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The US Employment Screening Market

Publisher Koncept Analytics
Published Nov 01, 2023
Length 111 Pages
SKU # KOAN18283373

Description

The US Employment Screening Market (by Service, & Industry Vertical): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)


Market Insight:

Employment screening is the process of uncovering and verifying a person's previous records, which is usually done before the individual is recruited. It is a set of tests that allows the company to evaluate possible applicants from a pool and determine the best fit. These instruments are made up of many examinations that vary in shape and size and are used to examine applicants' skills, knowledge, cognitive ability, and individual behaviour. By establishing an objective criterion for acquiring employment, employment screening technology assists businesses in meeting their legal, regulatory, and financial duties. Employment screening assists organizations in determining if their new or potential recruits are a good match for the position.

Rising demand for time-efficient selection systems, as a result of an increase in the number of job applicants, as well as secular labour market tailwinds such as increased workforce mobility, remote work, higher employee churn, and a sizable freelance workforce, would impact the demand for the US employment screening market in the coming years. The US employment screening market is expected to reach US$2.01 billion in 2023, growing at a CAGR of 6.44% during the forecast period.

Segment Covered:
  • By Services: In terms of services, the report offers insights of the US employment screening market into three services: Verification, Background Screening and Drug Testing. Verification segment is further divided into Employment History, Education, References, and Other. Background screening segment is further segmented into criminal record and Credit Check. Verification segment held maximum share in the market. A Verification process can help certify that the candidate’s listed work experience is valid and adequate, and can also reveal the reasons a candidate left their previous positions is one of the major factors that encouraged verification in the US employment screening industry. The background screening segment is expected to increase at a significant CAGR over the projected period. Online platforms make it easier for consumers and companies to opt for background screening, bolstering demand for industry services.
  • By Industry Vertical: On the basis of industry vertical, the report provides the bifurcation of the market into eight segments: IT & Telecom, Manufacturing, Retail, Banking, Financial services & Insurance, Healthcare, Travel & Hospitality, Government Agencies and Other. IT & Telecom industry accounted for highest share in the US employment screening market, as the candidates applying in IT & telecom industry are bound to display a high discrepancy in their resumes, paved favorable conditions for the growth of IT & Telecom employment screening market.
Top Impacting Factors:

Growth Drivers
  • Surge in Drug Consumption
  • Dominating Millennial and Younger Population
  • Rising Number of Start-ups
  • Growing Share of Immigrants in the Total US Population
Challenges
  • Discrimination Concerns
  • Candidate’s Information Compromised
Trends
  • Introduction of Several Drug Testing Methods
  • Increasing Popularity of Human Resource Technology
  • Leveraging Artificial Intelligence (AI) and Machine Learning
  • Escalating Importance of Social Media in Employment Screening
  • Driver: Rising Number of Start-ups
The small businesses in the US are doubling their size every year because they’ve been unshackled through either deregulation or lower taxes. These companies are creating majority of the jobs in the US. These start-up companies leverage technology, and encourage the ability to work remotely, directly impact hiring and workflow. Time and distance from the workplace are no longer barriers to employment, and the traditional work methodologies are going by the wayside. All of this is demanded by the employees and thus pave way for a lot of job applications. Thus, the rising jobs creation due to rising number of start-up businesses would boost the market of employment screening in the US.
  • Challenge: Discrimination Concerns
Discriminatory practices can occur in any aspect of employment. Employment discrimination happens when an employee or job candidate is treated unfavorably because of age, disability, genetic information, national origin, pregnancy, race or skin color, religion, or sex. It is unlawful for an employer to assume that an employee may be incapable because he or she is disabled. An increasing number of cities and states in the US, limit employers to enquire into criminal records and convictions. In particular 53.8% of the job applicants faced retaliation discrimination in 2019. Discrimination concerns are associated with the adoption of employment screening services, for instance, if a particular credit history would disqualify an applicant, it must disqualify applicants of all races. Furthermore, employers are also expected to be careful to circumvent any use of background reports that may result in rejecting or hiring any class of employees based on gender, race, and other protected categories. Thus, employment screening services may discriminate and hinder the market from growing.
  • Trend: Escalating Importance of Social Media in Employment Screening
Social media screening is a process wherein a reference is made through candidates' social media profiles to ascertain if they are a perfect match for the open job role. A social media screening tool can uncover pictures of candidates in compromising situations, posts of them being violent or abusive online — all sort of behaviors that they can easily hide during an interview. Social media is becoming increasingly volatile, especially in the new normal condition wherein work from home culture is supported. People are increasingly using social media platforms to express themselves since the new normal means mostly interaction virtually. All of which, describes a candidate’s personality, preferences, and interests. Moreover, social media also provides information about the activities of the candidate, for example, participation in rallies, protests or even standing up or against someone or something. Therefore, social media screening has become increasingly important to know the nature of candidate before getting the person onto the job.

