Artificial Intelligence and the Blockchain in job recruitment and employment
A few years ago, preparing a summary of one’s education and employment experience — a Resume — was just about making a list on a piece of paper and passing it along. Quite true that hiring never goes out of fashion, no matter the advancement in technology, but in the long run it seems to be at odds with the current hiring methodology. Hiring processes may have moved from manual to digital, but its efficiency hasn’t.
With the rise of internet literacy, there were drastic changes in the availability of manpower and its acquisition. Businesses scrabble to acquire the services of skilled professionals before their competitor did, resulting in a flourishing economy for freelancers. The escalation of the hiring system has resulted in an overnight boom for the industry — and so have the problems.
A hitch-free hiring process does require the right talent acquisition method, the help of right technology and support in today’s era where the market condition is unstable. This changing condition inspires tech innovators to develop the right solution to meet the recruitment needs and it no more becomes a monopoly for a few companies.
Blockchain in recruitment
These days Blockchain is one of the most sought after technologies, because of its inherent strength in providing accurate data. One cannot discuss upcoming technologies that will change the hiring system if Blockchain is not a part of it. With the emergence of the internet, information regarding job openings and finding a candidate became relatively easy, but securing a job or employing a person is not a bed of roses, because of fraudsters and agency bias, hence the need for a blockchain technology — a decentralized technology that can’t be controlled by a single entity.
Simply put, the system does not need a central authority or intermediaries as required in banks and credit card companies as every transaction or data is like a block and is held by different users. The chains of these blocks can be seen by everyone and are immutably recording the complete history.
So, in a situation where anyone makes effort at changing a block, the remaining blocks will stop it from changes, since the data available are related to each other. And owing to the decentralized nature, no one can alter any data at a particular space. A lot of prospects abound in the whole recruitment system with a leveraging of Blockchain, because of the nature of the technology and its cost-effective approach.
Artificial Intelligence
When mention is made of Artificial intelligence, it sends shivers down the spine of many. This is because of the many talks about how AI is cutting the jobs and is replacing human beings. But such a conception is ridiculous and totally out of place. Technologies are meant to solve existing problems and not create new ones. And the same logic applies for AI as it’s meant to reduce the time consuming activities done in the various sectors, including recruitment. In the recruitment process for instance, manual screening of resumes takes a lot of time. And that is not all, identifying the right candidates or efficient ones from what is a pool of applications is an intensive and difficult task for everybody.
Resumes today must show your achievements using different mediums like social media, professional certificates, personal or professional projects and many more. The purpose served by AI is to make the hiring process automated as possible, although you can’t completely rule out human interference at some points in the process.
Benefits of AI
AI algorithms are serving companies’ very wellbeing software that helps in checking resumes, sending emails or finding the prospective jobseekers. A very interesting feature of the AI architecture is its way of response, which is like a human, implying that jobseekers can get immediate feedback regarding their applications. And if unable to answer, then the question is automatically forwarded to the human recruiters.
Hiway — The Best of Both Worlds
Hiway is fusing Blockchain technology with Artificial Intelligence to create a fair, transparent and smart workforce marketplace with the greatest flexibility in building resumes and exposure to employment opportunities. Employees will be able to maximize their potentials and enhance their career options, while employers and recruiters can leverage the platform’s AI to match their needs with suitable candidates from anywhere in the world.
Unhindered by borders, globally accessible, and autonomous, Hiway is building the decentralized highway into the future of workforce recruitment and engagement without the trust issues and uncertainty that has mired the industry for so long.
