What is blockchain, and how can it be used in a recruitment agency? Blockchain is a decentralized digital ledger that stores information about transactions without a central authority. It is shared across multiple sites, so the data in the database is verified and never altered without a consensus. It is a highly secure way to store data, and it is being adapted to many different contexts beyond currency. The recruitment industry has already begun to see its benefits.
A Blockchain Recruitment Agency makes all of the data on a candidate or employee available to all participants. This means that a candidate who has access to information on their education can’t lie about getting a C in Programming 101 or having a 3.5/4 overall GPA. Furthermore, due to the cryptography of a blockchain, no one can change the data without the consent of the entire network. In addition, the blockchain can streamline the hiring process. Hiring managers can upload requisitions and get approvals in seconds. This will cut the time from weeks to days, and even hours.
The technology allows hiring authorities to verify a candidate’s information in a blink of an eye, making it possible to hire them knowing that everything they say about themselves is true. For example, blockchain can store information regarding employment contracts, such as the candidate’s electronic signature, payroll details, security access codes, performance reports, and psychometrics. The hiring authority can then hire a candidate and provide them with a payroll number in the blink of an eye.
How Is Blockchain Used in a Recruitment Agency?
As with any other technology, it’s crucial to protect personal information. Traditional background checks are expensive, repetitive, and inaccurate. With blockchain, the process can be streamlined and more accurate, while lowering time to fill metrics and costs. Additionally, blockchain can be used to connect common HR platforms and background screening systems. Blockchain is also a secure way to ensure a candidate’s qualifications are verified. And the benefits don’t stop there.
In addition to providing secure data, blockchain can be used to verify digital credentials and mitigate the risk of resume fraud. A recruitment agency can use blockchain to verify digital credentials, which would save both time and money. While not a replacement for human verification, blockchain is a vital tool in hiring processes. In fact, blockchain is already being used to improve the process of recruitment. There are many other ways that blockchain can help the industry and its hiring managers.
Blockchain is becoming a hot topic in talent acquisition. In fact, blockchain professionals are among the fastest growing in the world. Job posts related to this topic have doubled in the past few months. Recruitment agencies should take advantage of this technology to improve recruiting results. Bill Inman, Executive Vice President of SmartSearch, explains how blockchain can help. And what can an agency benefit from this technology? Its benefits are vast, and will change the recruitment industry forever.