Essay on Pre-Employment Screening Industry Report

Pre-Employment Screening Industry Overview Industry Overview Due to the increasing costs associated with workplace embezzlement, fraud, violence, and other unethical business practices, the need to manage hiring and personnel risk has never been of greater importance than in todays business environment. The process of verifying past employment, education, and criminal history is an essential facet of many contemporary corporate risk management programs. The pre-employment screening industry is a small, highly fragmented sub-industry of the much larger Business Process Outsourcing (BPO) sector, a space dominated by a handful of large companies accounting for almost 25% of the industrys total revenue. Total revenue for the†¦show more content†¦In addition, many employers seek to reduce their costs even further by outsourcing pre-employment screening and allowing their human resource (HR) departments to focus more on strategic functions. By outsourcing this function to a pre-employment screening company, an HR department can take ad vantage of cost savings due to the screening companys economies of scale and more sophisticated screening technologies. The Society of Human Resource Managers (SHRM) estimates that almost 80% of all employers use pre-employment screening companies to some degree. Poised for Growth Pre-employment screening companies have seen double-digit revenue growth over the last several years due to several factors, including an increase in negligent lawsuits, the global terrorism threat post 9/11, the strong U.S. job market, and new government regulations such as the Patriot Act and the Voluntary Guidelines onShow MoreRelatedHuman Capital Due Diligence Service948 Words   |  4 Pageshiring new executive, firm restructuring around essential senior management, assessing the viability of acquiring a new firm or as a mediator with a new supplier, customer or partner. 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