As the race to hire the best talent in information technology (IT) and other skilled industries intensifies, it is also helping companies hire faster. And document verification has an important role to play in the time-consuming hiring process.
Former co-founder of Nestaway Deepak dhartalent management startuphelps companies speed up the background check process while keeping an eye out for competing offers the candidate might be pursuing and other HR related services.
Founded in 2019 by Deepak and Sandesh Chidanand, a former COO at Chaipoint, the Bengaluru-based startup uses an authorized private blockchain to maintain an audit trail, consents, payables and receivables.
In addition to document verification, the platform, called Reputation.net, offers services such as finding the right talent on its network, helping companies to deploy offers more quickly, pre-integration and integration services for candidates, among others.
Currently, Repute.net is in various stages of deployment with seven Human resources management system (HRMS) and add more. Most of these HRIS are currently testing the Repute.net functionality with their customers, which will now be a paid service.
How it works?
A candidate’s documents are all kept within a company (HRMS), a suite of software products used by companies to maintain their internal HR functions.
Any company of one of the HRIS partners can initiate a background check of a potential candidate on the platform. If readily available, Reputation displays the documents by connecting to the HRIS of the candidate’s former employer.
“Our main goal is talent management. Our background check service is one of them. If a potential candidate simultaneously pursues offers in two companies that use our HRIS partner, the candidate will not be able to accept a competing offer on the network without declining the first one, ”explains Deepak.
He adds that the startup is not as focused on generating revenue as it is on increasing usage at the moment.
USP and competition
Currently, the background check is done manually by potential employers by sending an email to the candidate’s former employer after they are hired. Employers can also choose to use a background check agency, which verifies the authenticity of the candidate’s documents, in addition to checking their legal background. It costs a potential employer almost Rs 4,000 per candidate.
“The Repute.net network enables an inter-company and inter-network information flow. This saves time for hiring and post-hire activities and overheads are also reduced by almost 25-50%, depending on volume, ”says Sayeed Anjum, co-founder of Greytip Software, who owns and operates payroll and HR software,.
The company has been working with Repute.net for over a year and a half and plans to deploy it on 10,000 clients. Almost 50% of GreytHR’s clients are in the IT and ITeS space, where talent management is even more critical.
Repute.net offers its services at 50% less than a background check agency, depending on the number of terms of the candidate. In addition, the verification process, which would take between four and six weeks, comes down to a few minutes.
“In addition to the HRMS service, we also work in partnership with various digital loan applications for employees on systems such as the neo-banking platform., personal loan platform , and the advanced salary application , among others, ”said Deepak Your story.
Reputation is partly in competition with background check companies likeand , who work in the field of employee auditing. However, the startup also plans to expand its services to the healthcare sector by helping hospitals and medical facilities integrate patients. It will also make it easier to verify identity for insurance claims.
The company has raised $ 1.84 million so far in a funding round of 3one4 Capital, Global Founding Capital, and angel investors. The tour was announced in August 2020.
With remote hiring and working from home in all industries, services similar to Repute.net are becoming more and more relevant.
Repute.net clients are businesses and companies using its HRIS network. The company may choose to activate the offer of background checks and other services for candidate onboarding. The company pays Repute.net a certain fee for document verification and other services per candidate. The digital loan game is offered to employees directly on HRIS, with partner applications paying Repute.net a commission for each transaction.
According to a study by consulting and auditing firm EY published in June 2021, the pandemic has made the use of technological tools for employee background checks a priority. The India-focused report says 96 percent of companies that participated in the study reported a 10 percent discrepancy in background checks performed for new employees.
With this, the use of technology to verify applicants will only increase, as will the need for a faster turnaround time to fill vacancies.