Most, if not all competitive businesses run, more or less, the same HR processes and most of them agree that manual effort is one of today’s biggest challenges. Teams can easily spend hundreds of hours just combing through the data stored in out of date systems. And the data they acquire lacks validity and consistency. Even if the various disparate tools that affect human capital are aligned, that’s no guarantee the data contained within them is easily accessible, shareable and visible to all relevant stakeholders. 4th Pillar will disrupt the old and out of date HR processes that have not changed for the past 70 years.
Over the years, we have experienced a substantial lack of workforce in Europe. It is time to change and upgrade the HR industry. To list a few facts in the human resource industry:
• Finding an adequate amount of qualified candidates is becoming harder every day.
• Dealing with high employee acquisition costs and non-transparent employee history (including data in the existing CV) is becoming a nightmare.
• There is great difficulty in defining incentive schemes for employees to change jobs.
• It is almost impossible to acquire reliable work history when recruiting cross-border.
• 38% of companies are thinking about digitizing their HR operations and are in dire need of a suitable affordable technological solution.
• A significant amount of manual labour (216 million working individuals in Europe alone).
SOLVING HR MARKET ISSUES
Using 4th Pillar’s decentralized model, we want to dramatically disrupt the workforce employment recruitment industry and achieve considerable market share quickly before cryptocurrency and blockchain technology become mainstream in the next few years. In a nascent space, far more must be done than white paper creation followed by social media blasts. A good mix of thought leadership, credibility, community, channel creation and research are making the 4th Pillar project stable and delivered on its promise and goals. That is why we focus our marketing efforts on the absolute quickest 4 pillars. The global employment and recruitment industry continue to show solid growth, increasing both the depth and scope of its HR solutions and supporting around 72 million people worldwide to access work each year. According to Ciett’s 2016 economic Report, global annual sales revenue reached 450.4€ billion with an annual increase of %8.6. The global recruitment process outsourcing market is forecasted to grow at a compound annual growth rate of %17.66 from 2017 to 2021, according to recent reports (Technavio — Infiniti Research Ltd. (2016), Global Recruitment Process Outsourcing Market 2021–2017). The growth potential is enormous due to approximately 3.3 billion employees in 2017 according to ILO modelled estimates. One of the key trends in the HR industry will be the process of digitization. 38% of companies are thinking about digital HR and only 9% of them believe they are fully ready for it. 72% of organizations believe digital HR is an “important” priority, while 32% claim it is “very important” (Source: Deloitte University Press).
CROSSING THE CHASM
Our platform is a high-tech product. The technology adoption lifecycle for high-tech products always includes risks in the beginning. It is basically a sociological phenomenon where people first need to get to know the product.
The first two groups of users are the innovators and early adopters or people willing to try new things. They are the first ones to start accepting and using the product. Before the early majority and late majority groups start to accept and use the product, there is a gap called »CHASM«. The growth of the company and product usage is stalled at the chasm moment. The company needs to be ready for this kind of situation by knowing the targeted user group and knowing its biggest challenges by trying to solve them with product implementation. The product needs to be redefined at this point and the company has to offer »the whole product«. The whole product does not only include the technology behind it but the complete experience around its CHASM use. That is what we at The 4th Pillar are thinking about every day. We have our product in full development phase, we understand the risks and we are ready. We know who we are targeting, we know the targeted HR industry’s biggest challenges and we have the right cure to be developed fully in the time needed for mass adoption.
Jan Jordan Frangeš