5 Powerful Ways Blockchain Technology Will Impact HR in 2018
Blockchain technology has everything to change traditional HR processes.
The simplest explanation of this technology is that it provides a secure way to view data in real-time. Data blockchain technology records is difficult to change.
The technology was popularized in 2009 and it became one of the hottest topics in 2016. This next-generation technology facilitated advances in cybersecurity, online financial transactions, and other areas like advertisement and recruitment.
HR efficiency can be improved using the features blockchain provides. A PwC report explains how blockchain technology can be used in HR. We decided to post the highlights from this report, as well as general ideas of the topic.
Hiring Processes Will Be More Effective
Hiring managers will be able to access a database of potential employees. This database will contain a comprehensive, trustworthy records of these person’s education, skills, training and work achievements. Dubbed the “value passport”, this useful information increases a hiring manager’s ability to find the right talent for positions. It also increases the potential employee’s ability to showcase their best skills.
Productivity Will Increase
It is felt that better matching people with positions will improve productivity. This will be particularly helpful for small and medium-sized enterprises (SMEs). The small size of these companies often makes it difficult for recruiters to find the best matches for positions. Blockchain technology will generally help people work in roles best suited for their skills.
The Likelihood of Fraud is Greatly Reduced
HR handles a lot of personal data for employees. Unsecure digital storage systems for this data are open for cyber attacks that lead to identity theft and fraud. Blockchain’s cyber security application mitigates against these challenges. It also limits employees’ access to data thereby preventing the likelihood of internal fraud.
New approaches to improve workplace efficiency are introduced each year. Blockchain is one of the most recent digital solutions that can greatly improve HR functions. Research is continuous, but it’s highly likely that some of the applications mentioned in this article will soon become mainstream. Keep abreast with the latest updates so that you can apply them in your organization. For instance, Aworker is the platform that helps to prevent frauds in the recruitment and help people find the most suitable company and job position based on their professional skills and achievements. Decentralization provides the best opportunities for creating the new professional ecosystem. It makes it easier to pay people for their actions in Aworker platform: with the power of smart contracts payments for acquaintance’s recommendation or coming to the job interview by yourself are automatic. Also, all information is securely stored, and all the actions are transparent which exclude the chances of getting trapped with expensive yet unnecessary obligations.
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