Employee Background Screening Services Procurement Intelligence
In this employee background screening services procurement intelligence report, we have estimated the pricing of the key cost components. Financial integrity checks, criminal record checks, and ID verificationform the largest cost component of the employee background screening servicescategory. The financial integrity check is used to identify potential candidates for employment by verifying their financial history. This includes checking their credit report, bank statements, and other financial records. Some companies or agencies offer basic plans, which can cost between USD 15 and USD 30 per report. It includes basic criminal and identification verification as well as searches of the national criminal database and the sex offender registry. For every report, a standard plan can cost between USD 30 and USD 60 which includes everything from the basic plan along with domestic watch lists and county criminal courts. Premium plans can cost between USD 60 and USD 80 for each report. This includes verifications of employment and education and many other requirements depending on the client’s needs in addition to inclusions from standard and basic plans.
Order your copy of the Employee Background Screening Services category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Operational Capabilities - Employee Background Screening Services
- Industries Served - 25%
- Employee Strength - 25%
- Years in Service - 20%
- Key Clients - 10%
- Geographical Presence - 10%
- Revenue Generated - 10%
Functional Capabilities - Employee Background Screening Services
- Employment Verification - 20%
- Reference Checks - 20%
- Education Verification - 20%
- Criminal Background Checks - 20%
- Others - 20%
Rate Benchmarking
Employee background screening services are more expensive in the U.S. due to factors such as the larger economy, stricter regulatory environment, higher data costs, and higher labor costs. The cost of labor and data is higher in the U.S. due to more availability of data, higher minimum wages, and more expensive benefits. However, the cost of background screening services can also vary depending on the employer's specific needs, such as a background check that includes criminal history and credit checks. This can in turn increase the price. Due to considerations including higher living costs, data prices, labor costs, and more challenging regulatory environments, Canada's employment background screening services are slightly less expensive than those in the U.S.
The price of background screening services, however, can differ based on the requirements of the business, such as a background check that includes both a criminal and a few other background checks such as residential or education, media checks, etc. Prices for background check services in the U.S. can start from USD 150 compared to Canada, where prices can start from USD 100 depending on different requirements. The Department of public safety charges USD 15 for fingerprint-based checks, while the FBI charges USD 13.25, with an additional fee of USD 11 for foster and adoptive parent applicants and volunteers.
Supplier Newsletter
- In April 2022, Checkr acquired GoodHire, a leading provider of self-service background checks for small businesses, as part of its expansion strategy in the rapidly growing small and midsize business segment.
- In February 2022, Checkr, a software firm, announced the acquisition of Canadian company ModoHR Technologies Inc. As a result of the acquisition, Checkr clients would have greater access to Canadian background check information. The acquisition of ModoHR was a strategic move toward global expansion.
- In Jan 2022, Credence, one of the leading providers of international background checks based in the U.K, was acquired by Certn. Credence specialized in providing a faster, automated background check process, which enhanced the candidate’s experience. Through this partnership, Certn was able to expand its geographic reach by serving markets in Europe, the Middle East, and Africa (EMEA).
List of Key Suppliers
- Pinkerton Consulting & Investigations, Inc
- HireRight, LLC
- A-Check America Inc.
- Verity Screening Solutions
- Capita Plc
- Triton
- DataFlow Group
- Sterling Talent Solutions
- First Advantage Corporation
- Accurate Background
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Employee Background Screening Services Procurement Intelligence Report Scope
- Employee Background Screening Services Category Growth Rate : CAGR of 9.9% from 2023 to 2030
- Pricing Growth Outlook : 6% - 8% (Annually)
- Pricing Models : Volume-based pricing model and flat rate pricing model
- Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
- Supplier Selection Criteria : Employment verification, reference check, education verification, criminal background checks, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others.
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
