The process of identifying, verifying and various past records of an employee on job or pre-employment such as criminal records, background verification, credit checks, and others. Every country government have made their own rules and regulations regarding background verification of employees or candidates selected for the job. The main purpose of these employment screening services is to identify the authenticity of a candidate for the security of the organization and also to safeguard the organization from fraudulent candidates. These employment verification checks include educational and employment history, residential address verification, credit history, and criminal background verification and others. In a survey done by Powerchex in 2008 and 2009 for identifying discrepancies, criminal records, bank records and others regarding attrition rate, responsibilities of employees and academic records and qualifications. The results of this survey made much organization to adopt more employment screening services.
The major factors that impact the market growth include the rising concern for data theft and loss of confidential data among the enterprises. Moreover, the rising cases of illegal activities and money laundering is encouraging the employers to adopt various employment screening services. However, the market is been slowed down by certain factors such as growing use of fake documents, and discrepancies in the work process. In a news report by CBC Canada, the fraud cased in the workplace has approximately cost over USD 3 billion. The government of major countries keep track on the employees joining organizations across the borders by regularly changing the rules and regulations formulated for background verification of the employees. The market of employment screening service is expected to grow at a decent rate, due to growing number of start-ups and small enterprises engaged in providing employee verification services.
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Major Key players
Employment Screening Services, Inc (U.S.),
Automatic Data Processing, Inc (U.S.),
Capita plc (U.K),
Experian plc (Ireland),
First Advantage Corporation (U.S.),
HireRight, Inc (U.S.),
Insperity, Inc (U.S.),
Paycor, Inc (U.S.),
Paychex, Inc (U.S.), Reed (U.K), among others.
Other vendors include Accurate Background, LLC (U.S.), AuthBridge (India), A-Check America, Inc. (U.S.), DataFlow Group (UAE), Pinkerton Corporate Risk Management (U.S.), Sterling Talent Solutions (U.S.), Verity Screening Solutions LLC (U.S.), GoodHire (U.S.), Insperity, Inc (U.S.), Lowers Risk Group (U.S.), among others
According to MRFR, The Employment screening services market is estimated to grow at a CAGR of 8% During Forecast period of 2018 to 2023
On the basis of servcie type, the market is segmented into criminal background check services, education and employment verification services, credit history checks, drug & health screening, among others.
On the basis of end-user, the market is segmented into banking and financial services institute, government, information technology, industrial, and others.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.
The global employment screening services market is estimated to grow at a significant rate during the forecast period due to growing concern for data theft and discrepencies in the workplace. The geographical analysis of employment screening services market marks the study for regions like North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand) and rest of the world (including the Middle East, Africa, and South America). Among the regions mentioned above, at present, the market is highly dominated by North America and is also expected to grow at the highest growth rate during the forecast period. The North American region has witnessed a higher number of immigrants in search for job, and is also one of the largest IT hubs. In addition, the region hold most of the developing countries with emerging economies such as the U.S. and Canada. Another major factor for the growth of employment screening services market is the strict rules and regulations in the U.S. In United States, the FCRA (Fair Credit Reporting Act) is responsible to regulate the use of consumer reports holding the records of citizens. The market is expected to get lot of investment opportunities from large and prominent vendors. It is highly supported by the initiatives of government.
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- Financial service providers
- IT organizations
- Government agencies
- Security Agencies
- Advisory firms
- Research firms