When Bitcoin exploded into the scene, the technology that came with it was quickly adopted by numerous industries as a way to manage information securely, transparently, and above all, transparently, something that Human resource departments are in desperate need of: a method of managing talent and people, from communication to getting paid on time.
It’s no secret that resumes are often embellished in order to make the candidate seem more attractive to employers, but with blockchain, everything will be up-to-date and accurate. By removing the human element and offering only verifiable credentials, it can weed out the noise and let employers cut to the very heart of who they are looking for. It would be like LinkedIn, but better, because the social network for professionals cannot stop people from adding fraudulent information to their profile, despite their best efforts.
LaborX, an Australian blockchain company, reiterated that using this technology in HR is the ultimate solution to “streamline global access to work and payments”. Not only will this ensure fairness across the board, it will also open doors to candidates all over the world and offer them the same kind of opportunities as their counterparts in different time zones, all the while ensuring that they will be paid promptly and fairly.
Blockchain can work hand in hand with A.I. in order to assist hirers to connect with appropriate jobseekers. This can greatly increase efficiency in the workforce as employers are no longer wasting their time with hits-and-miss, but are matched up with candidates that fulfill all pre-requisite requirements and more. Weeding through candidates can be a time-consuming and tedious process, but it can be done in a split second thanks to technology. It’ll be as simple as telling your computer to sort files by date or name.
Currently, there are new platforms being introduced that utilize both elements in order to create an environment that is both efficient and convenient.
Traditional HR isn’t the only department that can benefit from the effects of blockchain. This technology can also extend to freelancers as well as help them secure gigs that are both legitimate and fair.
The experts from LaborX explain that “Gig economy is very real, especially in today’s landscape. Having to deal with a pandemic meant that a lot of people lost their jobs, especially non-essential personnel, and many more were forced to go online in search of their next job. While there were already freelancing platforms set up to facilitate this process, there isn’t one that is as comprehensive and accountable. We’ve heard horror stories about how freelancers lost their money due to a loophole in the system whereby the buyer lodges a report with their bank or service provider such as Paypal and the seller loses their income despite having delivered their work. On LaborX, that could never happen.”
Tax laws are constantly evolving and it can be another tedious process to keep up with all the changes. On the blockchain, everything is interlinked and you can’t make a change in one sector without influencing change on the entire chain. Being able to streamline the entire process is a game changer for HR professionals. Aside from taxes, blockchain can also record sick days, bonuses, commissions, overtime, and other expenses. This alone makes blockchain all the more attractive to HR departments and their willingness to adapt it for their company.
On top of handling and automating taxes and expenses, blockchain technology can also easily dole out benefits to a company’s employees effectively. Much like a smart contract, in which certain requirements have to be met before payment is released, employers can detail what milestones employees have to meet in order to be eligible for certain benefits and it’s up to the employees to hit those targets.
Traditionally, employers or the HR department will have to manually evaluate and assess each employee and situation before any type of reimbursement is served. This is often followed by a cooling-off period as well as a ton of paperwork.
According to LaborX, “Blockchain essentially can replace traditional black and white documentation because you can’t modify what has already been set in stone. Blockchain is that stone. Everything you key into it is encrypted and recorded on multiple servers, ensuring that nobody can tamper with that information, and it continues to be the key factor to its popularity all over the world in all industries.”
Reimbursement through blockchain will not be vulnerable to conflicts between employers and employees because everyone would know where they stand and payments will be prompt and ensured, leaving no room for dissatisfaction.
While the world continues to evolve towards a digital age, it is only a matter of time before everything is online. The only way to keep information secure and invulnerable to hackers or crashes is to utilize the solution that is blockchain.