HOW BLOCKCHAIN CAN HELP SOLVE THE RECRUITMENT PROBLEMS
Is there something wrong with the current hiring process? Yes. Recruiters are not finding the right talent in real-time, there is fraud in the recruitment supply chain, and there is a gap in communication. Recruiters face issues from candidates who give false information. The hiring process has an image problem, as candidates perceive the lack of integrity, slow recruitment process, and the refusal by recruiters to provide feedback to candidates post-interview as some of the problems they face.
Corporations are however looking for ways to leverage technology to restructure the hiring process to meet the 21st-century workforce and bridge the inefficiency gap.
Blockchain in Hiring
Blockchain is appealing to recruiters as it presents itself in a way that confirms, validates, and authenticates the information provided by applicants. Blockchain technology is impossible to tamper with, and any information provided is immutable — thus , when the educational/employment records have been certified by Universities/employers, recruiters can always verify applicants’ claims on physical resumes.
Verifying an employee’s education and work experience is time-consuming, only happening at the end of the hiring process and through a background check provider — which could also be impervious. But when the candidate is ready to publicly share the certified information, blockchain provides a way in which there is a public part of the applicant’ profile and a private part which will be shown only when the user gives access to the profile. This will be a function of filtered ads– these filtered ads automate finding job seekers that fit particular job roles.
There is so much cost associated with the verification of information, given how much the workforce demography has changed. HR is at a stage where technology trends should be used to improve the inefficiencies in the hiring process as it is a data-based function. It is valuable that an individual’s education or work experiences are immutable and is therefore available to potential recruiters.
Japan is developing a blockchain technology to create a prototype resume authentication database for job seekers, eliminating fraudulent credential claims and improve transparency. Blockchain updates all the educational and employment history, from payroll, work performance to employee workplace character, eliminating the redundancy that has ravaged the recruitment process.
In Australia, Chronobank is deploying a blockchain system for freelancers to obtain work and pay on correspondence to labor hours. Sergienko Sergei says that the goal is to make a difference in the way people find work and get rewarded without the involvement of financial institutions. This change will see more HR leaders seek this technology trend, as the world is moving to the economy of freelancers.
The advent of a digital passport to build relationships between corporations and individuals which is subject to traceability by Blockchain ensures that every information provided on that network is valid. Gideon Aschwanden, a lecturer at the University of Melbourne, says that- “Getting a fake transcript is only a click away and this is the reason why universities are working towards an ’Educational Passport’. This passport stores your student records on the blockchain, verified by your alma mater and accessible for potential employers in job interviews and other universities.”
This will help mitigate the rate at which students falsify academic records and will enable more recruiters to acquire the right talent for jobs.
Qualifications and grades could be time stamped and registered for each digital passport of every student. As the student enters the workforce and each employer validates the start date and end date. The footprint that the digital ID will have will, of course, be unique and impossible to replicate making it much easier to verify.
And there is herman
Jobeum is a blockchain-based professional network, a transparent system where users control who sees a specific part of the information in their profile. Jobeum allows candidates to create a solid profile with confirmed skill sets which can be unfailingly used to find new jobs. Recruiters will be advantageous because they will be able to quickly find qualified candidates and share their tokens with the candidates themselves. Recruiters can place targeted ads at specific profiles, the ads are viewed, and users are paid for viewing the ads using JBT tokens.
Conclusion
Blockchain gives more value to the recruitment supply chain, as it will combat fraud and cut verification and hiring time line. It will allow individuals to have the right interpretation of their profiles while reducing hiring and record falsification. Blockchain will steer transition to HR processing and solve fundamental job placement challenges.
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HERE’S A LOOK AT THE DECENTRALIZED INTERACTION BETWEEN CANDIDATES AND RECRUITERS
There is a growing need for automation and application of technology in recruitment, as hiring executives are repeatedly faced with the pressure to hire the best talents in real-time at less cost. In modern times, finding top talent will depend on a recruiter’s ability to automate the hiring process adequately. Studies suggest that 52% of talent acquisition leaders say the most difficult part of their job is screening the right candidates from a large applicant pool. Technology has transformed the major industries which include sports, finance, healthcare, and experts believe the same is happening with the recruitment market.
