How Can Blockchain Transform the Recruitment Process?
Blockchain technology has received approval and acceptance from a growing majority of sectors around the globe. By introducing a whole lot more than currency, Blockchain presents a unique world of possibilities, revolutionizing the way we do business. Many business owners are still entirely unaware of the potential benefits Blockchain may bring to the forefront of their companies. From hiring to information storage, contract changes, and more, blockchain technology is taking care of the details for us.
This new technology is drastically transforming the HR & recruitment process. From being admired by few to becoming a game-changer within the financial and operational sector, Blockchain is also revolutionizing the way companies hire. Hiring workers is an expensive and lengthy procedure, where money and time are often lost as companies are desperate to find new talent. A company that is currently utilizing this technology is HireMatch. They use a decentralized employment marketplace that does not rely on traditional recruiters or headhunters. Using Blockchain allows them to cast a wider net when searching for candidates, schedule interviews, and send businesses pre-qualified/verified candidates. Gospel Technology is another excellent example of a company making giant leaps in becoming a Blockchain-based startup by transforming its HR system. They can share sensitive data within and out of the organization in a controlled manner.
Blockchain technology is helping employers find new talent through innovative means of filtering and scrutinization. Blockchain will soon have plenty of information for the secure review of candidates with trustworthy verification for any position or company size. This technology can successfully disrupt the way HR professionals search, recruit, and hire new employees. Interestingly enough, Job.com has already combined such artificial intelligence with Blockchain, pairing applicants and employers together using an automated platform. Their model uses blockchain technology to enhance feedback and even present financial rewards. By fully utilizing its abilities, we may very soon have a more accurate and practical approach to most things done in HR.
Strangely enough, Blockchain even can make resumes and platforms such as Linkedin obsolete, and it may already be doing so. Blockchain is perfectly capable of removing the lengthy verification process in HR, where they could use the public Blockchain providing all employment history and relevant information regarding a candidate. This process may benefit some and negatively impact others. Subjectivity may no longer have a place in the recruitment process and require candidates to commit to the entire disclosure of their employment history. With a complete picture of a candidate’s strengths and weaknesses, the possibilities are limitless with Blockchain. Various other platforms like Beowulf have used Blockchain to streamline workplace communication or Etch for creating an instant payroll system.
With the unique ability to automate and verify large streams of information at once, these decentralized networks of computers are no longer in need of a middleman. Blockchain technology will be able to take and store candidate information for the accessibility of employers in search of new employees. Providing crucial authentication companies so desperately need, Blockchain will additionally be able to change contracts without the need to arrive at an old-fashioned, commercial agreement. Whether our society is ready or not for this type of change, we can expect it to disrupt many industries, especially HR. The pros outweigh the cons, and although the limitless possibilities have risks, a faster, more efficient method to HR is worth exploring.