How BlockChain Technology can revolutionize the HR Industry?
The buzz around the new cryptocurrencies is something that no one could have missed and got interested in. While the Bitcoin & all the cryptocurrencies (Ethereum, Litecoin etc.) conversion rate might have shot through the roof, most of the people might not have understood why there has been such a buzz around the same.
The Blockchain technology is the foundation on which the cryptocurrencies are leaning on. And there is a huge difference between the Blockchain tech and the Artificial Intelligence Tech (Chabot’s & Facial Expression based Interviews) which are already revolutionizing the HR Landscape.
According to Deloitte, blockchain provides a decentralized and secure ledger which gives participating parties a way of validating the information related to a transaction. In doing so, it speeds up the process and cuts out any middleman. In essence, with regard to the HR Landscape, it can help us in speeding up the information flow while cutting out the middleman and ensuring that the employees and stakeholder experience improve dramatically.
The areas where the Blockchain tech can play a major role in HR Industry can be:
Background verification is something that a lot of companies are trying to automate in order to ensure that the process quickens up. However, blockchain tech can help these companies in ensuring that the data verification process speeds up from the current average TAT of 3 days to a few hours. The online ledgers can help us in verifying educational accreditations, fraud check, credit history.
There has been a lot of buzz regarding the smart workplace in future where the transactional work would be completely automated and individuals would be working as Contractors moving across multiple industries. With the advent of Blockchain Tech, these smart contracts would be easily executable with the ledgers while helping us in identifying who would be a proper fit for a certain role.
Payroll is currently going through a lot of automation but it has been expensive affair especially in case of international compensation. In order to solve these problems, the online ledgers can act as a single payment interface where the conversation rates are captured per second and can help us in converting in time into profits. Also by combining blockchain with Mobile and Cloud tech, the payment trail with regard to international compensation is easily solved with the employees getting paid in local currency and Bitcoin-based payroll system (For example- Bitwage), and it can help in the conversion of cryptocurrency into local funds.
In general, we are looking into a future where time would be money and blockchain tech would play a major role in it.