The Europe employment screening services market was valued at US$ 1.26 billion in 2022 and is expected to reach US$ 3.07 billion by 2030; it is estimated to record a CAGR of 11.8% from 2022 to 2030.
If they harm their coworkers, the victims can claim that the employee in question had the propensity to cause this type of harm, which the employer should have discovered before hiring. The claim, if proven in the victim's favor, the employer becomes liable for negligent hiring damages, which can result in steep costs to the company. According to data from the SHRM, the average settlement cost of negligent hiring is ~US$ 1 million for organizations worldwide. Moreover, workplace insecurity is cited as one of the primary reasons for high job turnover in organizations, which may lead to a further cost of recruitment for the employer.
False claims in job applications regarding historical job performance or educational qualification expose an organization to potential monetary loss and reputation damage. A bad hire may result in losses incurred by restarting the process of a candidate search. As a result, organizations look for solutions to mitigate the risks associated with fraudulent job applications, which helps them stay compliant with regulatory measures. Background checks before hiring enable organizations to uncover false information on resumes.
Need to Mitigate Risks Associated with Fraudulent Activities of Applicants Drive Europe Employment Screening Services Market
The cost of hiring an employee is determined by their salaries, recruiting expenses, incentives, administrative expenses, etc., which, in combination, indicate the true value of an employee that has been recruited. The Department for Education in the UK launched a service to mitigate higher education fraud in 2021. The service was commissioned by the Department for Education to address problems concerning fraud institutions proactively. Fraudulent declarations in job applications put employers at risk if they select such applicants. For example, an employee with a criminal background can be a threat to their colleagues and may jeopardize the company's security.If they harm their coworkers, the victims can claim that the employee in question had the propensity to cause this type of harm, which the employer should have discovered before hiring. The claim, if proven in the victim's favor, the employer becomes liable for negligent hiring damages, which can result in steep costs to the company. According to data from the SHRM, the average settlement cost of negligent hiring is ~US$ 1 million for organizations worldwide. Moreover, workplace insecurity is cited as one of the primary reasons for high job turnover in organizations, which may lead to a further cost of recruitment for the employer.
False claims in job applications regarding historical job performance or educational qualification expose an organization to potential monetary loss and reputation damage. A bad hire may result in losses incurred by restarting the process of a candidate search. As a result, organizations look for solutions to mitigate the risks associated with fraudulent job applications, which helps them stay compliant with regulatory measures. Background checks before hiring enable organizations to uncover false information on resumes.
Europe Employment Screening Services Market Overview
Employers in the UK emphasize on running certain checks on job applicants to ensure that new candidates they select are allowed to work in the UK. The country has been experiencing a downfall in job applications after Brexit, which has restrained the employment screening services market growth in the UK. However, UK-based companies are expected to receive a larger number of job applications in the coming years owing to higher wages offered by employers. Further, with the normalization of economic activities after the pandemic, the country has experienced a rise in demand for human resources. Thus, an upsurge in employment favors the employment screening services market growth in the UK.Europe Employment Screening Services Market Segmentation
- The Europe employment screening services market is segmented based on services, application, organization size, and country. Based on services, the Europe employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held the largest market share in 2022.
- By application, the Europe employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held the largest market share in 2022.
- In terms of organization size, the Europe employment screening services market is bifurcated into SMEs and large enterprises. The large enterprises segment held a larger market share in 2022.
- Based on country, the Europe employment screening services market is segmented into the UK, France, Italy, Germany, Spain, and the Rest of Europe. The UK dominated the Europe employment screening services market share in 2022.
- Accurate Background, Capita Plc, DataFlow LLC, First Advantage Corp, HireRight LLC, Sterling Check Corp, Pinkerton Consulting & Investigations Inc, and Triton Inc are some of the leading players operating in the Europe employment screening services market.
Market Highlights
- Based on services, the Europe employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 50.9% market share in 2022, amassing US$ 641.92 million. It is projected to garner US$ 1.60 billion by 2030 to register 12.1% CAGR during 2022-2030.
- In terms of application, the Europe employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held 30.8% share of Europe employment screening services market in 2022, amassing US$ 388.62 million. It is projected to garner US$ 1.24 billion by 2030 to expand at 15.6% CAGR from 2022 to 2030.
- The large enterprises segment held 67.1% market share in 2022, amassing US$ 846.15 million. It is projected to garner US$ 2.17 billion by 2030 to register 12.5% CAGR between 2022 and 2030.
- This analysis states that the UK captured 37.8% share of Europe employment screening services market in 2022. It was assessed at US$ 477.10 million in 2022 and is likely to hit US$ 1.21 billion by 2030, exhibiting a CAGR of 12.4% during 2022-2030.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe employment screening services market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Europe employment screening services market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Europe Employment Screening Services Market Landscape
5. Europe Employment Screening Services Market - Key Market Dynamics
6. Employment Screening Services Market - Europe Market Analysis
7. Europe Employment Screening Services Market Analysis - by Services
8. Europe Employment Screening Services Market Analysis - by Application
9. Europe Employment Screening Services Market Analysis - by Organization Size
10. Europe Employment Screening Services Market - Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Europe Employment Screening Services market include:- Accurate Background
- Capita Plc
- DataFlow LLC
- First Advantage Corp
- HireRight LLC
- Sterling Check Corp
- Pinkerton Consulting & Investigations Inc
- Triton Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 106 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 1.26 Billion |
| Forecasted Market Value ( USD | $ 3.07 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 9 |
