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Blockchain technology is poised to change traditional HR practices. The simplest explanation of this technology is that it provides a secure way to view data in real time. The technology allows data to be distributed but not copied, providing an incorruptible, time-stamped record. This is hugely powerful for accurate and secure data entry and sharing, making blockchain technology highly attractive for maintaining HR and people data.
The impact of blockchain technology on HR
Find out about the 5 powerful ways blockchain technology will impact HR with this handy infographic:
1. Back-office functions will be eliminated
The time taken to complete transactions, and other administrative tasks, is greatly reduced, letting HR plan more training sessions to improve employees' skills. Employees can also attend more conferences and external training opportunities to keep them current.
2. It will reduce business expenses
One would think that removing the intermediary functions would result in the loss of countless jobs. Companies are avoiding massive job losses by merging these functions and training employees to take on roles in enterprise risk management and financial analytics. Both functions are crucial for business success.
Learn more: How to track expenses for your small business
3. Hiring processes will be more effective
Hiring managers will be able to access a database of potential employees. This database will contain comprehensive, trustworthy records of a person's education, skills, training and workplace performance. Dubbed the "value passport", this useful information increases a hiring manager's ability to find the right talent for positions.
4. Productivity will increase
It is felt that better matching people with positions will improve productivity. The small size of companies often makes it difficult for recruiters to find the best matches for positions. Blockchain technology will generally help people work in roles best suited for their skills.
5. The likelihood of fraud is greatly reduced
Non-secure digital storage systems for data are open for cyber attacks that lead to identity theft and fraud. Blockchain's cyber security application mitigates against these challenges. It also limits employees' access to data, thereby preventing the likelihood of internal fraud.
Written by Fiona Sanderson
Fiona is Marketing Manager at myhrtoolkit. Her areas of expertise include HR systems, productivity, employment law updates, and creating HR infographics.
