Why Recruiting Isn’t Working and What We’re Doing About It
Has the digital age made recruiting easier? Yes, but in some respects recruiting faces more problems and inefficiencies than before because the adoption of new technologies has created new obstacles. Moreover, anyone who’s recently tried to find a job or hire an employee knows that recruiting isn’t as effective as it used to be, and with job openings at historical highs, companies are becoming increasingly aware that the recruiting industry needs radical change to fill skill and labor demands over the next few decades.
At BHIRED.io, we’ve combined decades of recruiting industry experience and insight with a next-generation blockchain data structure to create a platform that effectively addresses many of the most significant pain points in the modern hiring world. Here’s how BHIRED.io is going to fix those issues:
Problem: Unverified information is plentiful; verified information is scarce. When it comes to filling most job openings, recruiters and hiring managers don’t suffer from a shortage of resumes or applicants. Corporate job openings posted to online hiring platforms typically garner 200+ applications, and recruiters can always turn to resumes posted on Monster or LinkedIn to contact more potential candidates. The real challenge comes from picking quality candidates out of that sea of potential, and verifying that they have the credentials they claim; after all, 85% of employers have caught candidates lying on applications.
BHIRED.io’s Solution: BHIRED.io (“BHD”) tokens circulate throughout the BHIRED.io platform. Candidates earn tokens whenever a recruiter accesses their profile. Their token income and visibility to recruiters increases as their ratings go up — and the only way to achieve the highest ranking is to complete a candidate profile with verified credentials, skills tests, video interview material, and more. Faking BHIRED.io profiles is impossible thanks to biometric verification, and information is stored securely on the immutable decentralized ledger of the blockchain. All information on BHIRED.io is high-quality and verified, and the token economy incentivizes honest and productive interactions. BHD holders can use the token to buy services, rent advertising space, or sell on outside exchanges.
Problem: Recruiting is dehumanizing for candidates. The modern recruiting system is set up to serve recruiters (who need to place candidates as quickly as possible) and companies (who seek the best candidates), while the needs of job applicants come last. Most job seekers have experienced getting “ghosted” by a company midway through the application process, or have responded to a recruiter job posting that turned out to be a resume-harvesting portal rather than a real opportunity. In a tight labor market, companies who alienate candidates, or use recruiters who alienate candidates, risk long-term damage. The statistics are telling: 72% of job seekers who receive a poor candidate experience post about that experience online and 55% of job seekers avoid working for companies with negative online reviews; 60% of candidates have left an online application incomplete due to its length or complexity; and 80% of candidates report feeling discouraged to apply for other positions at a company that never responded to an earlier application.
BHIRED’s Solution: BHIRED.io protects job seekers’ interests without sacrificing the needs of companies or recruiters. Candidates who complete their profiles with verified information receive token payouts whenever a recruiter or hiring manager initiates contact with them. Recruiters must be associated with a real job opening on the BHIRED.io platform to contact candidates. Candidates can read employer and candidate reviews left by other BHIRED.io users, and biometric verification and blockchain data storage mean that manipulating this system (e.g., with fake reviews) is virtually impossible.
Problem: Accurate skills assessment is difficult, and mistakes are expensive. The cost of a bad hire can be astronomical — the Labor Department estimates that each one costs about 30% of an individual’s annual salary. Yet, hiring managers and recruiters typically aren’t familiar enough with the specialized skills required for a technical position to accurately measure a candidate’s ability. “Soft” skills such as communication abilities and creativity are vital for longterm candidate success, yet are also notoriously difficult to assess during brief interviews. Meanwhile, the skills companies need have rapidly changed in the past and will continue to do so (85% of 2030 jobs don’t exist yet), which renders candidates’ “learning quotient” an essential, yet ephemeral, metric.
BHIRED.io’s Solution: Technical screeners will play a vital role in the BHIRED.io ecosystem. Candidates, recruiters, and companies can hire screeners to carry out in-depth assessments for specific technical skillsets, allowing candidates to demonstrate their fitness for a specialized position and companies to gain an accurate read of candidates’ abilities. To obtain high rankings (and high token payouts), candidates must include cognitive and company culture testing results, a 15-second video clip that demonstrates communication skills, technical coding tests, and verified references. ASYA, BHIRED.io’s AI matching engine, helps companies better understand their own “core values” and what traits to look for in a successful candidate. All these features help companies accurately assess candidates’ technical skills, soft skills, and “learning quotient” far more systematically than through the traditional resume system.
Problem: Modern recruiters rent-seek rather than add value. Many modern companies turn to recruiters because hiring is time-consuming and expensive. Therefore, they hire someone else to filter through the hundreds of resumes available for every job opening to find the handful worth further pursuing. Though recruiters may claim otherwise, most don’t have access to any better candidate pools than a company managing their own recruiting process. Recruiters wind up charging companies for the task of pulling somewhat random candidates out of a sea of low-grade candidate data rather than finding the best fit for the opening.
BHIRED.io’s Solution: BHIRED.io gives both companies and recruiters access to high-grade candidate data. Recruiters can no longer farm resumes through facetious or vague job openings to place as many people as quickly as possible, regardless of long-term fit concerns. Instead, they must make each candidate contact in association with a specific job opening; this system better aligns recruiter interests with company interests while requiring them to add real value to the hiring process if they want to attract more clients.
Companies and candidates deserve better than today’s troubled, inefficient recruiting sphere. A new kind of recruiting isn’t just overdue — it’s necessary for companies to continue growing and thriving in a quickly evolving labor market. That is why BHIRED.io is using a blockchain to take recruiting into a more productive, humane future.
