Clive Humby, a mathematician from the UK, said it first back in 2006: Data is the new oil. Technological elevation and innovation in every professional aspect is constantly and rapidly progressing. This is happening at such a fast rate, that one has only two choices: either to be up-to-date, or to stay ahead of the curve. Innovation in data processing being the key area of focus, the Block Chain Technology will certainly have a significant role in steering the transformation of the business world. Block-chain refers to a public depository of a constantly growing database; where blocks are lined and secured using cryptography. Each block has a hash pointer as a link to the precedent block, a time-stamp and transaction data. More than in anything else, their significance lies in the design of the blocks: they cannot be altered. Regardless of the fact, that the block-chain technology was built to suffice to financial objectives, it will have an impact on every digital affair. In the recruitment industry, this competitive advantage can be put to great use, and will have the last say on how innovative and effective the offered service is. It is expected, that in the next 5 years, the vast majority of organizations will have an operational block-chain structure.
Recruiters today confront sizable hiring obstacles, when verifying candidate data. According to several surveys, more than more then 50% of employees have found false or inaccurate data in resumes. One can say with certainty, that identifying and validating the veracity of candidate data indirectly outlines the duration and cost of the recruitment processes. By putting the Block Chain technology in use to iron out certification issues, boost transparency and pitch into fraud in candidate credentials – we would be able to hasten the hiring process and cut out any mediators. Let me provide you with an simple example:
"You are looking to purchase the finest apple the world has ever seen. You could look through the blockchain to see where the seeds were purchased, where the apple was grown, pesticides that were used (if any) and the current owner of the apple. Purchase the apple and add your transaction to the blockchain."
In order to stay ahead of the game in the recruitment industry, it is of vital importance to figure out and employ this new technology. What I can promise you today is that disruption is inevitable, but is up to us to decide how we can benefit of this knowledge. Every recruiter knows his own strengths and qualities, and this human factor is the key indicator of success in the recruitment sector. Here at SGS, our highest asset is the relationship between client and candidate – and this goes beyond any technology. Furthermore, there are challenges to be expected when validation of historical data is concerned, which is why trying to document the history of one's career path might be counterproductive. Instead, companies should focus to build block-chains from this point moving forward. We live in an information economy, powered by the human capacity to create value out of knowledge. Jet, more than ever, the quality of human capital is crucial for companies to strive. Doubtless, there is a critical urgency to establish efficient sourcing mechanism to hire the candidates who are the most befitting to organizations. Will block-chain be able to fill this gap?
Author: Sanja Grbanovic