The COVID-19 Analysis:

The outbreak of Coronavirus disease (COVID-19) had a negative impact on the US employment screening market in 2020 as governments globally imposed lockdowns. Several people had become unemployed, due to the shutdown of many companies and other companies laid off the employees to cut cost. However, following COVID-19, the industry has seen an increase in 2021, due to the relaxation of lockout limitations and new startups being launched.

Analysis of Key Players:

The US employment screening market is fragmented with the presence of a large number of players majorly dominating worldwide. Key players of the US employment screening market are:
  • First Advantage Corporation,
  • Sterling Backcheck,
  • Accurate Background, Inc.,
  • Automatic Data Processing Inc., (ADP LLC),
  • Checkr, Inc.
  • Employment Screening Resources,
  • HireRight Holdings Corporation,
  • Infomart Inc.,
  • Paychex, Inc.,
  • Trusted Employees,
  • Justifacts Credential Verification, Inc.,
  • A Good Employee,
  • Verified Credentials, LLC,
Employee screening market participants are mostly focused on product advancements through the implementation of advanced technologies. Signing partnerships, contracts, joint ventures, and financial agreements around the world allow the company to preserve its brand identity on a global scale. Sterling Talent Solutions, for example, engaged into a strategic agreement with ID.me in 2021 to transform background screening with cutting-edge identity verification solutions. In addition, Accurate Background, LLC claimed in 2020 that it has added new services to its COVID-19 Program to help businesses hire and thrive during the pandemic.

