Among all the new age technologies being constantly discussed, perhaps none hold more intrigue and potential than blockchain which can disrupt any industry.
While now you may be thinking about cryptocurrency like Bitcoin, most tech gurus have stressed upon the fact that the thing with the most potential for impact and influence involves the underlying technology of the blockchain.
Constant discussions have considered the applicability and the probable impact that this technology will have on many businesses, however, this piece of the text focuses upon a single aspect: Human Resource (HR) Management.
No company can do without a proper Human Resource team or department, and their functions tend to have a great deal of impact upon the entire organization at hand. You perhaps have many questions right now. How exactly can blockchain influence a management field of operations?
Is the change too drastic that it would not even come true at all? How will it affect and transform the entire company given that HR has such a primal and significant effect as to what happens across the company?
These are the questions that this article tries to answer, especially utilizing some pretty popular and practical viewpoints at large.
Objectivity in Recruitment and Managing Employees
The current situation with hiring or recruiting employees mainly depends upon the case of a process that is largely based upon instruments like resumes, as well as networking platforms like LinkedIn.
In both cases, the focus remains trained upon the consideration that the potential employee is actually providing all information in the first place. The HR personnel needs to verify every single aspect of the information, which consumes a great deal of time and effort.
However, imagine that a public blockchain actually exists for companies to extract employee information through their past. There is an automatic decrease in the effort involved in extracting all possible information.
Thus, the entire predicament on how companies will recruit employees shall transform. There will also be a greater accuracy in the information made available since the information about every employee shall continue to be added upon.
This shall involve major performance indicators in anyone’s stint at a job, as well as eliciting responses to why the person is no longer present there.
Automation and Better Accuracy of Tax Adherences
Regarding the mode taxation that generally exists, there are several variations, which depend upon a variety of factors involved. This may, for example, include the case when an employee gets paid on an hourly basis. In such a case, if the rate will vary according to the market, then it means that you’ve got to pay a higher tax automatically.
The case becomes even more confusing and critical if the rate of payment hikes up, and then suddenly goes down. While the amount is recoverable, it wouldn’t stop charging a higher amount of tax when you’re actually not receiving that kind of money.
This is evidently a case that specifically lies with HR Personnel themselves, and under such circumstances, it becomes greatly essential for technology like blockchain. It is the best option for having a truly fair system that is also inimitably accountable.
Streamline Short-Order Tasks
You probably realize that the Human Resource personnel specifically involve themselves across many different areas of concern. Some of their operations generally do not involve a lot of effort at a singular level, but the volume is high that there is a great rise in a multitude of different problems.
If you consider the entire responsibility of providing employees with their payments, all tasks involved like tracking payroll, as well as giving paychecks fall under this category specifically.
Moreover, tasks shall essentially transform into short order too, such as the case of what smart contracts offer. Implementing them shall require no large and significant oversight by the HR personnel at large. Everything will be met by the conditions implemented across different nodes of a blockchain.
De-Centralization of Apps
Although not strictly a case that is directly applicable to Human Resource personnel, it is something that shall lead to a dynamic state of innovation across the apps implemented across an entire organizational system. Suppose that you’re working upon an app that the company actually uses to actually improve it.
Under such a circumstance, it is pretty apparent that the HR Department shall know exactly who is responsible for it. These don’t just need to exist across only a single organization, but also across a cross-platform that supports and aids operations of multiple organizations.
In conclusion, it is quite apparent that blockchain shall ensure a deeper and more accurate form of communication between people and organizations of every kind.
It is pretty safe to say that HR in such organizations shall have a better ability to serve their responsibilities, and have a great success rate in achieving their goals.