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Here are today’s HR and workplace news headlines from Workology Go Podcast. I’m Jessica Miller-Merrell. The Workology Go Podcast is sponsored by HSA Bank.
Ep 23 – Your Blockchain in HR Guide In Just 5 Minutes
Maybe you’ve heard about blockchain or maybe you haven’t, but it’s a new technology that is quietly embedding itself in the human resources and recruitment industry. Yes, let’s add another technology to the long list in human resources. If you aren’t familiar with tech like machine learning and artificial intelligence, as well as blockchain, I implore you to take a free course through Stanford, read a book or take a look at all the resources we have on the topic.
Back to Blockchain.I’ll talk about the how and why in a minute, but first I wanted to give you some stats on its potential and use.
– 90% of European and North American banks were exploring blockchain in 2018
– The global blockchain technology market is estimated to accumulate 20 billion dollars in revenue by2024
– Blockchain can reduce 30% of banks’ infrastructure costs
I find it interesting how one of the most conservative industries, the financial sector is really digging into the blockchain which makes me think that another conservative industry which is human resources could really benefit from the technology.
Today’s featured story is from Blockchain Expert and is simply titled, Blockchain in Human Resources.
The Harvard Business Review describes Blockchain as a quiet revolution. I wanted to understand this quiet revolution a bit better which is why I got the down and dirty about blockchain from Dan Nichols from a very recent Workology podcast interview and how it can be used in HR.
So the block chain side of it is really about there that technology helps to automate economies so that kind of the scale of things is to say it’s the right solution where you’re trying to coordinate activities between multiple often competing entities and that’s the big challenge you’ve got with this world of recruiting is that employers are the greatest access most expensive asset most important asset are people. And so there’s high competition between organizations around the people and what employers hate to do is to train people that are only going to leave and go work for somebody else. Right. So there’s there’s a lot of sort of turf ism in there you can find employers that are in completely different industries that might work together but you really have to get it. Especially today with rising technology and the massive rapid shift of need for people to gain new skills advance and transition in skills there’s a need for greater collaboration and block chain is one of the few things that does that because it creates it gives us the ability to manage the privacy of individual information to manage the safety and the security of this massive amount of data that’s out there that isn’t used in the wrong kind of way because you can set kind of contracts in place and you can I guess establish this sort of economic agreements between organizations that this is how it’s going to work and that it becomes very visible very clear that this is how it’s working in today’s world it’s just literal chaos. The systems that you have in place are really built around the idea that it should be really inefficient because it can make more money off of inefficiency of you know people taking having to apply to many many many different organizations and or organizations having to recruit over and over and over and over again for the same kind of people and finding the same people that inefficiency is how the system works and how it makes money today and I think there’s entirely different models that would work way better for for everybody and could still be monetized right by those organizations looking to do that.
But it does require a technology capable of establishing rules and working off of rules that I think gets employers that might compete with each other more comfortable about working together the ways that we’ve been able to find at least initially is around the issues of inclusion around certain populations that are groups of people that employers can kind of agree to work with and so that would work around or work together for on behalf of veterans or one of those individuals disabilities would be another of those populations. And so I think the first forays of real advancements in utilizing this technology nature our world around the diversity inclusion initiatives that are out there that are most open to taking the steps necessary to kind of recreate this world how it works.
From our featured resource on Blockchain Expert, they see the use case for HR happening in a number of different areas including data management, data verification like background checks and employment verification, and helping ease up auditing and compliance which I think is great. We could all use more secure data in our lives. However, there is no official word for or against blockchain in HR from the DOL, Homeland Security or the OFCCP when it comes to employee data and candidate records which isn’t surprising how new and innovative this technology really is.
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