How Chaintrail a Blockchain Driven Trust Ecosystem can Transform Employee Engagement?

Introduction

A crucial part of a thriving corporation is its employees. Businesses can differentiate themselves with both their potential hires and current employees through how they manage their interactions with them.

While there are countless ways for a corporation to make a strong, positive impression on its existing and prospective resource pool, a surprising — and cost-saving — method to construct the relationship is by leveraging tools that transform how a corporation exchanges information internally and externally

Distributed ledger technology (DLT), like ChainTrail, can transform a document process flow and significantly reduce the time taken to process information. By leveraging the cutting edge technology and trust built by a Blockchain network, corporations can reduce paper-based processes, enhance accountability and build transparency between different stakeholders.

Problem Statement

Human resources team are the guardians of all information related to employees of an organization, and with existing processes, they have some significant issues related to communication flow, verification, trust, and document validation. The time consumed by paperwork is complicated by various internal approvals and external signoffs. A process that could take weeks in a large corporation may be shrunk to just a day with a solution like Chaintrail.

Let us take the example of an employee applying for a personal loan from a bank. Once the employee puts in a request for a bank loan, he/she is expected to share his salary slip, employment record and Form 16 with the bank. In many organizations, this is still a paper-based process.

The existing flow of the request for an organization could be, an employee raising a request for documents using an email or an HR portal. The backend HR team acknowledging the request and based on an employee status the HR team validates or invalidates the data. In case this request is moving through manual processes there are inefficiencies built within it, because of multiple manual touchpoints.

Another factor to consider is a list of documents that HR needs to share with their employees. It includes the following but is not limited to:

• Salary Certificate
• Employment Certificate
• Salary Slips
• Employment Contracts
• Internal HR Letters to employees
• New Hires Document Submission
• Training Completion Certificates

Issuing and authorizing these documents requires paperwork, signatures from respective authority, printing, time and effort of HR team along with the patience of employees.

In India under Employees’ State Insurance (General) Regulations, 1950 Rule 32 mentions that every employer will need to maintain a record of every employee working for that organization for 5 years’ minimum.

This rule also prescribes that the employer shall give a reasonable opportunity to any of his employees, if he so desires, to see entries in respect of such employee in this register once a month.

Because of information silo in many organizations, the existing setup has no mechanism of validating data once it leaves the organization boundary. A document that has trust inbuilt in it within the ecosystem is not transferred when it leaves the periphery of an organization.

Some HR teams are still using the traditional mechanism of manual approval process; this is a flow that has inefficiency inbuilt within it. Modern HR teams are moving towards automation along with timeline and hierarchy defined approval process.

How Chaintrail Can Help

Imagine a solution where an employee raises a request through an HR portal that references the information through built-in rules from a database and issues a certificate that is pre-validated requiring no manual intervention or validated and eSigned by someone in the HR team where needed. This reduces the multiple touchpoints of human interaction related to the document.

In the above scenario add reliable verifiability by the receiver of that document (bank, government, embassy, etc etc) using ChainTrail’s Blockchain powered and Ecosystem operated data interchange — It’s a Win-Win-Win situation. Organizations adopting the solution cut cost and bring efficiency within HR, Employee is empowered with verifiable data for life (yes, even after they part ways with the organization) and receivers do not add to issuers’ cost by seeking verification but go directly to ChainTrail data interchange to verify.

When organizations use Chaintrail, it becomes an extension of the HR platform already in use or replaces paper-based manual processes completely.

In a democratized data interchange platform like Chaintrail, even if the verifying entity is not part of the ecosystem it just has to visit the employers portal or verification service on ChainTrail.Com to instantly verify.

Legislation in India, like (The E-SIGN Act), signed in 2000 followed up with a major Amendment in 2008, have paved the way for eSignatures. Same is true for over 90 countries worldwide. A legally compliant eSigned document like the one produced on Chaintrail has similar contractual implications like a traditional signed document. By leveraging a distributed blockchain service that ensures a comprehensive unbreakable audit trail HR Departments can rely on to transform their business cycle and come out as champions of business transformation.

To wrap up

HR documentation operations are seen as operational overhead. A role needed to primarily meet legal prerequisites. These operational issues are increasing annually to ranging from compliance issues, offer letters, expense settlement, requests for vacation time, employee performance plans, and on and on.

The time consumed by paperwork is complicated by various internal approvals and external sign-offs. A process that could take days in a large corporation may be shrunk to minutes with Chaintrail. Additionally, making the entire operation paperless and lean.

With multiple technology solutions currently available that help human resources team optimize business process, HR experts have many choices. With Chaintrail, it is easier than ever before to streamline workflows, increase efficiencies, empower employees and of course, reduce cost.