31 Jan This Is How Blockchain Is Disrupting Human Resource
First there were cloud where it brought organizations to subscription-based models (SaaS). Then came the advanced analytics through artificial intelligence (AI) that encouraged businesses to become more data driven.
Today, we are seeing the future of HR in the hands of blockchain, a cross-industry disruptor.
Blockchain is commonly known as the technology behind the much talked about Bitcoin. It has also been compared to the internet, which has transformed the way businesses work completely. Since its invention in 2008, it hasn’t faced any disruption besides a few hacks or mismanagement.
What exactly is Blockchain?
The blockchain is a virtual, public ledger that records everything in shared blocks across networks. It is not controlled by a single entity, therefore bringing into frame the highest degree of accountability.
Let’s take a look at Google Docs. In the past, the only way we can share a document with another recipient is by sending them a Microsoft Word document, click on ‘track changes’ before they make revisions to it. When editing has been done it is then sent back to the first party for checks or any further revisions. The cons to it is that it is time consuming, sharing of the wrong file (accidents do happen) and many more.
With Google Docs, multiple parties can now access the document, witness and make changes live. This shared ‘ledger’ will track down the ‘transactions’ made. E.g. Person A edited this at 10:11AM, Person B deleted this paragraph at 12:34PM.
If you understand Google Docs, you now understand the concept of blockchain.
Blockchain in Payroll
Can you imagine getting paid in Bitcoin? From February 2018, Japanese firm GMO Internet will start paying its employees SGD1,200 worth of Bitcoin to each employee. Though it is voluntary, employees who are open to this program would receive a 10 per cent bonus because of the cryptocurrency’s volatility.
Blockchain in Recruitment Today
The partnership between Recruiter.com and HireMatch will now allow companies across the world to utilize HireMatch (HIRE), the latest HR cryptocurrency token. As the first of its kind, HireMatch provides a decentralized Blockchain employee recruitment platform.
With this token, HireMatch would help employers reduce cost to acquire new talents by wiping out unnecessary third-party vendors.
Job listings would be processed through HireMatch’s platforms that include two major elements – Job Posters (Companies and Recruiters) and Agents (Parties who match, verify and submit talent).
With the support of blockchain technology, HireMatch’s Smart Contract ensures that all agreements between job posters, agents are kept secure, automatic and transparent.
QuickHR is a cloud-based HR solution with a cohesive employee database, eLeave, eClaims, eTimesheet, ePayroll that can generate meaningful eReports. At just SGD5 per employee per month, businesses can now automate their HR department with or without a HR manager. QuickHR’s integration with accounting software QuickBooks and Xero also ensures that your HR journey stays clean and fuss-free.
For more information, call our consultants at (+65) 6908 8158 or drop an enquiry to [email protected]