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Why speed to market is important for background check companies

May 11, 2017

The ability to complete the hiring process in a matter of days is a goal for many companies and governments, but in reality, it takes weeks, and all because of background checks. Background checks are a strenuous part of the hiring phase, and yet are a necessary step for most reputable companies. With outsourcing, so prevalent in today’s economy, the difference between a top background check company and their competition is typically the speed in which the check is completed. With this in mind, we are going to look at why speed to market is one of the keys to a successful background check company.

Within the hiring process, the background check is normally one of the first things that are completed. It will allow a company to know for certain someone’s credentials and previous work experience is accurate, and will further ensure a candidate is the right fit. However, this also means that depending on the process the company is using, the process could be stopped until the background check is sent back. Thus, the speed of return is a crucial factor when a prospective client is choosing a background check company.

As well, as a background check company, you need to see your turnaround time as not only a selling point but a metric that will showcase your productivity. Most background checks come in at a fixed rate, and the more time that a check sits on your desk, the worse off your productivity is in this regard. You need to be able to move checks through at a quick enough pace to continue to pay the bills and provide a profit margin that will let you expand with ease. Customers are not the only people who should be looking at return on investment, as a company you sometimes need to look on the inside and see where you are wasting opportunities. To make money in this business you will need to improve speed to market. It is that simple.

Finally, one has to only look at your own worth as a company when trying to evaluate how important speed to market is for your company. Speed to market is the essential factor that will be used when comparing background check companies from a perspective client. If you are able to guarantee speed, all while maintaining a consistent record in providing accurate checks, you will be well in the clear. No matter if you are looking at automation, or an expedited check, you need to be able to improve your speed, all while keeping up the standards of said checks. This is the golden rule in background checks, and to be successful you will need to maintain these standards of speed and accuracy.

Speed to market is one of the essential parts of a successful background check business. Without a speedy return, you could face issues such as holding up the hiring process of potential clients or a loss of productivity. As well, if you are to be successful in this business, speed to market with accuracy is the way to succeed, and that you can take to the bank.

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