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Discrepancy Trends In Retail Industry
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A Retail Industry handle consumer money, and often deal with the issues of high turnover, absenteeism, employee theft, substance abuse, and workplace violence which calls the importance of protection in this industry through a comprehensive screening solution. From the selling floor to the stockroom and warehouse, retail employees should meet high standards of loyalty, performance, and credibility. Even if the person has a clean criminal background, his/her past employer should confirm the skill set of the candidate.
Retail industry in India gained impetus with the entry of foreign players into the fledgling scenario. And with the entry of foreign companies, the foreign processes also started having an influence on the Indian side. With the wake of rising discrepancies in Retail industry, companies have started conducting background screening. Employee screening practices is a very stringent process in retail industries across Europe and US which accepted by Indian Retail industry as well.
In today's time, there are a large number of background verification companies in India, out of which few are operating in the country since almost a decade now and are among the top background verification companies. Since it is just over a decade, background verification has played an effective role in bringing out the fabrications and falsifications. The top background verification companies have attempted to collate and analyse the data which has brought out some startling numbers.
As analysed by a leading verification company in India, the discrepancy trend witnessed in the Retail industry is higher than the overall discrepancy trend. Retail industry saw a surge in overall discrepancy in FY 2011-12, while the rate of discrepancy in the fiscals 2010-11 and 2012-13 was at par with the overall trend.
Check-wise discrepancy trend analysis in retail industry for the fiscals 2010-11, 2011-12 and 2012-13 has revealed that the industry’s discrepancy trend is higher than the overall trend. A drastic decrease in employment and address discrepancies has been seen during 2012-13. Employment check discrepancy showed an initial spike from around 30% in 2010-11 to about 37% in 2012-13, before dipping to around 22% in 2012-13. Address check discrepancy, on the other hand, maintained a decline from around 16% in 2010-11, around 14% in 2011-12 and then to 7% in 2012-13.
Reference check has consistently been at round 12% over the fiscals. Education discrepancies are negligible as very few companies have been found opting for education verification in this industry.
With consistent use of employee background checks, it is expected that the numbers would come down drastically.
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