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Yes, you heard it right! After the revolutions in finance, energy and healthcare Blockchain is putting its footsteps on Human Resource now.
As per a survey by Deloitte, the implementation of Blockchain has increased by 2000% from 2013 and it’s still surging for new industries. HR is next!
In the fall of 2019, we are going to see some game-changing innovations that will impact human resources to a great extent.
In this blog, we will discuss those possibilities that blockchain will bring to the recruitment space.
Blockchain in recruitment would change the landscape for Human Resource Department without compromising on data security, confidentiality and eliminating the interference caused by middle-man involvement forging reduced costs and increased transparency in the workflow that transformed the Human Resource department once and for all.
Let’s dig down deeper and understand how Blockchain will help in transforming the Human Resource Department:
For every Human Resource Department, hiring the best talent from the country would remain on the top list of their job proceedings. Finding the right match in stipulated time with the churns of incoming applications is a tough task at hand as according to a survey, the average cost of one bad hire is $14,900, and recent reports suggest that millennials change employers every 2.8 years.
In this scenario, the functioning of the HR Department seems frivolous. In order to maintain the tranquility of HR operations, blockchain as a technology repurposes the workflow of the HR Department with technical capabilities for better efficiency and transparency. The crucial step in hiring the best fit for an employer depends a lot on cumbersome resume screening, background verification, and LinkedIn’s account at face value for the recruiter’s which is not enough to judge candidate credibility and potential.
How Blockchain in Recruitment would help?
With public blockchain nodes, data stored in Blockchain timestamps can't be overridden at any point in time which give full access to the recruiters to access the employment history, background check and educational qualification of the candidate before shortlisting which can save time and reduce inefficiencies and accelerate the rate of potential hiring and closing of the open positions in a stipulated time.
With a more proficient picture of the convergence of blockchain along with the HR vertical can help in directing the right picture of the candidate for the next potential hire for the company.
Do you also feel the word taxation is cumbersome and seems tedious? Imagine what does the word has in store for the Human Resource Department? Impending paperwork, statistics, and calculations can't be taken into the account just by manually calculation tax turnover not just for the employees but for the employer.
It is said that blockchain could automate taxation by tracking your income and purchases thus resting your tax rates accordingly in real-time. Now, there is no need to wait all year long when you can safeguard yourself from the hassle of paperwork and tedious taxation as blockchain is here to automate the taxation process for better.
It has been observed that there are inefficiencies leading to irregularity in performing regular day to day tasks as well as recruitment activities. The major reason behind this could be the streamlining of processes that laid a major setback in maintaining the regularity of the prescribed tasks in time. Blockchain development in recruitment will help in aiding the existing pain points of the recruiter.
From tracking payroll to issuing checks and managing employment contracts, blockchain will serve it all as there is no intermediary involved in the transfer of funds which will not only reduce third-party costs but also streamline processes for the flow of funds from one entity to another. It will also cut down the regular compliance and regulatory control over the regular tasks through the emergence of smart contracts which will behold both the parties for the transfer of funds and much more.
Employers certainly foresee the future with their existing workforce, still, there is lesser trust and reliability in countering certain projects or tasks through augmented teams as there are several issues which forbid the employer to choose employees from an outside force. But with smart contracts, providing workforce flexibility forging productivity and efficiency for the overall workflow in an organisation.
Blockchain’s emergence in the technical world has much more to offer. Still, these are just recommendations and there is a long way to go for blockchain to be seen in the real practical world as the adoption of technology in the HR Department. Blockchain’s role in recruitment will help in curbing all the existing issues while maintaining trust, confidentiality, and integrity for the existing and upcoming data sets.
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