How Blockchain Can Change HR Management 

 December 5, 2019

Since
blockchain is a “native” technology for cryptocurrencies, the potential of
decentralized solutions in the field of recruitment and corporate management is
only being studied. Meanwhile, blockchain can become an effective tool for
optimization or full automation of complex, labor-intensive business processes.
These include recruitment and personnel management.

What’s Special about
Blockchain?

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Application of
Blockchain in Human Resource Management

The
ability to safely store and exchange data is the greatest advantage of
blockchain technologies that can be used to change the relationship between
companies and employees significantly. A single decentralized system that
collects reliable information about the education, skills and work experience
of candidates greatly simplifies the recruitment process.

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On
the other hand, candidates for a particular position can easily demonstrate
their competence without providing a resume, recommendations from previous
workplaces, and even an interview. What is more, the use of blockchain
technologies will also allow firms to more clearly coordinate work processes,
boost employee engagement, and objectively assess labor productivity.

Taking
into account all its features, the blockchain can be useful for solving the following tasks:

  1. Recruiting – Storage of education certificates and data on the candidate’s background, skills, and labor achievements in a decentralized verification system ensures the information accuracy. There is no need to search for contacts, calls, conduct numerous personal meetings, or analyze documents.
  2. Automation of messy personnel management processes, such as payroll, VAT administration, attendance control.
  3. Implementation of a business model for cooperation with freelancers working in the condition of absolute transparency and trust of all interested parties.
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All
in all, blockchain has all the features necessary for HR management and hiring
processes.

Blockchain is the
Future of Gig Economy

The
operation of modern companies most often does not depend on their geographic
location since remote work is becoming common in the business sector. The new
model of the economy “Gig” economy allows a huge number of young talented
professionals to offer their services to employers anywhere in the world and
receive a decent reward for their work.

However,
for this type of cooperation, it is necessary to ensure safe cross-border
payments, pay taxes in accordance with the requirements of specific
jurisdictions, and create a transparent ecosystem for trusting relationships
between employees and companies. With the help of the blockchain, which is ideal
for instant financial transactions with a minimum commission and compliance
with all regulatory requirements, you can easily implement and control all work
processes. At the same time, confidential information available exclusively to
employers and remote workers is reliably protected from cyber threats and
fraud.

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Successful Blockchain
Projects in the HR Sector

Several
startups have already achieved good results in the development of blockchain
solutions to increase the efficiency of personnel management and hiring
processes. For example, Bitwage, a
California-based Bitcoin payroll service, allows employers to pay for the work
of remote and full-time employees in cryptocurrency without a bank account.

Blockchain Projects in the HR Sector 550x330 - How Blockchain Can Change HR Management

At
the same point, the startup Etch has created a platform where all labor
agreements are concluded in smart contracts, and salaries are automatically
calculated and instantly sent to an Etch wallet or payment card.

Dream
offers ready-made blockchain solutions based on machine learning technology
that simplifies the selection of first-class specialists and receive financial
support for a specific project.

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There
are also startups aimed at improving the transparency of the data of job
seekers. Aspire, a London-based company has launched a recruiting blockchain
platform that has collected only verified information about candidates,
including a reference from previous employers.

Blockchain
has enormous potential that should be used to transform the HR sphere. Startups
have already laid a solid foundation for the further development of technology,
and companies need to implement ready-made solutions or develop their own.

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