BLOCKCHAIN FOR RECRUITMENT
Blockchain seems to be the most exciting of the emerging technologies and most impactful on the society. Blockchain is the technology behind Bitcoin, Ethereum, and many other decentralized platforms. Blockchain technology is used to store information in real-time, secure data without friction and execute immutable contracts without a central regulation. The advantage of blockchain is that it stores an indelible ledger of all previous transactions in a string of ‘blocks,’ meaning we know who owns what and who can send what to whom. Blockchain, for instance, decentralizes interactions between a banker and his customers and is perfect because they both do not have to worry about trust.
This has seen industry experts ask if blockchain could decentralize the recruitment market, and solve the inefficiencies in the industry.
One of the greatest weaknesses in the distributed resume is new college graduates who do not have a job history that may demonstrate their value to an organization. However, blockchain could be used to provide verifiable information on a candidate’s educational history and qualifications that would reduce the risk of fraud, eliminating the need for applicants to provide official transcripts. Such a drastic transformation of the way we recruit and hire would require significant changes in the way we run that function. Blockchain will produce employee’s privacy while making the services useful for recruiters.
Data verification and protection is one of the biggest development blockchain will bring to the recruitment industry.
Candidates can provide false information on education, employment history, and other personal data. Blockchain ascertains the veracity automatically which includes academic qualification, employment history, work permit and other relevant information. It offers a safeguard to stopping dishonesty in the areas. The employer scans a letter, duly authorized by the candidate and sends to the college, which validates the claims that the applicant is a graduate of the school. A university could publish encrypted academic credentials to a blockchain, while the candidate would have a wallet allowing them access to their credentials. When a company requests access to their credentials, the candidate provides access directly to the enterprise. This would speed up the whole process and substantially reduce admin costs for the university.
The blockchain technology gives candidates complete control of their professional identity, through the personal encrypted key and world computer data. Online recruiters will no longer make false job applications on candidates behalf, by altering data — blockchain allows you to protect your data, updating at your will. Also, the very concept of the CV itself is ripe for disruption! Utilizing the blockchain technology as a means of storing this data becomes much more fluid, expansive and enabling than the stale old CV or the recruiter asking other recruiters about their opinion of your ability to do a job. John Denehy likened the blockchain technology to Engzig with full competency, evidential, and like a social network in functionality. It thus decentralizes every mutability and intermediary influence in hiring or data manipulations.
Recruit Technologies and ascribe announced in 2016, a strategic alliance to bring blockchain technology to the human resource industry to increase transparency and address fraud in HR credentials. The aim is to investigate the possibilities and practical uses of how blockchain technology can be applied to the human resources sector; they will begin by developing a prototype resume authentication database for hypothetical job hunters.
Jobeum is an example of another decentralized network for business and recruitment professionals. It is a distributed ledger that keeps records about employment, education, completed projects as well as related payment transactions. Jobeum is a blockchain-based network, a transparent system where users control who sees a particular part of the information in their profile. Their profiles become their “digital twins” and earn JobTokens for them when other people ask them for certain information or an action (e.g., open a part of their profile, show contact information, and confirm their skills). Many steps in the recruitment process will be automated via smart contracts, and the hiring process will be much more transparent.
The blockchain is also being deployed for overseas Filipino workers in resolving illegal recruitment, contract frauds, and expensive remittance fees. It will monitor and reduce the time frame of contracts management, and automatically show the employers what to avoid in a job search.
BLOCKCHAIN — A SAFE LANDING FOR RECRUITMENT
Blockchain holds great promise to improve the immediate concerns of the hiring market. The technology bridges the unsecured exchange in hiring between recruiters and candidates while protecting data and validating profiles.
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