Table of Contents

111 Pages
1. Executive Summary 2. Introduction 2.1 Employment Screening: An Overview 2.1.1 Benefits of Employment Screening Table 1: Benefits of Employment Screening 2.2 Employment Screening Segmentation: An Overview 2.2.1 Employment Screening Segmentation Table 2: Employment Screening Segmentation 2.2.2 Verification and Background Employment Screening Segmentation Table 3: Verification and Background Employment Screening Segmentation 3. The US Market Analysis 3.1 The US Employment Screening Market: An Analysis 3.1.1 The US Employment Screening Market: An Overview 3.1.2 The US Employment Screening Market by Value Table 4: The US Employment Screening Market by Value; 2017-2021 (US$ Billion) Table 5: The US Employment Screening Market by Value; 2022-2027 (US$ Billion) 3.1.3 The US Employment Screening Market by Service (Verification, Background Screening and Drug Testing) Table 6: The US Employment Screening Market by Service; 2021 (Percentage, %) 3.1.4 The US Employment Screening Market by Industry Vertical (IT & Telecom, Manufacturing, Retail, Banking, Financial services & Insurance, Healthcare, Travel & Hospitality, Government Agencies and Other) Table 7: The US Employment Screening Market by Industry Vertical; 2021 (Percentage, %) 3.2 The US Employment Screening Market: Service Analysis 3.2.1 The US Employment Screening Market by Service: An Overview 3.2.2 The US Employment Verification Screening Market by Value Table 8: The US Employment Verification Screening Market by Value; 2017-2021 (US$ Million) Table 9: The US Employment Verification Screening Market by Value; 2022-2027 (US$ Billion) 3.2.3 The US Employment Verification Screening Market by Service (Employment History, Education, References, and Other) Table 10: The US Employment Verification Screening Market by Service; 2021 (Percentage, %) 3.2.4 The US Employment History Screening Market by Value Table 11: The US Employment History Screening Market by Value; 2017-2021 (US$ Million) Table 12: The US Employment History Screening Market by Value; 2022-2027 (US$ Million) 3.2.5 The US Employment Education Screening Market by Value Table 13: The US Employment Education Screening Market by Value; 2017-2021 (US$ Million) Table 14: The US Employment Education Screening Market by Value; 2022-2027 (US$ Million) 3.2.6 The US Employment References Screening Market by Value Table 15: The US Employment References Screening Market by Value; 2017-2021 (US$ Million) Table 16: The US Employment References Screening Market by Value; 2022-2027 (US$ Million) 3.2.7 The US Employment Others Screening Market by Value Table 17: The US Employment Others Screening Market by Value; 2017-2021 (US$ Million) Table 18: The US Employment Others Screening Market by Value; 2022-2027 (US$ Million) 3.2.8 The US Employment Background Screening Market by Value Table 19: The US Employment Background Screening Market by Value; 2017-2021 (US$ Million) Table 20: The US Employment Background Screening Market by Value; 2022-2027 (US$ Million) 3.2.9 The US Employment Background Screening Market by Segment (Criminal Record and Credit Check) Table 21: The US Employment Background Screening Market by Segment; 2021 (Percentage, %) 3.2.10 The US Employment Criminal Record Screening Market by Value Table 22: The US Employment Criminal Record Screening Market by Value; 2017-2021 (US$ Million) Table 23: The US Employment Criminal Record Screening Market by Value; 2022-2027 (US$ Million) 3.2.11 The US Employment Credit Check Screening Market by Value Table 24: The US Employment Credit Check Screening Market by Value; 2017-2021 (US$ Million) Table 25: The US Employment Credit Check Screening Market by Value; 2022-2027 (US$ Million) 3.2.12 The US Employment Drug Testing Screening Market by Value Table 26: The US Employment Drug Testing Screening Market by Value; 2017-2021 (US$ Million) Table 27: The US Employment Drug Testing Screening Market by Value; 2022-2027 (US$ Million) 3.3 The US Employment Screening Market: Industry Vertical Analysis 3.3.1 The US Employment Screening Market by Industry Vertical: An Overview 3.3.2 The US IT & Telecom Employment Screening Market by Value Table 28: The US IT & Telecom Employment Screening Market by Value; 2017-2021 (US$ Million) Table 29: The US IT & Telecom Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.3 The US Manufacturing Employment Screening Market by Value Table 30: The US Manufacturing Employment Screening Market by Value; 2017-2021 (US$ Million) Table 31: The US