Every single year resume fraud costs companies millions of dollars and traditional outdated methods of recruitment mean that, until now, there has been no economical way to prevent this. But is that acceptable? Is a new method possible, or is it too scary to take a risk on something not many people know about?
No business ever succeeded by sticking their heads in the sand, and today I am going to go through how blockchain is fundamentally changing the methods of recruitment AND is safer, more reliable, and costs less. But how you ask? Let’s get started…
Secure Data Storage:Hiring an unqualified worker can cost up to $15,000 per candidate and, combined with how on average employees stay at jobs for less than three years, it adds up very quickly. Blockchain can instantly and accurately display the history of an applicant's work history, removing the risk of resume lies by displaying relevant and reliable information verified securely and easily. This has huge potential for recruitment by simplifying and improving everyday practice.
Innovative Technology:Blockchain may seem intimidating at first, but instead of completely changing your current systems, it merely integrates with existing systems and software, making them more reliable and secure. Companies that don’t expand and adapt tend to struggle, and blockchain is increasingly becoming the way of the future.
Credential Verification and Reference Checks:An exciting way that blockchain technology has the potential to forever alter the way businesses recruit is by using QR codes. The way it works is that a QR code is embedded with a unique hash of information. This information is stored inside the QR code that can be read using any QR reader.
Simply add a relevant QR code onto an ID card or certification,and once it’s scanned it can tell businesses or clients whether the documentation produced was the real thing and it hasn’t been altered. Information on the QR code hash is secured by blockchain, which allows for the correct verification of information on whether documents and ID are real or counterfeit.
Simple Payroll System:At the end of the day, businesses want to pay employees what they are owed and employees want to get paid when they’re due. Online payments have the potential to dramatically speed up financial transactions, ensuring employees get payments quickly and with the added protective security layer of blockchain.
Alright, we have looked at how recruitment information can be secured safely and reliably with the innovative technology of blockchain, and verified with immutable transparency quickly and efficiently. We’ve also looked at the exciting results of institutions and academies inserting verifiable information on blockchains that can be viewed by recruitment agencies, streamlining the process of screening resumes.
Blockchain isn’t going to change the way we do business, but instead we’re seeing that it already has.