First Advantage Announces Release of 2023 Annual Trends Report

Rhea-AI Summary

First Advantage Corporation (NASDAQ: FA) has released its 2023 Annual Trends Report, analyzing over 100 million background screens conducted in 2022. This fifth annual report highlights key trends emerging from the evolving labor market, with a particular focus on risk management becoming employers' top priority in background checks, especially in regulated industries. Notable findings include:

• 65% of organizations value applicant experience for enhancing employee satisfaction.
• 16% reduction in turnaround times for county criminal searches due to improved automation.
• 37% increase in the use of instant oral fluid drug tests from 2021 to 2022.
• 20% more companies are revisiting their screening programs compared to pre-pandemic levels.

First Advantage anticipates further insights in an upcoming webinar on May 11, 2023.

Positive

• 65% of organizations prioritize applicant experience, enhancing employee satisfaction.
• Improved automation led to a 16% decrease in county criminal search turnaround times.
• 37% increase in adoption of OralTox® and instant oral fluid drug tests from 2021 to 2022.
• 20% more companies plan to review their screening programs post-pandemic compared to 2019.

Negative

• None.

Proprietary Research Identifies Changes Underway in Dynamic Hiring Market

ATLANTA, April 25, 2023 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading global provider of employment background screening and verification solutions, today announced the release of its 2023 Annual Trends Report.

Now in its fifth year, the annual trends report analyzes aggregated data from the over 100 million screens First Advantage conducted in 2022 and cross-references the findings against employer survey data to identify the latest trends in background screening. As organizations seek to navigate the dynamic nature of today’s world of work, First Advantage’s proprietary research illuminates key themes around screening behaviors and allows customers to benchmark against industry best practices.

Given the evolution of the labor landscape during 2022, one noteworthy takeaway from this year’s report is the emergence of risk as the new top priority for employers when ordering a background check. Despite the tight job market experienced during 2022, employers, especially those in heavily regulated industries, put additional emphasis on mitigating risks and protecting their reputation.

Accounting for six critical reasons that First Advantage customers screen applicants and employees, ranging from criminal history and experience to risk exposure and compliance, the report also found that:

• Some 65 percent of respondents say the applicant experience is important to their organization because it sets the tone for a good employee experience.
• By putting a focus on automation and efficiency, First Advantage decreased county criminal search turnaround times by 16 percent.
• Thirty-seven percent of respondents have increased the adoption of OralTox^® and other instant oral fluid drug tests from 2021 to 2022.
• Approximately 20 percent more companies plan to review and possibly revise their screening programs this year compared to before the pandemic in 2019.

Also included in the report are a number of case studies examining changes in screening behavior over a prolonged period as well as actionable analysis to help customers evaluate and optimize their screening programs.

First Advantage CEO Scott Staples shared, “Through our annual trends report, First Advantage can see how companies react and respond to major workforce shifts like those experienced over the last three years. What we’re seeing now represents a move toward the next chapter as employers distance themselves from the pandemic era and start to rethink the future of work.”

First Advantage will explore the research in an upcoming webinar, “2023 Will Be Transformative: Background Screening and Drug Testing Trends Revealed.” The event will take place on Thursday, May 11, 2023, at 1:00 p.m. and will offer attendees expert insights and an in-depth look at this year’s findings. Registration is available here.

To download the First Advantage 2023 Annual Trends Report, please visit here.

About First Advantage
First Advantage (NASDAQ: FA) is a leading global provider of employment background screening and verification solutions. The Company delivers innovative services and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology, First Advantage’s products help companies protect their brands and provide safer environments for their customers and their most important resources: employees, contractors, contingent workers, tenants, and drivers. Headquartered in Atlanta, Georgia, First Advantage performs screens in over 200 countries and territories on behalf of its approximately 33,000 customers. For more information about First Advantage, visit the Company’s website at https://fadv.com. 

FAQ

What are the key findings from First Advantage's 2023 Annual Trends Report?

The report highlights that 65% of organizations prioritize applicant experience, a 16% reduction in turnaround times for criminal checks, a 37% increase in the use of instant oral fluid drug tests, and a 20% increase in companies reviewing screening programs.

When is the First Advantage webinar about the 2023 trends?

The webinar is scheduled for May 11, 2023, at 1:00 p.m.

How many background screens did First Advantage conduct in 2022?

First Advantage conducted over 100 million background screens in 2022.

Why is risk management a focus for employers in background checks?

Risk management has become the top priority due to the dynamic labor market and increasing regulatory requirements, especially in heavily regulated industries.