Utilising blockchain in recruitment
Francis Gregory, founder of BHIRED
The global recruiting industry is at a crossroads. It is outdated and failing to meet the demands of both employers and recruits. At the same time, there is a looming global talent shortage that is reaching epidemic proportions. It is not that there is a lack of people, but a lack of talent. It is our belief at BHIRED.io that, through the use of blockchain technology that includes reward mechanisms and gamification techniques to incentivise behavior, we can address both issues.
Recently, the ManpowerGroup polled 39,195 employers from 43 countries and territories. (Prising, Jonas, 2018 Talent Shortage Survey - Solving the Talent Shortage: Build, Buy, Borrow and Bridge, Manpower Group, 2018.) Of those polled, over 17,600 employers of all sizes (45%) reported that they are currently unable to find workers with requisite job skills. (Id., p.7.) The numbers were even worse for larger organisations, where 67% of companies having 250 or more employees reported talent shortages in 2018. (Id.) This shortage is being driven by a number of factors, including the strengthening and growth of the global economy creating more workforce demand, an evolving skill set needed to meet technological innovation, and an aging workforce and immigration restrictions. (Id.)
What the global economy should find worrisome is that, if left unchecked, this “global human talent shortage” is expected to exceed 85 million people by 2030, which could result in over $8.5 trillion in unrealized annual revenues. (Laouchez, Jean-Marc, The $8.5 Trillion Talent Shortage, Korn Ferry, kornferry.com, 9 May 2018.)
This talent shortage, which is producing desperate employers, has spawned a plethora of opportunistic candidates who embellish credentials in the hopes that employers will overlook such “foibles” in their search for talent. Exacerbating this problem has been the growth of job boards as recruiting linchpins. Designed to help, job boards do nothing to aid these issues and, in fact, have created friction and a lack of trust along the entire human capital supply chain. Candidates don’t trust that posted jobs are real and employers don’t trust that candidates are truthful on their resumes. Put simply, search engine results are only as reliable as the inputted data upon which they are overlaid, and today 72% of recruiters think candidates lie about job experience, 63% believe they lie about previous salaries and 56% believe that they lie about technical skills. (Zogby Analytics, 2017 Recruiter Nation Report: Deal-Breakers, Biases, and Best Practices, Jobvite, 2017, p.8.)
What if there was a way to bring trust, transparency, and accountability back to recruiting, while simultaneously creating a more qualified pool of applicants? We believe that there is a way and we aim to fix all of these problems through our blockchain recruiting platform, BHIRED.IO.
We intend to move the hiring process away from its current centralised platforms, with cryptographic signatures verifying the validity of data and cryptographic methods securing its flow. Such a true peer-to-peer, decentralised blockchain platform can eliminate middlemen and externalities, reduce costs and time, and improve the quality of the hiring process.
Imagine a recruiting world where the ownership of data is put back into the hands of candidates who are then incentivised through token rewards and peer rankings to create rich, data-centric, honest profiles. Couple that with industry-leading AI applications and machine learning, and you will save participants time and money by matching the right candidates to the right opportunities. For example, BHIRED.io’s proprietary AI robot will help employers understand what makes a hire successful from a cultural or “core values” standpoint. This is more than just a data match. It is a deep exploration of what drives success and a true hiring edge. At the same time, it will help candidates predict the skills that will be required in the future, skills they can then acquire directly from the platform ecosystem.
In the end, employers will have a more robust, trustworthy job pool from which to recruit, and candidates will know that they are not wasting time on frivolous job searches. Through blockchain, we can introduce trust and transparency back into a broken system, and meet the looming global talent shortage head-on.
Picture courtesy of Pixabay