How Talentchain will revolutionize the Recruitment industry
There is something terribly wrong with our hiring process. Recruiters are not able to find the right talent for a particular skill set in real time, however thorough and intensive the process might be. There is fraud in the recruitment supply chain and there is communication gap between companies, recruiters and job seekers. Recruiters face hurdles when they are provided with false information from job seekers be it educational or be it in their work experience.
To deal with this, background verification is done by outsourced background check provider companies which is a time consuming, elaborate affair and usually happens at the end of the hiring process. In the past few years, the nature of work in a person’s career graph has drastically changed. Previously a person used to have degrees from one or two universities and clearly defined roles with maximum one or two previous employers.
In today’s landscape a person is likely to have more jobs and with more diverse job roles and personal learning experiences than before. As per the report of U.S Bureau of Labor Statistics in 2016 the average job tenure for millennial workers from ages 24 to 35 was 2.8 years. Education profile too has become more dynamic and is now much harder to track and validate.
Also the same verification for the same individual happens over multiple times by multiple companies in a particular timeline.
We have already mentioned in one of our previous blogs of how to make educational certificates tamper proof by keeping in Blockchain. In this blog we would be taking this a bit further by even documenting the employment history of an individual in Blockchain.
Data kept in the Blockchain is impossible to tamper with and any information provided is immutable thus, when the employment records are certified by the employers themselves, recruiters can always verify applicant’s claim on physical resumes. Blockchain provides a way in which there is a public part of the applicant’s profile and a private part which will be shown only when the user gives access to the profile.
Blockchain updates all the educational and employment history from payroll, work performance, to employee workplace character thus eliminating the redundancy that has plagued the recruitment industry.
Talentchain eliminates the friction and costs of third-party intermediaries like expensive background verification companies during the talent hunting process thus, dramatically reducing the cost of talent acquisition. This aids in creating an honest and transparent hiring process, which helps corporates in achieving a more aligned job-talent fitment.