Pre-Employment Screening Industry
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 today's 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 industry's total revenue. Total revenue for the pre-employment …show more content…
is a fully owned subsidiary of Marsh & McLennan and operates under Marsh's Risk Consulting & Technology Practice providing employee and vendor background investigations and identity theft services. Kroll is one of the largest providers of background screenings in the country providing more than 20 million verifications per year and generating more than $100 million dollars in revenue in 2006. The background screening division of Kroll differentiates itself from its competitors through its newly implemented Quality Assurance Program which the company claims has improved accuracy in background checks to greater than 99%. Kroll has also pioneered a secure Internet-based system that collects information from job candidates and provides clients with project updates and final reports. The ease of use and 24/7 availability differentiate Kroll's products from their …show more content…
ChoicePoint's Business Services division served 54 of the top 100 U.S. employers including Wal-Mart, Home Depot, and UPS, accounted for nearly $380 million dollars in revenue in 2006, and provided approximately 8 million verifications. Prices for ChoicePoint's Business Services vary widely depending on the service requested, ranging from $7-8 for an online National Criminal File Search to $30-40 for a more in-depth screen requiring a physical search of courthouse documents. In the future for ChoicePoint to increase its market share, it will need to continue adding to its vast database of information services in order to provide its customers with the most up to date and accurate information
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 today's 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 industry's total revenue. Total revenue for the pre-employment …show more content…
is a fully owned subsidiary of Marsh & McLennan and operates under Marsh's Risk Consulting & Technology Practice providing employee and vendor background investigations and identity theft services. Kroll is one of the largest providers of background screenings in the country providing more than 20 million verifications per year and generating more than $100 million dollars in revenue in 2006. The background screening division of Kroll differentiates itself from its competitors through its newly implemented Quality Assurance Program which the company claims has improved accuracy in background checks to greater than 99%. Kroll has also pioneered a secure Internet-based system that collects information from job candidates and provides clients with project updates and final reports. The ease of use and 24/7 availability differentiate Kroll's products from their …show more content…
ChoicePoint's Business Services division served 54 of the top 100 U.S. employers including Wal-Mart, Home Depot, and UPS, accounted for nearly $380 million dollars in revenue in 2006, and provided approximately 8 million verifications. Prices for ChoicePoint's Business Services vary widely depending on the service requested, ranging from $7-8 for an online National Criminal File Search to $30-40 for a more in-depth screen requiring a physical search of courthouse documents. In the future for ChoicePoint to increase its market share, it will need to continue adding to its vast database of information services in order to provide its customers with the most up to date and accurate information