Despite its widespread curiosity and mystery, blockchain technology has the potential to greatly alter business, particularly in terms of expediting the employment process. Blockchain technology first appeared in 2009 with Bitcoin, a prominent digital currency.
Here are four ways blockchain will revolutionize the recruitment process:
1. Combining Blockchain and Recruiting: Since blockchain works as a publicly distributed digital ledger or record of transactions, it can develop a fruitful partnership with the world of recruiting.
Blockchain is now the most safe and trustworthy record-keeping system in the world.
When data like an individual’s job history, education record, or any other important information is safely kept on the blockchain. The average cost of these “wrong” hires to companies is almost $14,900, however, blockchain-based recruitment can help by promoting better transparency. It also allows organizations to save time and money to automate the onboarding process.
2. Transparency in Candidate Selection: Blockchain enables all stakeholders to get safe access to verify documents, allowing requests to be seen in real-time with consent-based verification of school levels, accolades, and job histories.
These certified credentials may be represented by non-fungible tokens that users get after completing an educational program or training, or they can be instantly stored on the blockchain.
The use of blockchains may record and preserve a broad range of facts, including:
- Educational background
- Experience in the Workplace
- Criminal background checks
- Licenses and certificates required
- Driver history
The process of granting recruiters the appropriate rights to examine a candidate’s credentials may be completed in a matter of seconds, which helps to simplify the screening process while looking for fresh talent.
3. Onboarding with Minimal Contact: Companies may use blockchain to automate their onboarding process. This can aid in the elimination of repetitive chores aimed at training recruits to focus on some other manual procedures.
Businesses may save time while simultaneously ensuring the safety of their new hires with blockchain apps. Artificial intelligence-driven automation can quickly do proper background checks for employee safety and look into their credentials to assess their qualifications and skill gaps.
Beyond that, the AI may develop fully personalized VR training programmes that update themselves automatically based on each employee’s success. When the AI considers that a skill has been attained, the app will add a new blockchain record to the employee’s chain, informing the HR department of their progress.
4. Data Security: Given the increased amount of sensitive data that recruiters must deal with, issues such as GDPR compliance might become a recurring issue.
Yet, blockchain separates the risks of lost data and provides significantly higher levels of data protection.
Blockchain has the potential to improve data security by storing it decentralized, breaking all information down, and spreading it over a large web of interrelated computers.
The data will be fully duplicated on each computer, making losing it very challenging.
The decentralized nature of blockchain technology ensures that the data it stores cannot be altered since any changes require consensus across the whole network.
Here is one important way that Will Revolutionize the Recruitment Process
1. Integrated Payroll Management: When blockchain is directly related to cryptocurrencies, it may be an excellent asset for paying people who operate in different parts of the world quickly and efficiently.
It’s also conceivable for businesses to develop their cryptocurrency to pay staff, which can then be turned into local currency.
Employees can get specific bonuses written into a smart contract that are instantly paid into their accounts once they achieve their targets, rather than performance-based bonuses that need to be cleared by the payment and finance departments. These goals could be anything from learning new skills to making a certain amount of sales per month.
Conclusion
In conclusion, using blockchain technology in the recruiting process has many advantages. Not only does it dramatically speed up applicant screening and ease staff onboarding, but it also greatly decreases the number of repeated financial and legal documents. Furthermore, blockchain enables rapid and important insights into employees’ records, revealing the potential for progress and, as a result, a better employee experience.
