The “Employment Screening Services Market to 2025 by Services (Background Screening, Verification, Medical Testing, and Electronic Auditing & Verification); and Application (Financial Services, Government Agencies, Transportation, Industrial, Information Technology) – Global Analysis and Forecast” The scope of study involves understanding on the factors responsible for this growth of Employment Screening Service market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Employment Screening Service players in the market and their key developments.
Employment Screening Service Market to 2025 – Global Analysis and Forecast by Services and application, Employment Screening Service market is estimated to reach US$ 5.46 billion by 2025 from US$ 3.74 billion in 2016. The global upsurge in Internet users and the groundbreaking changes in human resource management industry have created a rich atmosphere for screening service to propagate. Large number of industries across globe are currently stimulated by the candidate-driven employment market where companies are keen to decrease the time-to-hire ratios. Since, hiring delays impacts an organization both in terms of time and cost. Companies are these days competing for the best candidates and therefore are putting more emphasis on crafting a positive onboarding experience, which also includes the background screening process of employees.
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Higher crime rates in the retail sector by the employees have propelled the retail sector to find solutions performing complete background check before hiring
The cost of hiring an employee is not just limited to their salary. Recruiting expenses, salary, incentives, administrative expenses, etc. combined together gives the true value of an employee that has been recruited. As per the statistics, approximately 51% of the resumes applied by the applicants contain inaccuracies in job performance, educational achievement and employment. The fraudulent declarations in the applications by employees puts the employer’s organization to potential risks in case the job applicant is selected. One of the major reasons for high job turnover in organizations globally has been identified due to insecurity at the workplace.
Some of the remarkable partnership and collaboration in this industry are First Advantage Partners With Nova Credit Inc. To Offer Instant Credit Checks For Newly Arrived Immigrants. Also, Schrole Secures Global Opportunity through Launch of Schrole Verify and Partnership with First Advantage.
Currently, the screening services industry is experiencing staggering growth due to many factors. The financial services industry is extremely regulated, these regulations also precisely dictate the rules and eligibility for employees to be hired by financial companies. For instance, the Federal Deposit Insurance Corporation of US dictates guidance for developing effective criminal background checks on employees in banks. Further, it also encourages these checks as an efficient process of ‘risk management’, to ensure and verify the information provided by the prospective employees.
Major market initiatives were observed in the North America region. Europe region is another region where employment screening services have flourished to a very high extent. Equipment manufacturers in North America are looking out for innovations, so as to mitigate the various obstacles. The market for employment screening services in North America is a highly fragmented one where the top 5 companies operating in this market amounting to only a small portion of the entire market.
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