8 Ways CIOs can Leverage Blockchain to Revolutionize Recruitment
Blockchain is a cryptocurrency technology whose potential cannot be underestimated. It is a very powerful tool for a company to save time and money. How does it affect the recruitment process?
FREMONT, CA: The concept of blockchain technology came into the picture in 2009, along with the development of Bitcoin, a virtual currency. Without the interference of central authority, blockchain assists in maintaining the transactional history book. However, there is no longer an intermediary, as it has transformed into a transparent market where transactions of products and services take place, without the requisite time for registering the transaction and the expense and labor associated with it. Blockchain recruiting service providers know how to get in touch with the available talents with their finger on the pulse of the job market.
It can be stressful and frustrating for job seekers for not hearing back from companies. Working with a Blockchain recruiter will not only help in dealing with these situations but also help in enhancing the employability. Blockchain recruiters have a robust network that assists them in connecting candidates with ideal organizations.
The following are some of the techniques through which blockchain can have a positive effect on the recruitment process of a company.
1. Convenient Onboarding
The employee onboarding process requires the time and effort of the Human Resources (HR) department. This comprises checking of a candidate’s background, filling up the forms, and a lot of other paperwork. So, in what way blockchain can help in minimizing efforts such actions? The recruiters can save their time and effort spent on the onboarding process by filing the credentials and other information of the new employee on the blockchain.
2. Convenient payroll management
Payroll management has become a big challenge for enterprises with an exponentially dispersed workforce. The volatile exchange rates and delays in payment processing can result in an unsatisfied employee. The blockchain enables HR professionals to develop their cryptocurrency, which will assist them in accelerating the process of their financial transactions. Hence, the employees will receive their payments more quickly, and later, they can get the cryptocurrency converted into the currency they like.
3. Streamlining the recruitment
In recruitment, the usual scenario is that there is a deal between an employing company and the recruiting agency. This comprises all the steps of recruitment, starting from screening the applicants to searching for qualified ones.
However, on the other hand, blockchain enables the companies for decentralized recruitment. Companies can make use of blockchain for creating their recruitment platform where members will be issued with tokens for every action, such as referrals, job posting, etc. Thus, it helps in motivating recruiters as they get compensation for different activities, whereas employers get more opportunities for talent.
4. Enhanced work experience
Since all the information and credentials of employees are stored in the blockchain, the recruiters get the opportunity to understand the career aspirations and capabilities of their employees in a better way. On the basis of the stored information, employers can provide their employees with better career opportunities, which will help them grow in the company and develop as a person. This results in happy and satisfied employees.
5. Quality Vetting
Vetting is one of the most time-consuming and tedious jobs for employers. It includes phone calls, emails, and recording search hours to check the credibility of the information of the applicants. Blockchain helps in speeding up the entire process. It allows the recruiters to conveniently store all the academic credentials, professional certifications, and associated qualifications in the blockchain. This helps the recruiters in screening the candidates efficiently by having access to this information. It is not easy for anyone to steal recorded credentials.
6. Storing Data
When somebody talks about some data, the first thing that pops up in mind is regarding the data’s safety. It is essential to focus on the significance of secure data with blockchain technology. It is very helpful for the HR department as it aids them in saving sensitive personal, financial information as well as keep it secure. The hackers are constantly in search of ways to hack systems, which result in fraud and identity theft. The decentralization of blockchain has made it difficult for hackers to alter any kind of data from the computer.
7. Enhancing productivity
The streamlined onboarding process, payroll management, and speedier recruitment help in increasing the productivity of the company. Blockchain technology will automate the repetitive jobs related to supply chain management, accounting, and legal matters, which helps companies get enhanced productivity.
8. Personal advisor
The recruiting blockchain not only helps the recruiters get the right talent for the right work, but it also acts as a personal advisor with regard to employment.
In the case of job seekers, blockchain services recruiters can help in advising them regarding the best practices for securing work. On the other hand, it helps enterprises by updating them according to the applicable costs of pay and other regulations. In addition, they also advise the companies on economically feasible options.
The usage of blockchain techniques in the recruitment process can earn the company lucrative benefits. It will not only help in simplifying the recruitment process of the company but will also minimize the amount of tedious and repetitive financial and legal paperwork. Besides, blockchain aids the recruiters to have immediate and valuable insights into the employees’ records, which displays their advancement and ultimately leads to enhance employee experience opportunities.
Check out: Top Recruitment Solution Companies