For quite some time, blockchain has been transforming the financial world and now it has turned its focus on the HR industry. The opportunities of incorporating blockchain technologies in HR sector are endless and HR departments are embracing this technology with open arms. If blockchain technology is used in HR industry, it can completely transform this industry.
Let us examine some of the prominent ways in which blockchain can revolutionise the way HR sector operates:
- Easy and Efficient Recruitment Process
Traditional recruitment process usually consists of going through numerous applications, conducting interviews and negotiating salaries. A lot of time goes into verifying the information that candidates provide. Blockchain can help make the recruitment process more streamlined – by creating a “candidate verification system”. The system can help verify education, work history, performance of candidates which could ultimately determine if a candidate is a good fit for an organization or not. This also brings more transparency in the recruiting system.
- No more Traditional Resumes
Blockchain technology makes use of digital resumes and career networking websites. Companies can access the database of candidates using their “digital profile” or “digital footprint”. With the help of Blockchain, one can also map performance of candidates and store various other information, such as- why a candidate was promoted or exit a particular organization.
- Easy Matching for Job Profiles
Use of blockchain technology in HR can make predictions about the future job market. With blockchain, searching a job won’t be a tedious process rather it would make matching of job profiles easier for the employee as well as the candidates.
- Securing HR Data from Within
Security is one of the biggest advantages that blockchain system provides and which can be put to great use in HR industry. With use of Blockchain, HR departments don’t have to worry about company data being breached from internal or from external sources. No information or data of any employee can be tempered or modified.
- Efficient Overseas Payroll Process
Overseas payroll can be a lengthy process because of involvement of multiple banks and third parties. By adopting a decentralized and secure ledger system that blockchain provides, we have a method of validating information more efficiently, therefore cutting out the middleman. Blockchain solutions can effectively reduce the fees for employers and the wait time for employees, which is a win-win situation for both parties.
The above list is just a sample on how blockchain technology can impact and revolutionise the HR industry whereas the possibilities are endless.