Blockchain Usage in Human Resource Management Divison

Say you’re facing a new strategic initiative and you need to find specialized talent fast. They need to be onboarded and given access to resources quickly without compromising security. What if you could easily indirectly source that talent from far beyond your normal networks, verify their identity, their credentials, their reputation, grant and revoke access to resources as needed , track their use of these resources and contribution at a really granular level, and then compensate them without administrative overhead and everything was recorded in a permanent, trustworthy and immutable ledger.

Read more : Blockchain technology application in human resource

How would it change what your organization could achieve if you could do that on a regular basis? So, new technology tends to come slower to HR than other departments, but blockchains will impact HR as the technology is more widely adopted and integrated. Not only will they help to streamline processes, but they can support a more higher level of agility by advancing the way that we source and track and enable and compensate contributions from a broader network of talent.

Here’s what could be coming. First off, background history credential checks could be done faster and with more accuracy. Identifying candidates, determining who’s worth pursuing, and then filtering through requirements could be so slow and subject to fraud. Over time, blockchain networks will provide infrastructure to help us authenticate and to verify these credentials, but the technology can also support compliance and auditing with an increasingly dynamic workforce. Blockchains could also facilitate direct and trusted access to talent. So, not only could the technology help HR professionals to identify reputable contributors with really specialized skills, but it could also help to streamline the contract process across a broader talent pool.

So, smart contracts can set enforceable and self-executing work agreements to release compensation automatically when specific milestones were achieved. But, perhaps most profoundly, companies could manage this directly with talent without intermediaries and services sitting in between. This approach could ultimately help companies move to a more agile and project-based work structure. One day, companies might find that they can use this kind of contract to safely invest even in re-skilling workers to meet their needs as those needs change.

Plus, blockchains could support HR in enforcing dynamic security and access to data and systems. So, with a more dynamic workforce it’s of course much harder to control access to sensitive information and systems.

Blockchains could facilitate this work not only providing additional safeguards for data, but granting and rescinding access based on preset criteria. And finally, blockchains could streamline payroll management. Blockchains could support more accurate tracking of work across a global distributed workforce and automatic auditable payments based on preset criteria. For example, payment could be released the moment that a specialist hand delivered prototypes to a remote office or biometric sensors in tamper-resistant record keeping could provide more accuracy making everyone more comfortable with automated payments, replacing manual work.

There’s a good deal of infrastructure that needs to be in place before the HR professional is going to see blockchains in their day-to-day work. However, the features that blockchains offer could help support HR as organizations face so much pressure for a dynamic and an agile workforce in our fast changing business environment.

 

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