By team design, Human resources are all about people. But –
Does it really mean we should keep it away from technology? – Quite the contrary!
Does it mean we’ll be using robots to find the best hire? – That is highly possible.
To tell you the truth, robots and AI technology have already infiltrated HR operations. Today, most HR executives use different tools and software to reach out to a larger talent pool.
Automation and AI are just a small section of what HR operations have become today. But, believe it or not, it is the technology innovation that is keeping HR relevant to what we need to be on the front.
This is where the industry has started exploring Blockchain’s potential in the HR department. Blockchain started to make headlines in 2015. And since then, they have been the talk of the town.
While it is a mystery technology for HR professionals, some have accepted the fact that it helps HR executives better execute their operations.
Let’s look at what will happen when Blockchain meets HR.
But Before…
Getting The Basics Clear
Blockchain offers greater security, transparency, and efficiency in business operations. The Blockchain operates on the public ledger system.
Compared to the traditional method of storing data on a single server, with Blockchain, the data is collected in blocks.
The blocks are verified by separate participants. This makes the whole computer system a network offering distributed and decentralized networks.
The popularity of this network has compelled key players, including Microsoft, Apple, Amazon, Google, and Facebook, to invest in this technology.
Blockchain For HR: Revolutionizing Human Resource Management
The application of Blockchain is virtually endless. From managing self-driving cars to protecting your online identity from cyber thieves, the potential is just endless.
If you are here with even a little knowledge of Blockchain, it will not be hard for you to understand the limitless potential Blockchain holds in the sector of Human Resource Management.
Just think about a network where HR can find every important node related to the business. The idea of executing Blockchain in the HR sector is very interesting.
For example, this technology will help you create efficacies, boost productivity, save cost and time, improve candidate experience, and advance the way we work.
We have seen that there are three major areas where Blockchain technology can work like magic in the HR sector.
- Payroll.
- Recruitment.
- Contracting.
Payroll
Today, most of the employees are paid electronically. But the firms that operate on an international scale have to deal with a lot of annoyance while making even a single payment. Often, changes in the exchange rate of currencies affect the value of the payment.
This is where Blockchain offers a network and digital currencies to send and receive payment almost instantly. Platforms like Ethereum Code allow the business to send and receive payments in Cryptocurrencies securely and at lightning speed.
Recruitment
A survey made by CareerBuilder stated that 58% of the data provided by the applicant are false. Screening the accuracy of the data has become a tedious job for HRs. It isn’t easy to go through hundreds of applicants’ documents and verify them.
This is where Blockchain technology comes in. Blockchain technology can help HRs speed up the verification process by atomizing it. Furthermore, it makes the HRs’ job easier by having a single copy of data that links to their every profession.
Contracting
The world of business is controlled by contracts. Without contracts, no party can move forwards. Blockchain technology and smart contracts can truly turn the table for the law firm and how they handle contracts.
A smart contract generates immutable and enforceable rights and obligations for all participants. HR can automatically release the immutable agreement if the employees complete their assigned tasks.
Blockchain Technology: An opportunity For HR
It is high time for the HR sectors to finally accept a technology that can become the only technology they need to function.
With the help of Blockchain technology, Human Capital Professionals will be able to make decisions based on the information they have.
In addition, Blockchain technology can convert recruiters into talent advisors and enable them to play more strategically in the organizations.
