The impact of Blockchain on Recruitment process
In this blog, we will discuss those possibilities that Blockchain, will bring to the recruitment space. Data security and confidentiality play an equally bigger role in recruitment process, as much as they do in other processes. Hiring the right candidate for the right job continues to be a challenge for many organizations. Especially when it comes to pre-screening of candidates, before interviews, which is absolutely necessary. What if there was a faster way to identify suitable candidates and make sure they have the qualifications and references they claim to have? The Blockchain looks to address these issues in an effective way.
Blockchain enables candidate verification with DTL
People who have heard about Blockchain would have also heard about the Digital Ledger Technology or just DLT, as it is easily known. From a recruitment perspective, DLT can be used for verification purposes, not only to know the identity of the workforce, but also look for career related information like qualifications, work history and references. Employers would always prefer the verification process to be completed easier, faster and cheaper. If this happens, then, it becomes increasingly comfortable to add workers to the workforce. As you don’t need to run through a lengthy reference check, if the worker can provide verified career information using the Digital Ledger technology.
Significance of Smart Contracts
Close on the heels of the Digital Ledger technology, are Smart Contracts, which can also play a good role in streamlining your hiring process. This is more useful when it comes to hire workforce on contract basis and payment is to be made on successful completion of work. When the individual or workforce is presented with a contractual agreement, through a smart contract arrangement, the contract data is automatically stored in the Blockchain. When the candidate successfully completes his contractual commitments to the company, a smart contract stipulates that and the money are automatically released to the employee. All the information is transparent and so is the process involved.
Blockchain can help in Automating Taxes
Taxation is cumbersome and tedious. With taxation being an equally important part of the hiring process, organizations would always be looking for easing things out. Blockchain developers can play a good role in helping you automate the taxation process, by tracking your income and purchases, thus arriving at your tax rates, accordingly in real-time.
Streamlining Regular Tasks
It has been observed that there are inefficiencies leading to irregularity in performing regular day to day tasks as well as recruitment activities. The major reason behind this could be the streamlining of processes that laid a major setback in maintaining the regularity of the prescribed tasks in time. Blockchain in recruitment will help in aiding the existing pain points of the recruiter.From tracking payroll to issuing checks and managing employment contracts, Blockchain will serve it all as there is no intermediary involved in the transfer of funds which will not only reduce third-party costs but also streamline processes for the flow of funds from one entity to another.
Employers certainly foresee the future with their existing workforce, still, there is lesser trust and reliability in countering certain projects or tasks through augmented teams as there are several issues which forbid the employer to choose employees from an outside force. But with Blockchain Smart Contracts, there is workforce flexibility, establishing productivity and efficiency for the overall workflow in an organization.
Blockchain’s emergence in the technical world has much more to offer. However to get the best out of Blockchain, hiring the best Blockchain developers is of paramount importance. Getting deeper into the Blockchain world is DeveloperonRent, a company with an eye to the future. Having conducted an in-depth analysis, about how recruitment processes work, DeveloperonRent has now looking into a Blockchain recruitment process, with a vision, to address critical issues concerning the recruitment process by maintaining trust, confidentiality, and integrity for the existing and upcoming data sets. Hire Blockchain developers from DeveloperonRent and get a new dimension to your hiring process with the application of Blockchain technology.
Experienced Digital Marketing professional with a demonstrated history of working in the information technology and services industry. Skilled in Search Engine Optimization (SEO), Landing Page Optimization, Adwords, Search Engine Marketing, HTML, CSS, WordPress, and Social Media Optimization (SMO). Now working with DeveloperOnRent a fast growing IT outsourcing Company