Shaken by the Rs 400-crore Citibank fraud, top private companies and BPO firms are now seeking professional help to safeguard their assets not only from external risks but even their own employees.
There has reportedly been a surge in corporates approaching detective, intelligence and background screening companies as well as risk management consultants.
Now flooded with enquiries, detective agencies claim only 20% Indian companies conduct proper, professional verification of their employees.
“Most firms go for a ‘referral check’ to save money. Someone from the agency or risk management firm inquires about a candidate from his or her previous employer over phone. This costs the new recruiter R300 to R400 per employee but it is a mere eyewash,” said Kunwar Vikram Singh, chairman of Association of Private Detectives of India.
Complete profiling of an employee can cost a company anywhere between R10,000
and Rs 50,000 for executives of middle level and reaching up to director level.