How much blockchain does HR need?
Alan Cini, Director at Broadwing Recruitment writes about the digital benefits to the HR Ecosystem
The blockchain revolution has already brought innovations and progress in many areas. In the course of HR digitisation, the question arises, “How can blockchain technology be meaningfully used?”
While Malta will certainly not become a digital society overnight, technical developments in HR are progressing at a rapid pace. We should take inspiration from our European neighbours and adopt aspects of the technology.
By 2020 most companies and governments will be using the blockchain in some way for verification of claims. Using the blockchain and strong cryptography permits create certifications that put us in control of the full record of our achievements. Recipients can share a digital degree with an employer while providing trustworthy proof that the degree was in fact issued to the person presenting it.
Today, an increasing amount of open positions are staffed on a permanent and temporary basis. Finding the best talent is difficult, time consuming, and expensive. Blockchain leads to the de-bureaucratisation of HR departments by connecting talents to vast opportunities, with faster access to the applicant’s CV without long research, smart contract processing for payment and performance of employers as well as reduction of costs.
By developing a blockchain-based, decentralised platform, we are able to connect peer-to-peer candidates and decision-makers together in an efficient and new way. This enables members to stay in control over their personal data, and verify blockchain-based records for academic credentials, professional certifications, workforce development, and civic records.
These digital records are registered on a blockchain, cryptographically signed, tamper-proof, and shareable. The goal is to enable a wave of innovation that gives individuals the capacity to possess and share their own official records.
Enabling members to stay in control over their own personal data is just one step of how we will transform and futurise the existing market. Having access to the full professional talent pool by browsing among the best applicants and using filters to find the exact talent you are looking for,with an academic and technical profile of the candidates including results and programming tests, are just a few examples of how blockchain and AI are key technologies for the future of human resource management. They enable companies to find the best talents faster than their competitors, provide trust and bring transparency to the job market.
We are currently developing an environment to create a next-generation recruitment platform for job seekers. Automating and building a decentralised online platform is an exciting project which brings transparency into the recruitment and contracting process. AI-enabled job matching and distributed ledger technology used to create smart contracts and to verify and secure members’ personal information are just some of the ways we’re doing this.
We are now able to reverse the hiring process—innovatively; we will offer only the best international professionals on the platform. All candidates go through a profile analysis, followed by technical tests from the main skills where we analyse the years of experience, projects worked on and recognising and accrediting achievements with educational institutions. Our team of experts alongside AI-based algorithms will automatically compare profiles to the details of the open position. Here, hiring managers will have access to several profiles with videos of candidates’ presentations and can conduct interviews, thus reducing the time while guaranteeing quality in hiring.
The online platform will be entirely free to applicants. The cost to the company is generated only after hiring the professional.From here, hiring managers participate in the selection steps defined by each company, but continue to rely on the platform to communicate with our team for free HR support, even after hiring.
It is of no surprise that the steps are growing from year-to-year. It should always be borne in mind that development and therefore digitalisation will never again progress at the slow pace that it is currently accompanying us.Today, some of us may still keep pace, but the speed increase is exponential.The most important work that lies ahead is not technical but to do with institutions and governance. It will require a concerted effort to ensure that the standards for digital credentialing systems are open and that they take into account the needs of all involved — learners, educational institutions, employers, and governments.
We are now at the exciting historical moment when we get to choose what our future will look like.This is the time to experiment, to collaborate, and to share experiences to realise the full potential of building a new digital HR ecosystem.