The global employment screening services market was valued at US$ 4.4 billion in 2021 and it is anticipated to grow up to US$ 7.1 billion by 2031, at a CAGR of 4.9% during the forecast period.
Employment screening is the process of examining a candidate to protect an organization from a fraudulent employee. It examines the candidate’s behavior, verifies credentials, verifies criminal histories, examines social media, and drug screening activity, which benefits the firm by reducing workplace violence, and preventing incorrect hiring. It is widely used in the banking & financial sectors, IT, and other industries, such as government agencies, healthcare, manufacturing, and retail.
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Employee screening contributes to the organization’s safety and security by allowing businesses to authenticate individuals before hiring them in their organizations. Employment screening is when an employer evaluates a candidate’s behavior and screens them for drugs. The major aim of employment screening is to avoid the need to interview many inappropriate candidates and improve the hiring process’s overall efficacy. Moreover, employment screening services ensure that the information the individual provides is correct as per the documents provided.
Market Drivers and Trends
Due to the increasing number of job applicants, the demand for employment screening services is due to time-efficient selection systems. The modern era has witnessed a huge population influx in the urban cities of developing and developed economies, searching for a better life. Higher job opportunities, higher living standards, and access to modern amenities & services are a few primary factors that have contributed to the migration of the rural population to urban areas worldwide. Thus, there was a rise in the disposable incomes of consumers. As urbanization will continue to grow in the coming years, the need for job creation in urban areas will also grow at full throttle. A competitive region enables industries and firms to create job opportunities, raise productivity, and increase citizens’ incomes.
Further, with the increasing number of applicants applying for a job in any organization, selecting the most suitable candidate for a selective profile has become more tedious, and the traditional methods of conducting interviews for job screening are time-consuming and inefficient. Thus, also the end-use industries are increasing the demand for efficient and quicker employment screening services.
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Major Players in the Global Employment Screening Services Market
The key players studied in the global employment screening services market are Accurate Background (US), AuthBridge Research Services Pvt. Ltd. (India), A-Check America, Inc. (US), DataFlow Group (UAE), Capita PLC (UK), First Advantage Corporation (US), HireRight, LLC (US), Pinkerton Consulting & Investigations, Inc. (US), Sterling (US), and Triton Inc. (Canada).
COVID-19 Impact
Due to the COVID-19 pandemic, the consequent economic downturn had led to the rise in the number of jobless candidates across the globe. This resulted in a negative impact on the employment screening services market. However, post quarter 3 of 2020, the number of COVID-19 cases started to fall across several nations, including the US, which is triggering the gradual normalization of economic activities. Moreover, with offices re-opening, several nations have witnessed a more than expected increase in job openings in 2021. According to data released by the Job Openings and Labor Turnover Survey, the number of job openings rose to ~7.4 million in March 2021 from ~7.1 million in February 2021.
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The hiring rate had increased to 4% in February 2021 from 3.8% in February 2020 in the US. Thus, despite the steep decline in the first two quarters of 2020, the employment screening services market started experiencing substantial growth as the region’s economy started reviving back to normal, accelerating hiring processes across industries. Therefore, the demand for employment screening services is increasing during the post-pandemic scenarios.
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