With Blockchain comes full transparency, essentially music to a Human Resource Professional’s ears. The idea of Blockchain is that it eliminates the middleman between transactions of goods and services, and provides visibility to the complete history of the transaction through blocks- which at no point can be falsified. Blockchain has no one central authority and is able to store basically all types of data, making it both unbiased and extremely efficient.
What does this mean for the Human Capital Industry?
The idea is to utilize Blockchain technology to verify a candidate's educational background and prior employment. This is based on the notion that the block is verified and therefore reduces the need to go through the respected institution or organization for verification. Which will allow Recruitment Professionals to formulate a list of valid Candidates readily and significantly reduce the risk of fraud. Many Universities are aware of the benefits of the technology and have begun to issue electronic transcripts that are compatible with Blockchain.
Once Candidates are found and thus verified through Blockchain, another tedious process in the recruitment and on-boarding process is simplified; Background Checks. With traditionally, a 2 week lead time and very high cost, Blockchain potentially eliminates this bottleneck. A Candidate's background will be easily accessible at the early ages of the process- saving both time and resources.
Given a Human Resource Professional's responsibility for a high-volume of sensitive personal information and key role in numerous financial transactions, Blockchain presents many potential benefits. Blockchain’s consensus protocol to establish legitimate facts aids to rid any fraud. In most cases, cyber risks initiate from a latent lack of transparency in systems and data. The risk of Cyberattacks is an additional issue that Blockchain can help to alleviate. This could be extremely beneficial to Human Resource Professionals who are not particularly versed in cyber security or fraud prevention.
While it is still in its early stages, Blockchain technology presents enormous potential to improve recruitment process efficiencies. Essentially, the technology will simplify the process of verifying a candidate's educational background and prior employment, will eliminate the Background Check bottleneck, and alleviate the risk of Cyberattacks. Due to these benefits we anticipate an eventual mass adoption of the technology within the industry.
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LevelUP HCS creates sustainable talent programs that blend best practices, utilize innovative technology and leverage relationships to develop and drive initiatives. We understand what it takes to deliver the very best and offer a customized solution to deliver exceptional business results to help organizations optimize their recruiting efforts to find great talent!
