Blockchain is Changing the Recruitment Process
One of the most intriguing applications of blockchain is the recruitment process. As a way to secure candidate information, it can be used to expedite the recruitment process and reduce the time it takes to find a candidate. In addition, blockchain can connect common HR platforms and background screening systems, which allows candidates to control the data they provide during the hiring process. Blockchain technology can also help make hiring and recruitment processes easier, more efficient, and more transparent, thereby improving candidate experience.
Another application of blockchain in the recruitment process is the creation of decentralized hiring markets. The blockchain can create a crowdsourced recruitment marketplace where users are rewarded for various actions. As a result, employers can work with a wider range of recruiters and improve their productivity. By using blockchain, a better recruiting process leads to better candidate quality, which ultimately improves company productivity. With the right candidate, it’s easy to maximize the productivity of the HR department.
Another application of Blockchain Recruitment is the creation of a standardized database of credentials. Blockchain allows employers to check the credentials of job applicants and verify that they are capable of performing the job. This will eliminate the need for resumes to be rewritten every time an employee changes a job. As a result, job applicants can feel more confident in describing their qualifications and their performance history. Blockchain also offers a secure way to store these credentials.
How Blockchain is Changing the Recruitment Process
One application of blockchain in recruitment is the replacement of intermediaries in the hiring process. Many companies use recruiters because they lack the resources to vet employees themselves. However, blockchain technology will eliminate this layer and allow companies to focus on more important aspects of hiring, such as whether the candidate’s aspirations align with the company’s mission. It’s a win-win for both parties, as hiring great employees means a better business.
A blockchain-powered credentialing solution is one such solution. This technology allows employers to check credentials from candidates on one platform without the need to contact their previous employers or the National Student Clearinghouse. This can help employers hire nurses faster and onboard them more efficiently. By verifying credentials in one single location, blockchain makes the entire process transparent and accurate. The blockchain technology also allows companies to validate candidates’ skills, which is important in high-risk industries such as healthcare.
Lastly, blockchain can also be used to manage payroll. If an employee’s wages are paid in a different currency from the one he/she receives, handling payroll can be a time-consuming and cumbersome process. With blockchain, HR professionals can generate their own cryptocurrency and pay employees using that. As a result, payroll processing time is reduced. So, blockchain technology has numerous benefits that are relevant to recruitment and employee retention.
In addition to identifying fraudulent applicants, blockchain technology can verify academic credentials. Currently, college degrees are mere words on a page, but blockchain technology can verify the legitimacy of these documents. For example, blockchain technology will allow candidates to present digital diplomas from their University with an institutional digital signature. By making such records available to the public, it can make it impossible for someone to spend Bitcoin without having it. The possibilities for such technology are endless.