Blockchains, AI, and Analytics. These are powerful words. Often hyped, neglected, and tagged with irrelevance by the managers who rely on their intuition to make decisions. But I ask you this: “Can you neglect the future?”
The future is about convenience, efficiency, and authenticity. To achieve these, we must incorporate the technology that we might often consider to be fancy in nature. For example, Blockchains.
Blockchains and HRM, sounds like a pair made in heaven, isn’t it? Let us understand what utility lies in Blockchains for HR managers of the near future.
Blockchains offer an easy solution for the recruiters to check the authenticity of the candidate in question. Just imagine, with one click you could get the entire corporate history of a candidate you are interviewing. It’s not science fiction anymore, it’s possible with blockchains.
“Blockchains allow us to create databases whose authenticity can be verified easily and such data cannot be manipulated. Blockchain can offer you the bare truth of the candidate you are considering to hire”
Does that mean you have to create a blockchain? The answer is no. All you need is permission to access the encrypted data stored in the blockchain. There are platforms like The Graph which is nothing but a search engine for blockchain data from networks like Ethereum and Filecoin. It can easily be used to search the profile of any candidate on the blockchain.
“Now that is called data is power”
What if you’re hiring gig-workers on a time-wage basis? Most people use platforms like Upwork that monitor the working time of the gig workers. But that data isn’t as secure and reliable as a blockchain. Moreover, you can save on commission and fees for using any platform at all!
Talent Management can be revolutionized using the combination of Blockchain, AI, and Analytics. Blockchains can be used to store the structured data of the employees collected at every instance by the supervisors and managers alike. This data can be further analyzed using data analytics tools integrated with AI to find out the patterns in the behavior of the workforce by defining algorithms.
This can help in reducing the turnover rate significantly by identifying the underlying causes of attrition which can later be targeted using specially tailored strategies by the HR managers.
The implementation of these technologies in Human Resource Management in today’s time may seem like “Fancy Practices in HRM” but in the near future, they are going to be the “New Normal”.