultures and compliance requirements with detailed screening statistics gathered across our vast Asian customer base," said Matthew Glasner, Managing Director - South APAC. "This trends report also provides insights that employers can use to streamline their existing hiring and screening practices and benchmark their current programme results against others in the region."
First Advantage is the leading provider of background screening in the world and conducts around 23 million global background checks annually.
For a complimentary copy of the "First Advantage 2014 Background Screening Trends Report for Asia Pacific," contact Wei Chong, Weichong.Chin@fadv.com.
About First Advantage
First Advantage provides comprehensive background screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Atlanta, Ga., First Advantage has offices throughout North America, Europe, Asia and the Middle East. More information about First Advantage can be accessed at www.fadv.