Internal HR tool to plot journey of employee skills
Employees are the most valuable asset of a company, since their passion to deliver and alignment to a common goal would determine a company’s destiny. Human capital management has gone through multiple experiments in search for a panacea for effective people management. Yet, it is fractured, leading to income inequality, job insecurity and attrition of prized talent. In the recent past, we have witnessed a surge in creative job descriptions that lack clear key performance indicators for the evaluator and career progression path for the employee. Talking of performance indicators and appraisals, evaluating soft skills fairly would be one of the top HR challenges. Bell curve and alike have fallen short of the expectation and have been discarded in almost all progressive workplaces. HR Management systems needs traceability of employee achievements and capturing of genuine endorsements on an irrefutable ledger.
Average cost of hiring new talents has skyrocketed over the past years and it’s only northbound in the future. Trends worldwide show more than 10% increase in wage rates and pay jumps for senior executives in large corporations have risen as much as 50%. And if companies in emerging markets manage to recruit the people they seek, they must often entice with additional bonuses and attractive benefits to retain them. A company without a proven talent management strategy in place is going to hurt itself in the long run.
Take the case of Ms. Susie who’s is now the new manager of a software team. Due to a limited overlapping period between Susie and Hari (her predecessor), she didn’t get any formal handover from Hari on upcoming performance reviews. In such a situation, she could always solicit feedback about each employee within the team, but that wouldn’t be a scalable option. And to make matters worse her team spans across geographies. Eventually over a period of time this evaluation gap leads to dissatisfaction and finally attrition of super performers. This is the fallacy of a person dependent process as against a system dependent process coupled by the blockchain trust habitat. In a blockchain ecosystem like Talentchain, Ms. Susie can rely on a trusted tool to keep track of employee achievements and their goals.
A typical dilemma encountered by companies during the performance review cycle are situations where more than one associate is worthy of a promotion. More often than not these candidates typically would have same years of experience and have executed similar projects. Cases like these can turn out to be ordeals even for experienced managers. Employee rewards and recognitions can come to the rescue during these deliberations, but only if they are consolidated, readily available and from verified sources. With the advent of AI and widespread automation, like chatbots replacing physical agents, modern employers are investing more and more in retraining which also needs to be tracked. An immutable ledger to plot the journey with such trainings, endorsements can attract better talent in the organization. To sum it up, everything an employee has achieved and learned during his tenure in the company should be quantifiable, measurable and verifiable by the manager as well as the employee, creating an environment of transparency and trust.
Talentchain is trying to accomplish all these and much more, by consolidating all achievements of the employee digitally in one place called Employment Dossier. It encompasses every aspect of one’s tenure in an organization such as feedback from line managers, endorsements and awards, whitepaper presentations, e-learning certificates and alike, maintained in one secure vault. The blockchain technology used in employment dossiers ensures that the data is immutable and indisputable that can serve as a systematic means for hiring managers to shortlist a candidate. Snapshot of a professional’s journey not only helps the recruiter to assess a profile but also enables the candidate to plan his career progression. Talentchain is a huge leap from all the error prone systems deployed today, thus can help companies to find their perfect match. New hires as well as existing employees would form high performing teams creating a breeding ground for innovation.
As Richard Branson rightly puts it “Clients don’t come first, Employees come first. If you take care of your employees, they will take care of your clients”
About the Authors
Jiji Joseph, a Blockchain and an AI enthusiast is a software developer with 8+ yrs. experience in the industry. She has been part of various blockchain forums and believes technology can be used to bridge the privilege gap in developing nations. As a change agent to build a better tomorrow, she contributes voluntarily to Talentchain thought papers and blogs.
Ayon Hazra, Cofounder of Talentchain, advises clients on sustainable blockchain adoption and customer journeys as part of their transformation programs. He is passionate about promoting social impact organizations and creating sustainability platforms on the blockchain. He has 14 yrs. Business Consulting & Presales experience in digital technologies at Cognizant Business Consulting, Ericsson, and Oracle Consulting.