The global employment screening services market is likely to be driven by improved workforce quality, increased regulatory compliance in the employment sector, and due to the benefits of employment screening in companies. Moreover, the demand for job screening services is expected to rise due to the urgent need for background checks. However, the market is expected to be constrained by technological risks and discriminatory concerns related with employment screening. Additionally, the untapped potential of new markets and the rise in startup companies are expected to generate lucrative market growth prospects.
The market for job screening services is divided into three categories: service, application, and area. Criminal background checks, education & employment verification, credit history checks, drug & health screening, and other services are separated by service. Employment screening services encompass a variety of background checks, including employment eligibility checks, fingerprint screening, contractor screening, sex offender checks, motor vehicle checks, drug and alcohol screening, resident monitoring, and rental payment history.
Furthermore, employment screening aids various firms in screening potential employees and protecting company assets and personnel by doing background checks. Employers use this service to compile a variety of employment, financial, criminal, educational, and other records about a person for the sake of hiring them.
The insurance industry is critical to a country’s long-term economic success. Nevertheless, it is extremely vulnerable to fraud and malpractice, making it even more critical for the industry to conduct background checks on its employees. Unfortunately, the insurance industry faces some significant background verification issues. As per a recent study by ICICI Prudential Life, the country’s largest private sector insurer, seven percent of candidates who went through the prescreening process were found to have been involved in fraudulent activities in the past. The insurance industry’s main objective must be a comprehensive screening process. Background checks can aid in the investigation of claims, raising awareness about suspicious or criminal activity, and so on, all of which can help to
reduce the number of financial losses that have long been a source of concern in the insurance sector. Established in the year 2005, Verifacts has been offering integrated and customizable background verification services leveraging 15 years of excellence in the industry. Verifacts has served over 500 clients over the course of its ten-year journey and has remained operational during disasters and pandemics. More than half of Verifacts’ clients have been for more than three years. With over 10 years of expertise in the BGV industry and 500+ clients, Verifacts are among the top five market leaders. The company believes in instilling core values such as integrity, ethics, teamwork, responsiveness, and customer-centricity. Verifacts’ service delivery across India is handled by six zonal offices and business associates for international check. And to ensure strict quality standards, Verifacts is also a member of the APAC, under the National Association of Professional Background Screeners (NAPBS) and its Indian counterpart, the IAPBS. Further, it is also certified under NASSCOM, ISO 27001 and ISO 9001.
Knowing The Unknown
The Verifacts verifications practice assists businesses in conducting background checks on potential and current employees. The following services are provided by the company, which cover the complete spectrum of employee background checks that is ID Verification, Psychometric Test, Pre-Employment Medical Check, Social Media Profiling, Fingerprint Services, Global Database Check, Drug Test Professional Reference Check, Education Verification, Employment Verification, Address Verification, Criminal Verification – Police Check and Court Record Search, ID Verification,Psychometric Test, Pre-Employment Medical Check, Social Media Profiling, Fingerprint Services, Global Database Check, Drug Test Professional Reference Check. “Verifacts was formed by a group of talented people who believed in the company’s concept and trusted it. We have a combined leadership experience of more than 20 years. At Verifacts, the top management personnels allow employees to take responsibility and make decisions. Thus creating a stronger sense of belonging and recognition when they work as a group. VIBE is the most recent advancement in seamless integration, designed specifically for Verifacts customers”, says Vijay Kumar Jatia, Chairman, Verifacts.
We have been offering Integrated and customizable Background verification Services leveraging 15 years Of excellence in the industry
The programme combines processes and provides endto- end service, from lead generation to report delivery. Since the web-based solution is hosted on the cloud, it has no reliance on local servers and can be used from home right away. Clients, Operations, Vendors, and Field Staff all have their own interfaces in VIBE. Access is controlled via roles, making it simple to add and remove users. Women Empowerment is one of Verifacts’ success stories. All of their branch managers and 50% oftheir leadership are women. Pandemic - Verifacts delved into the uncharted territory of Work from Home. They not only deploy it quickly; but their IT team made sure they were up and operating in no time. This is not the new normal, and Verifacts, as an organization, provides WFH for specific positions in order to improve productivity and efficiency. In every situation, Verifacts has the capacity to react swiftly and properly. This allows them to improve their services and client service after the transaction. At Verifacts, customer service is at the heart of all they do. Their entire solution set is focused on providing their customers with the best business tools possible.
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