Manufacturing Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.4 The US Retail Employment Screening Market by Value Table 32: The US Retail Employment Screening Market by Value; 2017-2021 (US$ Million) Table 33: The US Retail Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.5 The US Banking, Financial Services & Insurance Employment Screening Market by Value Table 34: The US Banking, Financial Services & Insurance Employment Screening Market by Value; 2017-2021 (US$ Million) Table 35: The US Banking, Financial Services & Insurance Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.6 The US Healthcare Employment Screening Market by Value Table 36: The US Healthcare Employment Screening Market by Value; 2017-2021 (US$ Million) Table 37: The US Healthcare Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.7 The US Travel & Hospitality Employment Screening Market by Value Table 38: The US Travel & Hospitality Employment Screening Market by Value; 2017-2021 (US$ Million) Table 39: The US Travel & Hospitality Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.8 The US Government Agencies Employment Screening Market by Value Table 40: The US Government Agencies Employment Screening Market by Value; 2017-2021 (US$ Million) Table 41: The US Government Agencies Employment Screening Market by Value; 2022-2027 (US$ Million) 3.3.9 The US Other Employment Screening Market by Value Table 42: The US Other Employment Screening Market by Value; 2017-2021 (US$ Million) Table 43: The US Other Employment Screening Market by Value; 2022-2027 (US$ Million) 4. Impact of COVID-19 4.1 Impact of COVID-19 4.1.1 Impact of COVID-19 on the US Employment Screening Market Table 44: The US Unemployment Rate; January 2020 – July 2021 (Percentage, %) Table 45: The US Job Openings; June 2020 – June 2021 (Thousand) 4.1.2 Post COVID-19 Scenario 5. Market Dynamics 5.1 Growth Drivers 5.1.1 Surge in Drug Consumption Table 46: The US Daily Marijuana Use among 12th Graders; 2018 – 2020 (Percentage, %) 5.1.2 Rapid Urbanization Table 47: The US Urban Population; 2016–2021 (Million) 5.1.3 Dominating Millennial and Younger Population Table 48: The US Millennial, Gen Z, and Younger Population; 2016 – 2020 (Lakhs) 5.1.4 Rising Number of Start-ups Table 49: The US Number of Jobs Created by Start-up Businesses; 2016–2021 (Million) 5.1.5 Growing Share of Immigrants in the Total US Population Table 50: The US Number of Immigrants; Mar’2016–Nov’2021 (Million) 5.1.6 Improved Regulatory Compliance 5.1.7 Increased Number of Job Applications 5.2 Challenges 5.2.1 Discrimination Concerns Table 51: The US Charges of Workplace Discrimination, 2020 (Percentage, %) 5.2.2 Candidate’s Information Compromised 5.3 Market Trends 5.3.1 Introduction of Several Drug Testing Methods Table 52: Drug Testing Methods that Dominate the Current Market 5.3.2 Increasing Popularity of Human Resource Technology Table 53: Increasing Popularity of Human Resource Technology 5.3.3 Leveraging Artificial Intelligence (AI) and Machine Learning 5.3.4 Escalating Importance of Social Media in Employment Screening 5.3.5 Increasing Use of Contingent and Flexible Workforces 6. Competitive Landscape 6.1 The US Employment Screening Market: Competitive Overview 6.2 The US Employment Market Players by Services Provided Table 54: The US Employment Market Players by Services Provided 7. Company Profiles 7.1 Automatic Data Processing Inc., (ADP LLC) 7.1.1 Business Overview 7.1.2 Operating Segments Table 55: Automatic Data Processing Inc., (ADP LLC) Revenue by Segments; 2022 (Percentage, %) 7.1.3 Business Strategy 7.2 HireRight Holdings Corporation 7.2.1 Business Overview 7.2.2 Operating Regions Table 56: HireRight Holdings Corporation Revenue by Region: 2021 (Percentage, %) 7.2.3 Business Strategy 7.3 Accurate Background, Inc. 7.3.1 Business Overview 7.3.2 Business Strategy 7.4 First Advantage Corporation 7.4.1 Business Overview 7.4.2 Business Strategy 7.5 Sterling Backcheck 7.5.1 Business Overview 7.5.2 Business Strategy 7.6 Checkr, Inc. 7.6.1 Business Overview 7.6.2 Business Strategy 7.7 Paychex, Inc. 7.7.1 Business Overview 7.7.2 Business Strategy 7.8 Employment Screening Resources 7.8.1 Business Overview 7.8.2 Business Strategy 7.9 Infomart, Inc. 7.9.1 Business Overview 7.9.2 Business Strategy 7.10 Trusted Employees 7.10.1 Business Overview 7.11 A Good Employee 7.11.1 Business Overview 7.12 Justifacts Credential Verification, Inc. 7.12.1 Business Overview 7.13 Verified Credentials, LLC 7.13.1 Business Overview

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