Living amidst of a technological revolution, it is not wrong to say technological advancements have made various sectors of life simpler than ever before. Recruitment is one such sector. But, does recruitment industry needs one of the biggest trends across the globe right now – the Blockchain technology?
Yes, Blockchain technology can not only improve the recruitment process for both companies and candidates but also solve many hidden challenges of recruitment procedure. This technology behind the cryptocurrencies is coming to the forefront with many believing that this technology is likely to transform the world the most over next 2 decades.
What are the Major Challenges and Bad the Situation is
The recruitment landscape has changed a lot from what it was 10 years ago. As the recruitment process is growing more and more candidate-driven, recruiters need to be more proactive to thrive in such a dynamic hiring ecosystem. The recruiter also has many challenges that they must overcome while filling up the vacant position with the most suitable candidate.
Challenges of Employers
Data shows that 58% of employers have caught lies in the resumes of applicants while 33% of employers indicated an increase in resume embellishment. Applicant misrepresent about their skill set, credentials, responsibilities,and dates of employment according to employers.
57% of job opening take more than a month to get filled (sometimes are likely to remain vacant for three months or more) with only 43% positions being filled within first 30 days. While vacant positions take longer to fill, companies also have to invest a huge amount for evaluating resume embellishment (over $4000) apart from regular hiring cost.
Challenges of Job Seekers
Even though the focus is shifting on providing better candidate experience while interviewing, 83% of candidates are not satisfied. Another challenge that job seekers face is poor communication with 43% saying that they never got any communication from companies.
How Blockchain Technology Improves Recruitment
The blockchain is a significant step forward to make the recruitment procedure more smooth and reliable. Here are a few benefits of having Blockchain technology in recruitment:
Background verification of candidate, a slow process involving third-party intervention, can be accelerated. With Blockchain candidate records including qualifications, id proofs, employment history, awards and certifications, visa status and salary breakups can be pre-validated and stored securely. Candidates can manage their career history in their profiles granting access to employers as and when required. This process will reduce the cost of background evaluation spent by companies and save candidates from going through an exhausting process.
Talent Management and Acquisition
Blockchain technology will make collecting information of candidates across various platforms to get the suitable profile easier and connecting with them simpler. Thus, enhancing sourcing network and reducing the fill-up time.
Other benefits of the use of this technology for recruitment are:
- The technology standardizes the career profiles which improves quality resume content over its layout
- Use QR Codes on each candidate’s profile will make recording and tracking of their professional development easier.
- The Blockchain technology validates the content which translates to higher quality of the candidate.
- Candidates can avail the right to be forgotten as Blockchain technology allows pulling back of data.
- It also ensures the safety of information with minimum to low chances of data compromising.
Blockchain technology offers a wide number of benefits to both companies and job seekers when applied in the recruitment industry. Full Candidate uses exemplary blockchain technology to streamline the recruitment process to enhance the user experience of job seekers and reduce hiring costs of companies while matching the suitable candidate for the vacant position.
Entrepreneur & Startup Founder. Extensive experience working as an Architect & Designer for various Integration projects using SOA, BPM, API Management, MDM and B2B technologies. Currently working to fix hiring challenges for job-seekers & employers using Blockchain Technology.