A study by Deloitte survey approximates that crypto interest has increased by 2000% since 2013. The blockchain industry is growing in acceptance, and the late 2017 crypto boom is to blame for the rapid surge.
The recent times have especially been the most interesting for cryptocurrencies as the technology has steadily infiltrated the energy, finance, and real estate spaces. Masses now understand the game-changing possibilities of the disrupting technology, which has been evident in the manner in which blockchain is being adopted across various sectors.
The human resources are the latest to adopt the technology. The possibilities and abilities of HR are now being redefined with its new transformation. With the shortage of workers and the war for talent set to rise, the most significant adoption trend will lie in its recruiting role.
Blockchain’s ability to utilize data without intermediaries is a transforming feature for human resources. However, just like any other new technology, some challenges and oppositions make adoption difficult. But that’s a story for another day.
Today, we explore some of how blockchain can transform HR for the better. We also acknowledge the fact that it won’t be a smooth ride but a bumpy one for that matter.
Data On Lock
The right hire is always paramount for every HR. Now, the talent pool is still unstable, and sometimes finding the best match can be a daunting task. The cost for a bad hire on average is $14,900. A new report suggests that millennials change their employers an average of 2.8 years.
For the purposes of recruitment, blockchain eliminates the need to belabor over their LinkedIn accounts, explore their resumes and connecting with their references. The technology is giving recruiting teams instant, accurate, and complete access to potential hire’s employment history. This should be comforting to employers who might be surprised that 60% of job seekers lie on their resumes.
An experiment was conducted at MIT media lab with the rolling out of a program that uses the technology to issue, display, and verify digital credentials. Blockchain’s shared, minute by minute data forces the candidates to disclose their employment history fully.
The technology forces the candidate to embrace triumphant moments like title changes and salary rises and even the lousy performance reviews and dismissals. Now, the recruiter has a complete picture of strengths and weaknesses and can choose who is best suited for the role.
Change For Good
Even as we look forward to its adoption, some questions have to be asked such as; if the cons of adoption outweigh the pros.
So, Are you ready?
There is a general indecisiveness, and it is impeding Blockchain’s growth. The risk, however, lies when possibilities of the new technology are not thoroughly investigated. The anxiety and fear of change are pulling down the progress of new solutions.
Bumps are common in every road. They shouldn’t make the ride less worth.