Talent Acquisition (TA) has emerged as a specialised and most challenging area for organisations across the world. It’s also an area that attracts most of the attention of HR Technology. How will the emergence of blockchain influence TA?
Will blockchain transform talent acquisition?
The answer is yes, maybe! The use case possibilities have started emerging.
Between the gimmicks and the strange stories of fortunes made and lost, the myths and facts, blockchain is already demonstrating the potential to not just transform but revolutionise industries, fintech is one glaring example.
Technological advancements take time to make their way to the HR department! Blockchain does not seem to be any different.
If you are new to blockchain you might want to read busting the myths and understanding the true potential of blockchain
How TA is emerging?
It all starts here, your talent acquisition unit where the first transactions happen between an organisation and people or organisations they work with.
Two channels that traditionally dominate TA are recruiter (includes recruitment agency) & online job boards. Even when the channel is recruiter mediated - the dependence ultimately is on the job boards. The field has grown, become more fragmented than before, skinned off several business models and created niches within niches. HR Tech has emerged as a specialised area and brought with it applicant tracking systems (ATS), talent management systems (TMS), cloud based solutions and a host of standalone HR softwares, everything finally aimed at improving the probability of an employer or a recruiter being able to find the right candidate at the right time. Artificial intelligence is expanding the field further.
All solutions are aimed at one or more of the following
increasingly aggregate potential talent
improve ability to sift through talent databases quickly & mine relevant talent from the talent databases
improve ability to match requirement to talent,
improve the ability to authenticate the match (interviews, tests, different kinds of assessments including psychometric background screening & verification)
How can TA become different with blockchain if you are an organisation that’s currently acquiring talent through one of the above channels?
Verifiable career profiles and CV of your potential talent - the profile is created on blockchain and every endorsement on the profile is recorded immutably on the blockchain, making time consuming background screening and verification unnecessary
Replace the current requirement of detailed application processes with varied versions of official transcripts of job records, performance records etc.
Match talent to the requirement based not just on qualifications and skills, but several other attributes like role specific performance, test scores in different conditions, skill training received at different points in their career, abilities proven outside the job, all verified by a relevant community
Share your requirement and specific information about your business only with relevant talent and vendors in a secure manner without others having access to it (you might be spending quite a bit right now on acquiring unverified databases and attracting irrelevant candidate traffic through online job boards & having to sift through all that or even paying a large amount on advertising to build your brand positioning amongst potential talent )
Build and pay micro incentives (you can definitely go macro if you want to) for referrals, clearing every step of the selection process, speed of compliances etc
Replace manual processes of getting your potential or existing talent (and/or vendors) to meet the compliance requirements set up by your organisation. From educational qualifications to skill test scores, from performance management reports to other documents, whatever the need as per role or organisation requirement.
Make, negotiate and decide on offers on the blockchain rather than manually driven time consuming offer processes
Build your own talent pipeline and track them to source from on a future date
Replace the need to use multiple softwares and channels to acquire the right talent
Effectively with the assistance of blockchain technology, your Talent Acquisition specialists might be able to cut out from their daily routine, a large share of time and resources currently used to find, meet, assess, authenticate, verify potential talent for your open positions. Something that will show up definitely on your organisation’s bottom line.
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