THE TIMES OF INDIA, HYDERABAD 18 TIMES BUSINESS WEDNESDAY, AUGUST 24, 2016 Lying Your Way To A New Govt to consult parties on advancing budget date Sidhartha & Surojit Gupta TNN BETTER FUND USAGE Job Just Got Tougher New Delhi: The government will consult political parties ➤Advancing the budget Cos bring background checks to foreground as compliance norms become stringent before taking a decision to ad- date will lead to change in vance the British-era legacy of Parliamentary schedule NamrataSingh of companies are including background oversight is classified as minor.” Sher- presenting the Union Budget of various sessions @timesgroup.com screening in their internal audit process gill adds that a background check en- on the last day of February by a ➤Officials said the date could month. which until now covered finance, opera- sures that such discrepancies are detect- be anywhere between last t a time when some busi- tional and commercial processes. The ed in advance. Consultations with politi- week of January to first start spending funds from ness schools are advocat- internal audit process of an organisation Background verifications are now cal parties are required as ad- week of February ing an MBA ‘Hippocrat- reports directly to the board and not the predominantly done by expert agencies. vancing the budget date will le- beginning of financial year, ic’ oath for ethical prac- CEO. The compliance process has be- Companies have realised that people ad to change in Parliamentary ➤An early budget will instead of waiting till May for A actual allocation of money tices, companies now come stringent because any wrong hire, risks are one of the highest business schedule of various sessions. mean that departments will make efforts to ensure that a pro- especially at the leadership level, can risks that they face and have begun to “It is a very complex issue spective hire does not kick-start have a negative impact on the reputation seek professional help for background and we need to discuss it with funds from the start of the fi- changes come into effect from his/her career with a lie which of an organisation, said Trehan. screening. “With the geographical political parties,” a govern- nancial year, instead of wai- April 1, it will help in better re- may later bring disrepute to With the advent of on-demand econ- spread of business organisations and ment source said. No date has ting till May for actual alloca- venue mobilisation for the go- the organisation. omy companies and e-commerce, back- employees and a global talent supply been fixed for the meeting but tion of money. Finance mini- vernment,” the official said. Companies have made back- ground screening has become crucial chain, it is not feasible for background it is expected to be soon. stry officials said they were re- Currently, the budget process ground verification stringent, and and so has the role of chief human checks to be carried out by internal staff, For now, there are some lo- adying plans to advance the — including passage of the apply a lower “severity threshold” resources officers (CHROs). unless the company is willing to invest gistical problems of advancing budget calendar in case the go- Appropriations Bill for expen- to discrepancies in CVs to meet The discrepancy threshold lev- huge resources,” said Kurane. the budget date to the last week vernment decides to change diture and the Finance Bill for compliance norms. Organisa- els differ for companies. A minor Background verification firms of January. In January, the go- the presentation date of the an- tax changes — are cleared by tions TOI spoke to said they have deviation may be accepted depend- have built a vast database of the mo- vernment remains busy with nual financial statement. “We Parliament in the first or se- a “zero tolerance” policy to viola- ing on the potential risk to the dus operandi of candidate frauds, Republic Day preparations. Of- are ready. We can start the pre- cond week of May. tion of ethical practices while organisation, said which is used to provide services with- ficials said the date could be budget discussion from Octo- “If you have the budget...in hiring. Some firms reject a poten- Makarand in defined timelines. Companies also anywhere between last week of ber instead of waiting until De- January, you get President’s as- tial hire even if they find a minor Khata- hire external agencies to avoid any January to first week of Febru- cember,” said a finance mini- sent by March 31. So, from the deviation in the candidate’s re- FEWER vkar, conflict of interest situations in re- ary.While a final decision is yet stry official. first day of the