Global background checks: Ensuring compliance and consistency across borders
– By Piyush Peshwani
Amidst the era of extreme globalization, organizations across industries are experiencing a remarkable upsurge in the recruitment of global talent. This surge is primarily a response to the evolving paradigms of work, with remote and hybrid models becoming prevalent. Companies are now engaged in a fierce competition to attract global talent as a means of sustaining their competitiveness in the global landscape. In alignment with this trend, companies are proactively enhancing their HR functions, encompassing not only talent acquisition and retention but also the vital aspect of verification processes.
In today’s interconnected world, global background screenings have become an indispensable element for businesses to operate effectively. Whether it’s an organization seeking to onboard international talent or an individual engaging in business with global clients, background verification has emerged as a critical and essential step cutting across various business sectors.
Key roadblocks impeding the process
In a world characterized by the rich tapestry of cultures, languages, and beliefs, trust doesn’t naturally arise, prompting a significant reevaluation of global background check procedures. The global identity verification market is poised for substantial growth, driven by a confluence of factors such as the emergence of the gig economy, remote work arrangements, a diverse candidate pool, and digital onboarding. It’s projected to expand from USD 8.6 Billion in 2021 to USD 18.6 Billion by 2026, reflecting a Compound Annual Growth Rate (CAGR) of 16.6 per cent during the period from 2021 to 2026.
Traditionally, global background verifications consumed a minimum of 10-15 days, which was deemed a
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