There are very rare chances one would have not heard about the cryptocurrencies. The buzz around the digital currency has wooed every individual by offering a great way to invest and profiteer. Currencies like Bitcoin, Litecoin, Ethereum and more have rose in terms of price and profitability overnight and made people richer. But, while everyone is lured to invest in this impeccable currency, not everyone understands the secret of its success which is because of the amazing underlying technology- Blockchain.
Blockchain technology lays the foundation of cryptocurrencies trade. It is an entirely different technology than the Artificial Intelligence Tech (Chabot’s & Facial Expression based Interviews) that is already a revolutionary technology already impacting various aspects of Human Resource Management.
Blockchain holds a great potential to revolutionize businesses. It can curb slow, intimidating, complex, labor-demanding and expensive HR processes and expedite how things are done within the department. It can be proven helpful in a number of aspects including verification of backgrounds, record keeping, enhancing the productivity and preventing frauds like identity thefts, payment fording and more. let us have a deeper understanding of the use of blockchain in Human Resource Department.
Blockchain and Human Resource Department:
Blockchain has the potential to offer support and service in most of the Human Resource aspect in any organization. It plays an important role in below-mentioned HR departments and processes:
Background verification is undoubtedly one of the most important function of Human Resource department. Every business involves in background verification of its employee to ensure they hire the best workforce with a great track record. For quite sometimes, organizations are trying to automate this process to speed up the entire processing. Thanks to Blockchain, the technology appears promising to speed up the data verification process and reduce the average TAT from 3 days to a few hours.
Smart Employee Contracts:
Businesses are already discussing a smart workplace where employee transactions would be automated and done with ease and in a lesser time frame. With such a system in place, individuals can easily move as contractors across various industries. BlockChain shows great potential to easily facilitate such contracts and make them more executable to identify who is the best match for any specific role.
Being an expensive affair, the need of automation in Payroll has become imperative. Both national and international compensation processes. The online ledgers facilitated by blockchain can prove fair and reliable to for processing such transactions. The department can track the transactions happening over every second and convert it in terms of profitability. Especially in terms of international payments, blockchain combined with cloud tech can do wonders by ensuring employees are paid in local currency or some cryptocurrency based payroll system.
While all these uses of blockchain in HR comes beneficial for companies, its ability to boost the productivity gains makes it most popular. Lack of productivity has always been a pain point for HR department. Small and Medium-sized companies (SMEs) suffer with the problem of lack of productivity across different departments. With the implementation of blockchain, cumbersome processes will become easy to so and people would tend to take interest in them. By reducing the administrative burden, blockchain will make things interesting and easy to do.
Many crypto businesses are developing software to support such HR functions. Goodnoon ico marketing provides such business support to expand their brand on various platforms and help HR functions. Blockchain has a lot of potential to streamline various processes and departments of HR. Though there are a few pitfalls, but with time, these pitfalls would be treated with a solution to make blockchain an integral part of all HR functions.