HireRight Releases 15th Annual Benchmark Report

Rhea-AI Summary

HireRight (NYSE: HRT) released its 15th Annual Global Benchmark Report titled “The Talent Game,” which surveyed over 2,300 HR and risk professionals worldwide. The report highlights trends in background screening, talent acquisition, and remote work. Key findings include a projected increase in challenges related to meeting candidates' benefits expectations, a rise in social media screening, and extended background checks for non-employee workers. Additionally, hiring difficulties persist, with prolonged hiring times and high resignation rates reported across regions.

Positive

• The report provides valuable insights into current recruitment trends, helping companies benchmark their practices against peers.
• Increased adoption of hybrid/remote work models in EMEA and APAC regions suggests adaptability in workforce management.

Negative

• Recruitment challenges remain persistent, with long hiring times and high resignation rates affecting North America, EMEA, and APAC.

“The Talent Game” reveals global and regional background screening and recruitment trends in 2022

NASHVILLE, Tenn.--(BUSINESS WIRE)-- HireRight (NYSE: HRT), a leading provider of global background screening services and workforce solutions, announced today the release of its latest Global Benchmark Report, titled “The Talent Game,” based on the survey responses of over 2,300 human resources and risk professionals worldwide.

HireRight’s 15^th Annual Benchmark Report provides insights from these professionals, shared between March 1 and March 25, 2022, into the latest trends in background screening, talent acquisition, and remote working around the world. Additionally, the report includes a global overview of some of the data privacy laws impacting employers and their background screening programs in North America, Latin America, EMEA, and Asia-Pacific (APAC).

Among key global takeaways, the survey found that:

• Businesses anticipate that meeting candidates’ benefits/perks expectations will be a top talent acquisition challenge this year – and for the next three years.
• Companies in EMEA and APAC are more likely to adopt a hybrid/remote work model than those in North America.
• Social media screening is on the rise, with more businesses using it to help mitigate the risks of their hybrid/remote workforces.
• Over three-quarters of respondents ranked “accuracy of results” as one of the most important factors when choosing a screening partner, with speed and cost rounding out the top three.
• More organizations with extended workforces are including their non-employee workers in their background screening programs – in particular, their interns.

Globally, many of HireRight’s survey respondents reported experiencing the same recruitment challenges as in 2021 – an increased time to hire and high resignation rates were among the top three challenges in North America, EMEA, and APAC. Additionally, respondents in each region identified online job boards, referrals, and social media as their most effective recruitment channels in both years.

However, respondents from different regions diverged in their approaches to solving their talent challenges. HireRight’s survey found that while over half of respondents from North America and APAC said their businesses increased their salaries and/or offered additional benefits to help drive recruitment in 2021, respondents from EMEA were most likely to have explored new channels to advertise their vacancies.

“I am delighted to mark 15 years of industry benchmarking research at HireRight with the release of our 15^th Annual Benchmark Report, which follows our Silver Stevie® Award-winning 2021 Global Benchmark Report,” said Guy Abramo, HireRight President and CEO. “This year’s report provides an updated overview of global background screening and recruitment landscapes, allowing employers to benchmark their activities to peers, regionally and internationally, and identify important trends that may influence future business plans and activity.”

For more information and to download HireRight’s 15th Annual Benchmark Report, please visit: www.hireright.com/benchmark15.

About HireRight

HireRight is a leading global provider of technology-driven workforce risk management and compliance solutions, providing comprehensive background screening, verification, identification, monitoring, and drug and health screening services. HireRight offers services via a unified global software and data platform that tightly integrates into its customers' human capital management systems enabling highly effective and efficient workflows for workforce hiring, onboarding, and monitoring. In 2021, HireRight screened over 29 million job applicants, employees, and contractors for its more than 40,000 customers around the globe and processed over 110 million screens. For more information, visit www.HireRight.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005154/en/

Investors:

Investor.Relations@HireRight.com

Media:

Monica Soladay

Media.Relations@HireRight.com

Source: HireRight

FAQ

What insights does HireRight's 15th Annual Benchmark Report provide?

The report offers insights on recruitment trends, background screening, and challenges faced by HR professionals globally.

What are the main challenges identified in HireRight's report for talent acquisition?

Top challenges include meeting candidates' benefits expectations and an increased time to hire.

How does social media screening play a role according to HireRight's report?

The report indicates a rise in social media screening to mitigate risks associated with hybrid and remote workforces.

When was the survey conducted for HireRight's 15th Annual Benchmark Report?

The survey was conducted between March 1 and March 25, 2022.

What regional differences did HireRight's report highlight in recruitment strategies?

The report found that while North America and APAC increased salaries and benefits, EMEA respondents explored new advertising channels.