Blockchain is surging in acceptance — a recent Deloitte survey showed a 2000% increase in interest in the technology since 2013. In recent years, the crypto-born technology steadily infiltrated the worlds of finance, energy and real estate, but we are just now understanding its game-changing possibilities across other industries.
The best technology disrupts by nature. Blockchain’s applications, including its ability to cut to the chase utilizing data without a middleman, could transform HR.
As previously discussed, blockchain will deeply impact HR’s responsibilities. With worker shortages and talent wars only set to heat up, one of the most significant adoption trends of blockchain may lie in its role in recruiting.
The best technology disrupts by nature. Blockchain’s applications, including its ability to cut to the chase utilizing data without a middleman, could transform HR. However, as with any new technology, it may not fit seamlessly into the already established framework. Here we dive deeper into the ways in which blockchain can enrich HR for better while acknowledging the likelihood of a bumpy ride.
Data on Lock
For HR, making the right hire can be paramount. And with the talent pool in constant flux, finding the best match for an open position could mean less churn. The average cost of one bad hire is $14,900, and recent reports suggest that millennials change employers every 2.8 years.
For recruiting purposes, blockchain disposes of the need to belabor over a candidate’s LinkedIn account, take a resume at face value or chase down and connect with references. Blockchain technology enables recruiting teams instant, accurate and complete access to a potential hire’s entire employment history. This alone should comfort employers, who might be surprised to know nearly 60% of job seekers misrepresent themselves on their resumes. One example of the ledge put to use happened with MIT’s Media Lab recently rolling out a program that uses the blockchain to issue, display and verify digital credentials.
Because of blockchain’s shared, up-to-the-minute data, job candidates commit to full disclosure of their employment histories. That means a forced embrace of triumphant moments like raises or title changes, as well as bad performance reviews or reasons for dismissal. With a more complete picture of strengths and weaknesses, recruiters can better direct the right candidate to the best-suited role.
Change for Good
However, as with any technological advancement, questions must be posed: Do the cons of adoption outweigh the pros?
There are blockchain naysayers who launched credible concerns in the past. Past reports worried over the amount of electricity used to mine Bitcoin in a single year — the energy usage equivalent of 159 countries around the world. Cynics bemoan the lack of regulatory oversight of blockchain. And the status quo of institutions who’ve long profited from having middleman authority likely continue to hope that blockchain will be but a passing trend.
Ready or Not
Indecisiveness can impede growth. The real risk of any new technology is a refusal to investigate its possibilities. In other words, letting anxiety, fear of change or a lack of exploration dampen the prospects of progressive new solutions.
There are bumps in every road, but that doesn’t make the ride less worth it. If the destination is a more informed, better equipped and more cost effective recruiting process, then it’s time to put blockchain to work.
Blockchain is surging in acceptance — a recent Deloitte survey showed a 2000% increase in interest in the technology since 2013. In recent years, the crypto-born technology steadily infiltrated the worlds of finance, energy and real estate, but we are just now understanding its game-changing possibilities across other industries.
The best technology disrupts by nature. Blockchain’s applications, including its ability to cut to the chase utilizing data without a middleman, could transform HR.
Photo by Rodolfo Clix from Pexels
As previously discussed, blockchain will deeply impact HR’s responsibilities. With worker shortages and talent wars only set to heat up, one of the most significant adoption trends of blockchain may lie in its role in recruiting.
The best technology disrupts by nature. Blockchain’s applications, including its ability to cut to the chase utilizing data without a middleman, could transform HR. However, as with any new technology, it may not fit seamlessly into the already established framework. Here we dive deeper into the ways in which blockchain can enrich HR for better while acknowledging the likelihood of a bumpy ride.
Data on Lock
For HR, making the right hire can be paramount. And with the talent pool in constant flux, finding the best match for an open position could mean less churn. The average cost of one bad hire is $14,900, and recent reports suggest that millennials change employers every 2.8 years.
For recruiting purposes, blockchain disposes of the need to belabor over a candidate’s LinkedIn account, take a resume at face value or chase down and connect with references. Blockchain technology enables recruiting teams instant, accurate and complete access to a potential hire’s entire employment history. This alone should comfort employers, who might be surprised to know nearly 60% of job seekers misrepresent themselves on their resumes. One example of the ledge put to use happened with MIT’s Media Lab recently rolling out a program that uses the blockchain to issue, display and verify digital credentials.
Because of blockchain’s shared, up-to-the-minute data, job candidates commit to full disclosure of their employment histories. That means a forced embrace of triumphant moments like raises or title changes, as well as bad performance reviews or reasons for dismissal. With a more complete picture of strengths and weaknesses, recruiters can better direct the right candidate to the best-suited role.
Change for Good
However, as with any technological advancement, questions must be posed: Do the cons of adoption outweigh the pros?
There are blockchain naysayers who launched credible concerns in the past. Past reports worried over the amount of electricity used to mine Bitcoin in a single year — the energy usage equivalent of 159 countries around the world. Cynics bemoan the lack of regulatory oversight of blockchain. And the status quo of institutions who’ve long profited from having middleman authority likely continue to hope that blockchain will be but a passing trend.
Ready or Not
Indecisiveness can impede growth. The real risk of any new technology is a refusal to investigate its possibilities. In other words, letting anxiety, fear of change or a lack of exploration dampen the prospects of progressive new solutions.
There are bumps in every road, but that doesn’t make the ride less worth it. If the destination is a more informed, better equipped and more cost effective recruiting process, then it’s time to put blockchain to work.
