How Blockchain And Cryptocurrencies Could Affect Staffing
Blockchain and cryptocurrency are two “buzzwords” you may have heard a lot about, even in the world of human resources and people management. But what are they, and could they really affect staffing agencies, recruitment, and other aspects of human resources? Find out below!
A “blockchain” is essentially a decentralized, public database. It is a continuously growing database of records, which is protected using cryptography. It records transactions between different parties or agencies in a public, verifiable, permanent way.
Cryptocurrencies are digital currencies based on this “blockchain”. They are created to be completely decentralized, and they rely on the blockchain for records of their distribution – without needing a central server.
Possible Uses For Blockchain And Cryptocurrency In The Staffing And Hiring Industries
● Blockchain-based employment records – Companies could use a blockchain to create records of an employee’s employment at a particular company. This would ensure that the work record of an employee could be easily verified, and that they would not be able to misrepresent their experience. In turn, this could minimize the number of “bad hires”, and filter them out during the interview process – saving HR professionals quite a bit of time and money.
● Records of performance, education, skills, and more – Companies may also be able to record things like performance levels, skills of employees, education levels, and more on this blockchain. This would ensure total transparency during the hiring process.
● Cross-border payments and simplified employee mobility – Because cryptocurrencies require no centralized bank, they may be easier to use for international businesses to pay employees. This would help employees become more mobile, and make it easier to hire across borders.
● Boosted productivity – Resource and data-intensive processes such as payroll, VAT administration, and more could be reduced by the power of cross-functional cryptocurrencies and the blockchain.
● Enhanced prevention of fraud in the HR industry – The identity, skills, and other basic information of both contractors and employees can quickly be verified. This ensures that all new hires are honest about their qualifications, and that fraud is minimized.
Blockchain technology and cryptocurrencies are still in volatile initial stages, and their applications for recruitment and staffing may be quite a way into the future. But if the power of a blockchain can be used properly, it may revolutionize the way we conduct interviews, maximize staff retention, and much more.
Be Ready For The Future – With Westminster Search!
At Westminster Search, we have our eye on all of the developing technologies in the world of human resources, staffing, and recruitment. You can trust us to keep you up-to-date on all of the most recent development – and use advanced tools to find the best candidates for your company. Ready to get started? Contact us now, and start searching for a new recruit today!
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