That’s where Blockchain comes in – the technology is a major differentiator in these 3 HR processes:
Blockchain-based HR tech makes payroll and compensation seamless, more efficient.When it comes to Blockchain, bitcoin was where it all really began. From a valuation of USD 1 in 2011, it’s soared to USD 17,900 this month, and continues to be the cosmetic face of Blockchain technology. However, several other currencies use P2P tech to operate – all cryptocurrencies including Ethereum function on similar principles and could be viable alternatives.
The reasons for resorting to cryptocurrencies for wages could be many – perhaps your local currency is volatile, impeding stable payroll for offshore employees, or emerging compliance norms are demanding better records-keeping and transparency.
Several firms are already innovating in this space, including Bitwage that only takes over the transaction process while making payments in local cash, and Papaya Global that’s letting owners give Bitcoin as a salary component.
Blockchain tech equips HR with more accurate, better-verified resumes.
A surprising 58% employers have spotted an outright lie on candidate resumes, says a survey by CareerBuilder – a slip that takes time and manpower to uncover, and if overlooked, can lead to severe consequences.
This is all the more important in the current career landscape where top talent often go through 3 or 4 organizations before landing a leadership position or high-stakes role in a growing company. This trajectory needs to be scrutinized, validating the candidate has the skillsets, certifications, and experiences required for the job.
As Chami Akmeemana, member of the Advisory Board at analytics firm Pinteral put it, “The instances of a job for life where a candidate would start in the mail room and work their way up to retire as the CEO are statistically zero. Career ladders are becoming career webs and with the event of globalization and ease of travel, these days a lot of those previous experiences are in foreign countries and in foreign languages, meaning it requires official documents to be translated.”