As a business leader, you know how important it is to be as efficient as possible with everything you do. If you’re an ecommerce business, you want to ship products to customers as fast possible, and if you’re working as a consultant, each email query you get has to be replied to immediately, while at the same time keeping in mind your customer’s needs. Sending out salaries has to be done on time, as does sending out invoices to clients, which is why you’re using the best technology for your cash flow processing. When it comes to hiring the right people–and hiring them fast–one of the best technologies you can use is blockchain.
Already, blockchain is changing the world in many ways. According to Brian Magierski, it’s a big part of our future. That’s why it’s no surprise the startup Fr8 Network has created a blockchain in trucking alliance to improve the freight industry, and Nanovision is working with blockchain health solutions to empower us with more accurate and up-to-date information about our health. Blockchain is going to change your world, too, by simplifying your hiring process. Here’s how:
Benefits to you
Currently, one of the most difficult processes to manage while hiring new employees is verifying all of the information they give you. These days, when they can type their CV in a beautiful format, create a classy website, and get good reviews from friends on LinkedIn (instead of actual employers), you need to rely on verification to know if they worked at a certain company or went to a university. You end up having to either spend a ton of time getting in touch with their references or paying a fee for a detailed background check.
But now, things are going to change with blockchain technology. Because a blockchain is completely global and transparent, data can be stored on it that can’t be changed by anyone–so, for example, a degree that’s earned by your potential employee can be immediately verified. According to Medium, it works like this:
“[W]hen the candidate is ready to publicly share the certified information, blockchain provides a way in which there is a public part of the applicant’ profile and a private part which will be shown only when the user gives access to the profile. This will be a function of filtered ads– these filtered ads automate finding job seekers that fit particular job roles.”
Since the value of blockchain is predicted to be $20 billion by 2024, verification processes with this technology will become more and more popular, which means that soon this information will be readily accessible regarding all applicants.
Benefits to the applicant
On the other end, too, things will be easier for job applicants–which ultimately means you’ll be cutting time and costs in unnecessary interviews or ending up with a job offer that ultimately gets turned down by who you thought was the perfect candidate. The inherent transparency of blockchain means that candidates know what they’re applying from the very beginning.
According to The Undercover Recruiter, “candidates will also reap the benefits of blockchain technology, as it allows them to apply to roles knowing they are actually qualified for the role…The transparency within this system ensures a level playing field for all candidates. So it’s in many ways a win-win for both the recruiter, who is getting the most ideal and qualified candidates, but also the candidate, who is confident that they have the right credentials and skills to excel in the role.”
Additionally, apps that use blockchain are being created specifically to address problems in the hiring process. For example, there’s HireMatch.io, which, according to Qlikchain, puts recruiting directly in your hands by making it entirely unnecessary for you to hire a recruiter to find you the best employees. After all, you know who best belongs with your company. It’s also beneficial to potential hires because they’ll feel like they’re having a personal conversation with you via the app, instead of having to go through a traditional recruiter who may not see their full potential the way you do.
In 2017, the average cost per hire was a whopping $4,000, so if you’re looking not only to attract the best employees but also to save money, it’s worth using blockchain technology.
As you can see, blockchain is making a huge difference in the world–and when it comes to running your business better and saving on costs, you can use this technology to simplify your hiring process.
What strategies do you usually use during the hiring process?