by The global employment landscape is undergoing significant transformations, with the rise of mobile workers and job immigrants reshaping the hiring and talent retention strategies of companies worldwide. To address the challenges of recruiting and retaining employees in this fast-paced environment, organizations are increasingly turning to advanced assessment systems and employment screening services.
Scientific Workforce Solutions for Competitive Advantage
Companies are recognizing the importance of hiring the right people for the right roles, as employees can either be the greatest asset or the biggest risk to a business. As a result, the cornerstone of any organizations success is employee screening, which enhances workforce integrity and trustworthiness. The global employment screening services market is expected to experience substantial growth as companies seek to hire the best talent through pre-employment screening services.
Regulatory Compliance and Security Concerns Drive Demand
Employment screening services are not only about finding the best candidates but also about mitigating risks. These services uncover counterfeit and false information early on, reducing the potential for future risks and recruiting expenses. They also play a crucial role in reducing workplace hazards such as theft, abuse, criminal behavior, and workplace violence. The demand for employment screening services is further fueled by regulatory compliance requirements and contractual obligations, which vary by industry and job role.
Globalization and Job Immigration
Globalization has led to a massive influx of job immigrants seeking improved living standards and employment prospects in advanced countries. According to the International Labor Organization, there were approximately 169 million migratory workers worldwide in 2019, with a significant portion residing in high-income countries. This influx of job immigrants contributes to the growth of the employment screening services market.
The Mobile Workforce Revolution
The increasing mobility of the workforce, driven by globalization and the need to reduce fraudulent activities by applicants, is another factor boosting demand for employment screening services. In 2021, the global population of mobile workers reached 1.87 billion, and this number continues to rise. As the mobile workforce expands, so does the employment screening services market.
Criminal Background Checks Lead the Way
Criminal background checks are poised to dominate the employment screening services market, given their ability to detect potentially harmful hires, protect organizational reputations, and safeguard assets. The right of employers to inquire about criminal records and convictions further propels the demand for background checks, especially in the context of a growing number of job immigrants and a mobile workforce.
North Americas Leadership
North America is at the forefront of the global employment screening services market. The regions robust IT sector has attracted immigrants in search of employment opportunities, fueling the demand for efficient selection processes. Background checks have become an integral part of the recruitment process for US-based organizations, with approximately 70% conducting background checks and 80% of those also investigating criminal records. The regions economic recovery has accelerated recruiting procedures across industries.
Asia Pacifics Rapid Growth
Asia Pacific is expected to witness the fastest compound annual growth rate (CAGR) in the employment screening services market. The region has grappled with illicit drug problems, making drug abuse testing an essential aspect of employment screening. With a vast population base, growing awareness of drug abuse testing, and a rising prevalence of drug usage, Asia Pacific offers lucrative opportunities for organizations in the employment screening services market.
Competitive Landscape
Key players in the global employment screening services market are continually innovating, forming alliances, and entering partnership agreements to meet the evolving needs of businesses. Recent developments include Accurate Backgrounds introduction of AccurateConfirm, a verification tool for employment history, and Insperitys collaboration with Salesforce for digital business transformation.
Prominent players in the global employment screening services market include Accurate Background, LLC, AuthBridge Research Services Private Limited, A-Check America, Inc., DataFlow Group, Capita PLC, First Advantage, GoodHire, HireRight, LLC, Sterling Talent Solutions, Pinkerton Consulting & Investigations, Inc., Verity Screening Solutions, Triton Inc., and Insperity, Inc.
The global employment screening services market is poised for substantial growth as businesses adapt to the changing workforce landscape and prioritize security, compliance, and talent quality.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/employment-screening-services-market
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This press release first seen on Brilad
COMTEX_442085746/2840/2023-10-18T16:49:24
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.