BlockTribune, "Blockchain Bridges The Trust Gap In Recruitment"
Blockchain Bridges The Trust Gap In Recruitment – Opinion
FinTech, News | March 16, 2018By: Arran Stewart, CEO, Job.Com
One of the biggest challenges in hiring is being confident that the new hire is exactly who they say they are. Yes, you can talk to them, check their IDs and even browse their LinkedIn, but really, how do you know that your latest superstar isn’t a super fraud?
In my own experience, I’ve had many employees who seemed perfect (on paper, at least) but were ultimately only good for taking random days off and complaining at the first sign of hard work. It turns out that candidates can counterfeit any information, even references, making trust a difficult issue. So the question becomes how do I honestly, truly know that the reference for my latest hire wasn’t just the best man at the candidate’s wedding?
Blockchain has the potential to change all of this for the better. The key distinguishing feature of blockchain technology is an always-accurate, always-up-to-date ledger of information that cannot be deleted, amended or corrupted. That means it can serve as a trustworthy record that is open for both collaboration and valuation. Those with access privileges to the blockchain are able to analyze all the information on the ledger and determine the accuracy and veracity of both the data and it’s contributor.
Incorporating blockchain technology into the recruitment industry means that recruiters will no longer need to be beholden to fraudulent resumes and references; it’s impossible to fool. Employers and recruiters will be able to create profiles on the blockchain for each employee; building a secondary web of information for work habits, achievements and more. As everyone joins the blockchain, employers will have will have a full and accurate picture of their future recruits. And it’s not just accurate; it’s reliable.
This isn’t only advantageous for employers; genuine, hard working individuals may also know the pain of getting passed over on opportunities in favor of a dishonest candidate. Employees with excellent work history, whose accolades have been recorded on blockchain will benefit greatly from having a verified list of references to back up their accomplishments and interviews.
Statistically, 46% of hires fail in the first 18 months, incurring huge costs and increasing both inefficiency and waste within the industry. One of the many reasons why candidates fail to stay with a company is because they simply weren’t the person they claimed to be in the first place. And with employee turnover and recruiting inefficiency costing US companies around $150B per year, blockchain is here to save the day — and ultimately your bottom line — by bringing in the absolute cream of the candidate crop. Companies will be lining up to integrate the future of recruitment into their hiring strategies.