financial year, sume, said Ajay Trehan, CEO, group cruitment. This becomes important to be taken, sources said the go- He said there were several outlays will be in place, expen- AuthBridge, one of the leading FUDGED HR head, for banks which are public trust insti- vernment was considering advantages of advancing the ditures will be allocated and we firms providing background ver- CVs Kotak Ma- tutions and employees at all times are completing the budget exerci- budget presentation date by a will not lose two or three ification checks in India. hindra Bank. During expected to adhere to the highest se before the end of the financi- month. “It will help in faster months of the financial year in “While earlier background Overall hiring, companies do standards of integrity and ethics. al year on March 31so that poli- flow of funds to ministries and the budget process,” said Rani screening was a point of discus- come across cases of cy transmission is faster and departments and result in ti- Singh Nair, chairperson of the sion at the risk level — a kind of Discrepancy a slight discrepan- TRENDINC departments are able to spend mely expenditure. Once tax Central Board of Direct Taxes. tick-in-the-box for the HR depart- cy in age, edu- ment — today it is a serious com- 14% cation, expe- With organisations making back- SHORT TAKES pliance matter and CEOs want to 2013-14 rience, etc, ground checks stringent, overall dis- know and ensure employees are which may crepancies have reduced over the last India ranks 7th on thoroughly verified on their arise due to three years. According to data provided RBL Bank IPO over- backgrounds,” said Trehan. 18% inadvertent by AuthBridge, the overall discrepancy subscribed nearly 70 HR experts say fabricating 2012-13 errors level in CVs has come down from 22% wealthiest list: Report times: RBL Bank’s initial CVs points to a lack of integrity. while sub- in 2011-12 to 18% in 2012-13 and 14% in public offer, the first by a In 2012, Yahoo’s CEO Scott mitting 2013-14. The discrepancy level is highest New Delhi: India has figu- HOW THEY STACK UP private bank in a decade, Thompson quit amid claims of 22% data. Deo- in telecom/IT/telecom infra sector red among the top 10 wealt- was oversubscribed a fake qualifications. Back home, datta Ku- while the lowest is in IT software/soft- hiest countries in the world WEALTH* ($ BN) staggering 69.6 times, with take the recent case of a fresher 2011-12 rane, group ware services. with a total individual we- US 48,900 the number of applications who applied for an entry-level post president, human capi- “We get 13-14% rejection due to dis- alth of $5,600 billion, while crossing 1 million on the last China 17,400 in an IT firm. According to his CV, tal management, Yes crepancy every month. The discrepancy the US topped the chart. day of the IPO on Tuesday. According to a report by Japan 15,100 The offer has collected he held a graduation degree from Industry-Wise Discrepancy Illustration: Ram Bank, said, “Candidates on account of fake employment is quite a well-known engineering college with such issues may be high. This is because candidates at times New World Wealth, India UK 9,200 around Rs 60,000 crore. It as well as a diploma course certi- hired after due dili- try to extend their tenures to cover up was ranked 7th ahead of Ca- has attracted over 1.02 Telecom/IT/ Germany 9,100 fication in Android & Java from telecom infra 28.7% gence and establishing on a shorter stint they may have had in nada ($4,700 billion), Aust- million applications. a local institute in Delhi. Based on that there was no mala an organisation which they do not want ralia ($4,500 billion) and France 6,600 Samsung launches Restaurants, Italy (USD 4,400 billion), Tizen-powered Z2 for his CV, the company hired him fide intent to distort or to reveal,” said Trehan. India 5,600 without running a proper check. hotels, travel 28.6% misrepresent facts.” Khatavkar said, “Incidences of fake which came in at 8th, 9th `4,590: Samsung has Once he joined the company, the Prithvi Shergill, degrees are increasing and we need to and 10th slots, respectively. Canada 4,700 launched a new 4G handset candidate was found lacking in Retail CHRO, HCL Technolo- protect the bank.” Kotak Mahindra Bank The US is the wealthiest Australia 4,500 ‘Z2’, priced at Rs 4,590, to certain key skills. The company 25% gies, said, “Gross mis- conducts a two-level check at pre- and in the world in terms of to- woo feature phone users to tal individual wealth held Italy 4,400 approached a background verifi- Fin services representation of facts is post-joining stages. All employees go switch to smartphones.