Working in the HR often seems like a foot in mouth situation for most of the human resources especially when it comes to recruitment, which also is the core responsibility of an HR’s job. Of late, we have been witnessing HR taking the centre stage with many companies adopting Cloud HR and Payroll solutions and being open minded about embracing SaaS based subscription model in the race to stay agile.
While automation is helping HR do their work faster and with less dependency on paperwork, there are still problems that HRMS solution or any software solution for that matter, cannot solve. The role of an HR is finding suitable employees for the company, who will help the team and the organization achieve its goals in the long run.
The crux to finding a perfect fit for nay company lies in the technique which the HR employs to screen the candidate’s background to ensure that the candidate possess the said or mentioned skills. In the age of digital media where it is very easy to fake and forge data, there have been many instances where businesses and hiring managers have found that a candidate they have hired was the wrong pick, who was not been very honest about his/her employment data or qualifications. This not only costs the company money and time, but also has an adverse halo effect on candidates that would apply in the future.
This is where blockchain technology comes into play. Although Blockchain was conceptualized to back Bitcoin, it sure has found its worth in other industries as well. In simple terms, Blockchain is a distributed and decentralized database that keeps continuously updating after it is verified and timestamped by miners, it is put in a block along with other transactions made during that time and added to a chain of blocks preceding it. The most important here is that all the data is verified and open to all (unless made private) members of the network. Simply put, blockchain is like a public ledger of all the cryptocurrency transactions.
Can blockchain prove to be a frontier in HR and recruitment?
Imagine getting all the data of candidates verified from the network. This would help HR filter through the right ones thus, saving time. In addition, the HR won’t have to contact the past employer or the university, as he/she can get it from the network itself. Think of Blockchain like SSN, which can provide you with all the data about a candidate.
Blockchain will not only simplify local hiring, but also hiring and managing staff globally will become a cakewalk. Payment through Blockchain is less expensive and cannot be tampered with. In fact, a few pioneering companies are already putting this concept in practise by facilitating cross-border payment in bitcoins. With the use of Blockchain elements like transaction fee, currency fluctuations have little to no effect.
Companies that invest in certificates and training can use blockchain to put out the information about the candidates or use blockchain to validate past certifications of the said candidate. This will help create a transparent environment and speed up the hiring process. The use of blockchain in recruitment isn’t confined to past certifications only, but can be also extended to past contracts and agreements signed between the candidates and their previous employers. This will help uncover criminal history or past employment violations, if any.
Though the path to an HR department riding high on blockchain for recruitment seems to be a distant dream, its implementation would certainly help HRs get rid of hiring nightmares. Eureka! Companies embracing blockchain technology for recruitment would be saving significantly on hiring costs, as they will no more have to spend on repetitive verifications.
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