Big Data

Case study: Decentralized next-generation system can deal with recruitment issues

HR managers spend countless hours of sourcing, screening, and interviewing candidates to find the right one and to make the offer. According to the Jobvite, it is becoming increasingly difficult to fill positions – 65% of recruiters claim talent shortage is the biggest challenge in hiring. They also found out that 87% of recruiters use LinkedIn to check candidates and only 43% use Facebook. At the same time job seekers have to stay unemployed and simply wait for the final decision. All in all, more than a half of 50.5% of recruiters, participated in Recruiting Benchmark Survey NACE 2016 admit that social media has changed their recruiting results. The hiring process becomes even more prolonged by the fact that the average length of an interview process in the US is 23.8 days in 2017, according to the Glassdoor.

Moreover, 57% of employers admit that they might not interview a candidate if they can’t find them online, says CareerBuilder. The person’s behavior in social networks, forums or personal blogs can give lots of information about his/her personality, real interests, and overall world outlook.

After finding the best-suited candidate for a position, HR managers send the job offer. Notably, according to the Jobvite 2017 Recruiting Funnel Benchmark Report, the average conversion rate from interview to offer was 19.78% in 2016, translating to 5 interviews per offer. Sometimes people reject these offers due to several reasons which might not only be a painful situation for HR managers, it also may be the great opportunity to improve their work.

Why are job offers rejected?

Recruiter Sentiment Study MRI Network 2017 (pdf) shows main reasons for rejecting the job offer both HR managers’ and candidate’s point of view. While there are numerous reasons why it might happen the vast majority fit in one of the following categories.

From recruiter’s perspective:

From candidate’s perspective:

  • Accepted Another Offer – 32%

  • Compensation – 25%

  • Took Counteroffer – 15%

  • Lengthy Hiring Process – 11%

  • Other – 6%

  • No Rejection – 5%

  • Limited Promotion or Career Pathing – 2%

  • No Flexible Scheduling – 2%

  • Inadequate or No Relocation Package – 2%

  • Too Long Ago to Remember – 0%

  • No Offer Was Rejected – 40%

  • Compensation – 27%

  • Accepted Another Offer – 12%

  • Limited Promotion or Career Pathing – 6%

  • No Flexible Scheduling – 6%

  • Other – 6%

  • Too Long Ago to Remember – 2%

  • Inadequate or No Relocation Package – 1%

  • Took Counteroffer – 0%

  • Lengthy Hiring Process – 0%

 

The table above demonstrates the difference between job seeker’s and HR manager’s expectations of the hiring process, potential work opportunities, and the topmost priorities. It’s always good to know how fierce the competition is and what you’re up against whether you’re a recruiter or a job seeker. The next logical question is – how it can be changed to your benefit?

Win-win: Decentralized systems will save us all

According to the LinkedIn Global Recruiting Trends 2017, 34% of recruiters list investment in innovative interviewing tools as a top trend for the near future.

Blockchain technology is today’s one of the most discussed topics, which has a chance to change the future of businesses. It offers many benefits, for example, transparency of actions. This helps companies to create a rewards program that fit 24/7 performance management and enhances engagement. It also builds the trust of candidate for the company, because everyone in the system can see the changes. In case of recruitment, according to the 2016 Edelman Trust Barometer, people trust content shared by employees of a company more than that shared by its CEO (55% vs. 49%).

In the list of blockchain key advantages, the decentralized data storage should also be mentioned. Current cloud storage services are centralized thus you the users must place trust in a single storage provider. They control all of our online assets. But Blockchain can improve security and decrease dependency. Additionally, users can rent out their excess storage capacity, like Airbnb, creating new marketplaces. Having the data in multiple locations is the key to securing it.

One of the brightest examples of blockchain technology implementation in HR industry is Aworker. It is a platform for professionals to build a better, decentralized world. It’s a win-win situation. Employees will be able to obtain a reward for their proper performance, professional and communication skills. It also will help HR managers to reduce time spent on deep interviews, professional skills check and other imprecise data from the resume. So there will be no need for job seekers to wait several months before the final answer.

To find out more about the Aworker project, here is the official page on TelegramTwitter, and the blog of CEO, Anton Cherkasov.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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