Employment screening services are used by businesses and organizations to evaluate potential employees before hiring them. These services typically involve background checks, credit checks, and drug tests to help employers make informed hiring decisions.
The goal of employment screening services is to ensure that the people who work for a company are qualified, trustworthy, and capable of performing their job duties safely and effectively.
Employment screening services can be used for a variety of positions, from entry-level jobs to executive roles. Some employers may also use these services to check the credentials of current employees or to monitor their job performance.
Overall, employment screening services are a valuable tool for businesses and organizations looking to maintain a safe, productive, and ethical workplace.
The employment screening services market is growing due to the increasing urbanization and the need for efficient and quicker employee screening systems. The steady growth of developing economies has led to a rise in the disposable income of consumers, which in turn has increased the demand for better job opportunities and access to modern amenities and services. As a result, the migration of the rural population to urban areas has led to a significant increase in the number of candidates applying for a single job position in any organization.
However, conventional interview methods for job screening prove time-consuming and inefficient. Therefore, the demand for efficient and quicker employee screening systems has led to the adoption of employment screening services. These services help organizations to evaluate potential employees before hiring them, by conducting background checks, credit checks, and drug tests, among other things.
Overall, the increasing demand for efficient and effective employee screening systems is driving the growth of the employment screening services market.
The COVID-19 pandemic had a significant impact on the global economy, with the US being one of the countries most affected by the pandemic. In the first two quarters of 2020, the number of jobless candidates in the US increased by more than 14 million, reaching 20.5 million in May 2020 from 6.2 million in February 2020. This led to an increase in the unemployment rate from 3.8% in February to 13.0% in May. However, in the third quarter of 2020, the number of COVID-19 cases started to decline, and the gradual normalization of economic activities in the country led to a gradual rise in demand for employment screening services.
The successful distribution of vaccines across the US also resulted in an increase in job openings in February 2021, with the number of job openings growing to 7.4 million in March from 7.1 million in February, according to the Job Openings and Labor Turnover Survey (JOLTS). The hiring rate also increased to 4% in February 2022 from 3.8% in February 2021.
As a result, the employment screening services market in North America experienced substantial growth, despite a steep decline in the first two quarters of 2020. The revival of economies and acceleration of hiring processes across various industries led to an increase in demand for efficient and effective employee screening services.
