Author: Future Manager Research Center

How Does BlockChain Work in HR?

The impact of blockchain on the financial industry is well known, but it also has extraordinary potentials in other fields of business. As we can see, it will soon change the traditional human resources and recruitment process. What we can discover in the HR area of using blockchain technology? And What do you see in the future?

• Background verification

Blockchain can help companies verify candidate’s personal identity, professional qualifications, relevant skill certificates and work experience during the recruitment process. According to CompTIA research, 51% of all companies that first used blockchain technology have applied the technology to digital identity verification.

• Talent discovery

Blockchain can also help HR specialists to more accurately determine potential talents and understand which jobs they are most suitable for. If the resume of a job seeker is verified on the blockchain, then the enterprise HR can save the cost of investigation and verification of the applicant’s background. At the same time avoiding the verification process being too long, which can effectively shorten the recruitment cycle. Blockchain greatly saves the labor and time costs of enterprise HR.

• Employee career management

The blockchain can be used for employee learning records or other information in the HR database, because it can provide a higher level of security. When employees complete the trainings and obtain certifications, they can verify it on the blockchain. Past achievements will not be forgotten, internal training programs and skills verification can follow candidates through their career lives, whether they are full-time employees or temporary workers.

The use of blockchain technology is expected to break barriers in employee’s training when they work in various companies, so as to establish an instant non-repudiated learning and training records of employees ’career growth, enhances employees’ professional credit and workplace competitiveness.

• Salary payment

Blockchain payment solutions can become a cheaper and more efficient way for companies to conduct payrolls overseas. Common problems with cross-border transfers of payrolls include the long process caused by the involvement of an intermediary bank and inconvenient exchange rates.

The security structure of the blockchain allows companies to send and receive funds instantly and securely anywhere in the world without using a bank as an intermediary with a service fee and be able to pay employees in real time.

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