The background check industry has always been a strong business, but many companies that have been in the business for years are seeing some possible headwinds approaching within the industry. Let’s take a look at some of the challenges we are facing as an industry.
According to Pew Research, Millennials are forecasted to outnumber Baby Boomers in the workplace by 2028. Millennials have different expectations than previous generations. Privacy issues, enhanced user experience and social media usage are all factors that must be considered as background check companies and HR departments prepare for the Millennial landslide into the workforce.
Strengthened by a recent prioritization by the Equal Employment Opportunity Commission, new on-demand workforces will be the next hurdle for background check companies. Gig employees will present new challenges due to their varied work history while the demand for quick turnarounds will increase. Employers will need to focus on two essential factors when hiring within this field: Consistent background checks for gig employees, and practicing due diligence when hiring.
The Fair Credit Reporting Act (FCRA) presents a number of considerations for the background check industry as legal action continues to be an ongoing risk for companies. Ensuring compliance with FCRA regulations in the background screening process is essential, so take the time to review your procedures on a regular basis to make sure they are in alignment with regulatory changes.
As the industry continues to change, we are proud to provide our customers with the top-rated, fully compliant technology solutions. Whether it be industry disruption through technology or new regulation, rest assured deverus has your back.
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