Challenges faced by the HR industry
Complex recruitment process
Recruitment process remains a time- and resource-consuming process; organizations often have to apply to recruitment agencies for the inability to deal with talent hunting single-handedly.
Fraud in resumes
Striving to get a job, applicants might embellish and even falsify some facts from their background. The HireRight 2018 report states that 84% of employers surveyed found lies in received resumes.
Payroll fraud
The report Association of Certified Fraud Examiners shows that payroll fraud remains more or less common fraud scheme, ranging from 2 to 10% of the total fraud volume in countries around the globe, and lasts 30 months on average.
Taxation and liability challenges
Quartz reports that by 2020, more than 40% of US employees may work as freelancers, with taxation and liability requirements more complex than those for staff workers.
Data breaches
Ill-protected financial transactions and sensitive data assets are subjects for cyber threats, with 22% of attacks to become successful (as per Varonis), to the detriment of the affected businesses.
Audit issues
Fragmentary nature of employee data and insufficient audit checks for regulatory compliance lead to frauds and forgeries in the workplace.
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Get expert adviceBlockchain solutions for HR from Aetsoft
Third party-free
Eliminate third parties from the talent hunting process using a single source of candidate information with self-maintaining job histories.
Data security
Protect sensitive employee data against unauthorized access and illegal activity through blockchain-enabled, cryptographically-encrypted keys.
Transparent employee referencing
Get instant access to candidates’ employment records stored on an incorruptible shared ledger to hire the right person for your business with a 100% guarantee.
Fast cross-border payments
Provide quick and transparent wages for overseas employees with blockchain-powered digital assets that don’t require grueling settlement procedures and reconciliation from third parties and independent of exchange rate fluctuations.
Regulatory compliance
Perform efficient, end-to-end audit checks, with blockchain-located data, validated, accurate, immutable, and incorruptible.
Automated wages
Replace unreliable payroll systems with code-dependent, self-executing smart contracts releasing payments instantly and automatically in due dates or under particular conditions.
Blockchain applications in HR
Use case 1. Advanced protection of sensitive data
Currently
Centralized databases storing all sensitive data (such as employee records) in one place are an appealing target for hackers. One single effort might be required for theft or corruption.
With blockchain
On a decentralized blockchain ledger, all the nodes in the network have the same copy of all data instances. Such data distribution neutralizes single-point-of-failure risks, making hacks next to impossible.
Use case 2. Improved hiring process
Currently
Recruitment remains a time- and money-consuming process; organizations often have to apply to recruitment agencies for the inability to deal with talent hunting single-handedly.
With blockchain
Acting as a universal and incorruptible database for candidates’ data, blockchain makes talent hunting quick, efficient, and less costly. Eventually, one might do without recruitment agencies.
Use case 3. Streamlined cross-border payroll
Currently
Grueling settlement procedures, reconciliation from third parties, fraud risks, and exchange rate fluctuations complicate cross-border payrolls and increase distrust and dissatisfaction from overseas personnel.
With blockchain
Blockchain-powered, code-dependent, and encrypted smart contracts can replace outdated payroll systems with automated payment issuing triggered under particular strict and immutable conditions.
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