Is there something wrong with the current hiring process? Yes. Recruiters are not finding the right talent in real-time, there is fraud in the recruitment supply chain, and there is a gap in communication. Recruiters face issues from candidates who give false information. The hiring process has an image problem, as candidates perceive the lack of integrity, slow recruitment process, and the refusal by recruiters to provide feedback to candidates post-interview as some of the problems they face.
Corporations are however looking for ways to leverage technology to restructure the hiring process to meet the 21st-century workforce and bridge the inefficiency gap.
Blockchain in Hiring
Blockchain is appealing to recruiters as it presents itself in a way that confirms, validates, and authenticates the information provided by applicants. Blockchain technology is impossible to tamper with, and any information provided is immutable — thus , when the educational/employment records have been certified by Universities/employers, recruiters can always verify applicants’ claims on physical resumes.
Verifying an employee’s education and work experience is time-consuming, only happening at the end of the hiring process and through a background check provider — which could also be impervious. But when the candidate is ready to publicly share the certified information, blockchain provides a way in which there is a public part of the applicant’ profile and a private part which will be shown only when the user gives access to the profile. This will be a function of filtered ads– these filtered ads automate finding job seekers that fit particular job roles.
There is so much cost associated with the verification of information, given how much the workforce demography has changed. HR is at a stage where technology trends should be used to improve the inefficiencies in the hiring process as it is a data-based function. It is valuable that an individual’s education or work experiences are immutable and is therefore available to potential recruiters.
Japan is developing a blockchain technology to create a prototype resume authentication database for job seekers, eliminating fraudulent credential claims and improve transparency. Blockchain updates all the educational and employment history, from payroll, work performance to employee workplace character, eliminating the redundancy that has ravaged the recruitment process.
In Australia, Chronobank is deploying a blockchain system for freelancers to obtain work and pay on correspondence to labor hours. Sergienko Sergei says that the goal is to make a difference in the way people find work and get rewarded without the involvement of financial institutions. This change will see more HR leaders seek this technology trend, as the world is moving to the economy of freelancers.
The advent of a digital passport to build relationships between corporations and individuals which is subject to traceability by Blockchain ensures that every information provided on that network is valid. Gideon Aschwanden, a lecturer at the University of Melbourne, says that- “Getting a fake transcript is only a click away and this is the reason why universities are working towards an ’Educational Passport’. This passport stores your student records on the blockchain, verified by your alma mater and accessible for potential employers in job interviews and other universities.”
This will help mitigate the rate at which students falsify academic records and will enable more recruiters to acquire the right talent for jobs.
Qualifications and grades could be time stamped and registered for each digital passport of every student. As the student enters the workforce and each employer validates the start date and end date. The footprint that the digital ID will have will, of course, be unique and impossible to replicate making it much easier to verify.
And there is Jobeum
Jobeum is a blockchain-based professional network, a transparent system where users control who sees a specific part of the information in their profile. Jobeum allows candidates to create a solid profile with confirmed skill sets which can be unfailingly used to find new jobs. Recruiters will be advantageous because they will be able to quickly find qualified candidates and share their tokens with the candidates themselves. Recruiters can place targeted ads at specific profiles, the ads are viewed, and users are paid for viewing the ads using JBT tokens.
Blockchain gives more value to the recruitment supply chain, as it will combat fraud and cut verification and hiring time line. It will allow individuals to have the right interpretation of their profiles while reducing hiring and record falsification. Blockchain will steer transition to HR processing and solve fundamental job placement challenges.