Though things continually change and improve, especially in business processes, recruiters and hiring managers are continually meeting challenges. In truth, though computers are now used to apply for and hire an employee for a job, the roles technologies play are much bigger than can be initially realized. Fortunately, blockchain technology is here to shake that up.
How Blockchain Technology changing the hiring process
Here are eight ways in which blockchain technology can completely change the process of recruitment and onboarding:
1. Verifying Credentials
In truth, there are many applications that include false data. Not everyone who states that they have gone to college has gone to college. It is a sad fact, but it is true. In such a competitive world, it is no stretch that people do what they can to get a leg up, sometimes through dishonest means.
Unfortunately, it affects more than one person. It places the dishonest person in a position he or she does not know how to handle, the company is relying on him or her to get things done that probably will not happen, and it takes the position away from someone who did work to get to that point. With blockchain technology, this is not an issue. Yes, the applicant can try to be dishonest, but the employer can easily find the truth.
2. Verifying Employment History
Much like falsifying academic information, employment history is also falsified at times. And while blockchain technology can show the truth, it can do much more. No one must manually verify information if blockchain already has the information available. This takes one tedious task from the hiring manager’s to-do list.
3. Verifying Background
Blockchain technology can also more easily reveal any criminal or misdemeanor background information. While having a record does not make you a dangerous person, it is only fair that employees know who they are hiring. If the applicant has been involved in a lot of theft, harassment, or other activities, hiring them for a sales job is probably not wise. With blockchain, no one can lie about their background or minimize it. Employers have full information.
4. Faster Onboarding Process
The hiring and onboarding processes are tedious and take longer than most employers or employees would like. Blockchain can decrease this time, tremendously. First, the application can be as quick and simple as you choose since the applicant’s information is already available. As mentioned above, that also cuts down time spent verifying the information.
Beyond that, however, is the fact that with blockchain, much of the new hire paperwork can be completely skipped. Having them sign agreements for their new position is one thing. Having to fill out personal information and employment history is quite different. Additionally, the human resources department will not have as much information to enter into the system or as much paperwork to file. It simplifies the entire onboarding process for everyone involved.
5. Secure Data
With blockchain technology, data is decentralized so neither you nor your employees must worry about hackers. Your employees can fully trust that all their sensitive data is secure. Additionally, companies save money on some security features because it is already done for them.
6. Increased Productivity
When tasks such as employment verification and data entry are off your employees’ plates, they can do more and work more efficiently. Often, when important tasks are overlooked, it is because tedious, yet necessary tasks must come first. However, with blockchain technology, tedious tasks are simplified. Your employees can now focus on more important things.
7. Simplified Payroll Management
Handling payroll can be a tedious task and can be overwhelming with the sheer number of employees. Preparing and processing all their payments, especially with international employees, can be quite a complicated task. Blockchain technology opens a way for human resources to simplify this process by creating their own cryptocurrency and paying out from that. On top of simplifying the payroll process, it would decrease the time it takes to process all these separate payments.
8. Career Growth and Correct Placement for Employees
One extremely great way that blockchain technology can help is by putting employees into roles that suit them best. With blockchain, you can see all their previous education and employment moves. This means that if they apply for a lower job, you can hire them for a bigger opportunity. It also helps to pinpoint any internal employees who would fit an available position well. Overall job satisfaction would increase.
Though implementing blockchain to its full capabilities will take time, it is going to be largely beneficial for employer and employee alike. Do not wait until blockchain technology has completely taken over to learn how you can use it. Start researching its capabilities now. Begin creating strategies that will utilize all blockchain technology has to offer.