As exposure to risk becomes a growing concern for organisations worldwide, employers should consider more extensive, best practice procedures during the pre-employment screening process to avoid future pitfalls.
A recent report indicates The Global Employment Screening Services Market accounted for $3,012 million in 2016 and is expected to reach $4,743 million by 2022. The CAGR growth rate is estimated to rise by at least 8% by 2025. This market growth may be explained by increasing cases of fraudulent claims, expanding regulation, growth in hiring, and emerging markets and new employment sectors.
This growth may also represent an underlying shift in how companies perceive and weigh employee risk. We may be moving away from a mindset of correction after the fact to one of prevention of a problem in the first place. The additional benefits of this include increased efficiency, arguably a boost to productivity and a reputational safeguard. Employers are recognising that the protection of their brand starts with screening, and the implementation of a best practice screening process also helps them build trust across their organisation and into their relationships with business partners and clients/customers as well.