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During an interview with TechGraph, Jaibir Nihal Singh, Co-Founder & Managing Director of TraqCheck, spoke about the growing necessity for comprehensive background checks for employees amidst the rise of remote recruiting and moonlighting, and how TraqCheck’s technology effectively addresses this need.
Read the complete interview:
TechGraph: Can you provide an overview of TraqCheck’s role in the Indian corporate hiring landscape and how it’s contributing to streamlining background verification processes?
Jaibir Nihal Singh: Data technology company TraqCheck offers a B2B SaaS background verification solution. Currently, we handle background checks and hiring for more than 200 major businesses, including big blue-chip organizations and startups.
To minimize TAT, costs, and the laborious engagement of the HR teams, we have always placed a strong emphasis on automation and the use of technology to carry out the BGV process.
TechGraph: With the increasing emphasis on due diligence in hiring, how has the demand for employee background verification services evolved over the past few years?
Jaibir Nihal Singh: Due diligence and background checks have always been required worldwide; as a result, the West has produced several billion-dollar background verification firms.
But now that India is strictly enforcing compliance for all kinds of businesses, the need for BGV has surged. Businesses that wish to expand internationally must also learn how to conduct due diligence, and BGV is a crucial part of that process.
TechGraph: With the rise of remote work and the gig economy, how does TraqCheck adapt its services to cater to the evolving needs of Indian businesses?
Jaibir Nihal Singh: As remote recruiting grows more common and moonlighting becomes a major problem for companies, the need for background checks will only increase. Ensuring that the people they are recruiting remotely have undergone extensive verification and screening is something TraqCheck is well-positioned to do.
TechGraph: How does TraqCheck leverage technology to streamline the background verification process, and what advantages does this offer to corporations?
Jaibir Nihal Singh: TraqCheck leverages cutting-edge technology to streamline the background verification process in several ways. Firstly, our platform automates various aspects of the verification process, reducing manual effort and accelerating turnaround times.
Furthermore, our AI-driven algorithms efficiently analyze and interpret data from multiple sources, ensuring thorough and accurate verification results.
This technology strategy benefits companies in several ways. It enables quicker hiring decisions by greatly reducing the time and resources needed for background checks.
Additionally, by reducing the possibility of human error, automation improves the consistency and dependability of verification results. Thus, TraqCheck enables businesses to make confident and efficient recruiting decisions by simplifying the process.
TechGraph: How does TraqCheck ensure the accuracy and reliability of the information it provides to companies during the background verification process?
Jaibir Nihal Singh: To obtain information, we exclusively consult publicly available and official databases. The data is categorized and interpreted by our AI before being shown to the candidates.
Additionally, we follow a stringent quality control procedure that involves both human and computer oversight to guarantee that all data points and results provided to clients are accurate.
TechGraph: How does TraqCheck stay compliant with relevant laws and regulations while conducting background checks?
Jaibir Nihal Singh: TraqCheck makes sure that all government-passed data laws are followed, and we maintain current certifications and data compliances. To make sure we are in compliance, we put a lot of effort, money, and resources into it.
TechGraph: Employee fraud and misrepresentation can be costly for businesses. How does TraqCheck help companies mitigate these risks through its verification solutions?
Jaibir Nihal Singh: TraqCheck conducts a holistic check of a candidate’s profile, including identity, criminal history, employment history, education history, etc. A poor hire can have a significant negative impact on a business, thus TraqCheck makes sure the client doesn’t select someone who is lying about who they are or what qualifications they have. We don’t approve a hire for the customer unless we are certain that the candidate has been validated.
TechGraph: Looking ahead, what do you see as the future of employee background verification services in India, and how does TraqCheck plan to remain at the forefront of this industry?
Jaibir Nihal Singh: The BGV industry in India is still in its nascent stages, and we are excited to see it develop and become a major industry in our nation. Globally, the market is around $15-20 billion, and India is still a small part of this.
However given our size and population, we may expect the Indian background check business to grow significantly throughout the next ten years. TraqCheck is making large technological investments to make sure we always remain industry leaders and stay at the forefront of the industry.