Background screening; critical to your organization
The background industry has seen a huge surge in growth since 9/11 and other horrible tragedy's both domestic and abroad. The US market for the background screening industry is growing at a steady pace and is projected to continue on an upward tick through 2024. Aside from the horrific terrorist tragedies, the nearly 2-billion-dollar industry can likely contribute its expansion to the growing number of U.S. companies that are expanding their global footprint. As organizations move into foreign markets, their risk incrementally increases, and therefore, background screening becomes all the more critical. Studies suggest that over 80% of companies perform some level of background screening on pre- hire's and 10% of businesses’ re-screen on an annual basis or do some monitoring of employees. Companies have a variety of reasons to conduct thorough background screening on potential candidates. Aside from the obvious reasons such as protecting their organization and its employees and customer’s safety from criminal activity, fraud, and corrupt practices, the reputational damage a company can suffer from hiring the wrong candidate is one of many growing concerns among organizations. With all of these factors in mind, organizations that once would screen for the minimum (criminal checks) are now expanding the breadth of their screening and creating more robust programs across their organization, both domestically and internationally.