How BHIRED.io Helps Companies Find the Skills They Need
U.S. job openings are at an all-time high; this is great news for people looking for work, but it’s troubling for companies who need to fill vacancies with qualified candidates. Bad hires are time-wasting and expensive, which makes the stakes for these companies high.
Many of today’s job seekers don’t have the skills required to fill in-demand positions; a recent report from Korn Ferry predicted that a hiring challenge like this isn’t going anywhere fast. Skills shortages could cost the global economy $8.452 trillion annually by 2030. Plenty of that lost labor output stems from vacancies in positions that require advanced education, particularly in fields like tech, financial services, and high-level manufacturing. As these industries rapidly evolve, many companies are looking for technical skills that didn’t exist until recently, which means continuing education, work experience, and soft skills are even more relevant than before. These expertise help companies understand recent skills development and learning potential.
Big challenges require big solutions, and at BHIRED.io we think blockchain fits the bill. Our platform uses a blockchain for data storage to establish a universally accessible, reliable source of quality hiring data such as biometrically confirmed identities and verified credentials; and blockchain-based tokens incentivize platform participants to provide accurate data. The result is a hiring platform where companies can find the skills they need. Here’s how:
Better Technical Skills Screening
Vacancies that require specific technical skills often present a unique challenge. Hiring managers or partner recruiters typically don’t have the skillset themselves, limiting their ability to assess candidates. On BHIRED.io, candidates seeking high rankings must verify their education and employment credentials (which makes it hard to fake them) and complete a coding/technical test. Candidates can also contract with screeners and other third-party service providers to assess their technical skill level and verify assessment results on the blockchain.
Hiring managers and recruiters looking to fill an opening with specialized skill requirements won’t have to randomly pick from a barrage of unverified resumes — like they have to on traditional online hiring platforms. Instead, they can search for specific skill sets and candidates who have provided robust and verified information regarding their skills. These candidates will rise to the top of the search results, guaranteeing that they won’t get lost amongst less qualified, less diligent, or inactive job seekers. Recruiters and hiring managers who have already opened up a communication channel with a candidate can even hire technical screeners for further assessment.
All assessment results and credentials are tied to candidates’ biometrically confirmed identities which are registered on the blockchain, rendering them fraud-proof. A healthy token economy based on screening services, advertising, and other third-party service providers ensures that tokens retain value and continue to incentivize truthful, accurate behavior among candidates.
More Time on Quality Candidates, Less Time Wasted
For recruiters and hiring managers, time comes with at a premium. One study found that the typical recruiter initially spends about six seconds reviewing each resume. Usually, when companies outsource their hiring to recruiters, they’re paying more for sheer time poured into the hiring process than for any specialized information or expertise.
Rushed reviews can lead to missing out on qualified candidates whose resumes don’t “pop.” Some recruiters turn to resume-screening algorithms, but less-qualified candidates can still game these systems with keywords to get their foot in the door. Time-pressed recruiters and hiring managers can’t always pick the best candidates out of the barrage of resumes. The lengthy process of trying to do so cuts down on their face-to-face interactions with promising candidates and other methods that help them determine the great from the good.
In short, the traditional hiring system is riddled with inefficiencies. BHIRED.io addresses those inefficiencies, ensuring that recruiters and hiring managers connect directly with job seekers who have relevant skills. Token rewards incentivize candidates to enter their verified credentials and skills information. Candidates with a detailed profile appear more prominently in search results and candidates who respond promptly to recruiters and hiring managers once accepting an invitation to connect enjoy more favorable reviews. The result is less time spent hunting for candidates who meet the minimal skill requirements of the job and more time spent on a multi-dimensional analysis of which candidate’s skills best match the opening.
Better Soft Skills Analysis
Much has been made of emerging technical skills gaps, but another problem is just as pressing — the soft skills gap. Soft skills like problem-solving, communication, creativity, etc., are critical in helping even highly technical companies survive and adapt in a rapidly evolving tech sphere. One study found that 85% of job success stems from soft skills, while only 15% stems from technical ability. Soft skills are critical to a good hire, but they’re also notoriously challenging to screen — it’s hard to put a quantitative measurement on an abstract proficiency such as “creativity.”
BHIRED.io helps companies hire candidates with formidable soft skills on two fronts. Because recruiters and hiring managers can spend more time per qualified candidate, they can conduct more robust in-person interviews with candidates, gaining insight into their “people skills” and company culture fit. BHIRED.io’s ranking and token system also incentivizes candidates to share baseline information about their soft skills, giving the highest ranking available to candidates who take a basic cognitive and company culture tests as well as recording a video clip to demonstrate communication skills.
Finding skilled candidates is a genuine challenge for companies across several industries, and that challenge is only going to get more pressing. Companies will need to out-perform their competitors in finding and retaining skilled candidates to survive and thrive. At BHIRED.io, we’re offering a comprehensive, blockchain-based tool suite to help companies find candidates who do just that.
