Despite the pandemic wreaking havoc on the economy, major global pre-employment service provider Veremark has posted more than 800 percent growth in the last 12 months, delivering thousands of checks per month to its range of business-process outsourcing (BPO) and professional service clients in the Philippines, and exceeding $1 million in annual recurring revenues (ARR) in monthly sales.
Jeremiah Chow, head of sales for Asia Pacific of Veremark, told BusinessMirror in an e-mail interview that the company is having a banner year highlighted by the huge confidence given to them by their clients from the BPO sector.
“We are very bullish on the growth of Veremark’s business in the Philippine market. The Philippines has demonstrated its resiliency during the pandemic and companies continue to hire people to support the growth of their businesses. Since last year, the Philippines has been our most active market for new companies to start using Veremark’s automated background screening platform. The market is highly accepting and forward-thinking about the digitization of old-fashioned and manual processes which relates to everything we do,” Chow explained.
BPOs contribute 70 percent of the company’s total revenues.
Moreover, Chow also stressed that the technology-driven company is also interested to help the local small and medium enterprises. “Veremark is designed to help companies of all sizes. SMEs can easily sign up and order the different background checks they need without any difficulty or long-term commitment,” Chow added.
“We know SMEs are already inundated with many priorities but want to make sure they hire the right people for their companies through background checks, and as such we have specifically built our product to make it easier and faster for them to save time and money when doing these necessary checks,” Chow added.
SMEs constitute 99.6 percent of registered businesses in the Philippines.
Chow said hiring the right people for the job is an arduous task that involves spending a big sum of money to source, onboard and train a candidate, only to realize a few months later that they made the wrong hire. For getting a wrong hire, Chow said the cost can easily go up to five times the monthly salary of the person.
He noted that integrating efficient and time-saving background checks in the hiring process can help entrepreneurs mitigate hiring risks. “Veremark can help businesses make fewer bad hires at a more efficient turnaround time,” he said.
He stressed Veremark can handle the demands of finding the right people for a company, helping most time-pressed businesses to quickly implement a best-in-class screening process that requires no manual effort on their side.
Veremark has a superb track record as it is the highest-rated background screening platform on third-party review sites like Capterra because it gives value to a positive user experience.
Launched in late 2019, Veremark provides an automated digital-first solution that instantly lets companies, large or small, order a wide range of checks like employment history, academic, criminal and credit records checks anywhere in the world.