The greatest fear of any industry is a data breach. As we have been observing, Blockchain is disrupting the banking and finance world for quite some time. It has now turned its sights to the HR sector. Blockchain, with its decentralized system, can impact this niche in many ways.
Human resources is in charge of dealing with all issues related to the people within the organization. This niche gives shape to notions like motivation, organizational behaviour, and selection assessments. The tasks of human resources include recruiting and hiring employees, payrolls, appraisals, and dealing with an organization’s culture.
Blockchain contains the capability to transform the various HR processes, especially when it comes to recruiting and hiring candidates and talent acquisition.
So, let’s examine the ways Blockchain is ready to reinvent the Human Resources:
- SECURING HR DATA
Once the data is recorded on the Blockchain, it can not be hacked, changed or deleted. Securing HR data is one of the biggest advantages of implementing Blockchain. The biggest worry for the HR departments is storing and securing information relating to pay, health insurance, finance and banking, disciplinary records, and more.
- INTERNATIONAL PAYMENTS
Blockchain can prove to be a useful technology for the companies that conduct international payments. As there are no middlemen or intermediaries included in the Blockchain technology, the necessary parties have a method of validating information more efficiently.
- EASY RECRUITMENT AND HIRING
Blockchain provides a candidate verification process which reduces the time spent on conducting background checks, reducing fraud, and build more trust in the recruitment process. Candidates can store their information on a blockchain, inclusive of academic achievements and work history.
- SMART CONTRACT FOR GIG WORKERS
Blockchain-enabled smart contracts ensure that gig workers get paid immediately after completing their work. Smart contracts reduce the fees by eliminating intermediaries. The agreement i.e smart contract is transparent, accountable, and irreversible. Besides helping gig workers receive payment automatically, smart contracts protect businesses from fraudulent invoicing.
- ACCURACY OF TIME AND ATTENDANCE DATA
The blockchain can be used for storing the attendance data for record-keeping. This unique technique of storing accurate time and attendance of employees can help organizations in many ways. This would increase trust and remove errors caused by the HR and Payroll departments.
Blockchain is envisioned to reinvent the HR sector with its capabilities. This will evolve continuously and will improve the way businesses operate.
Frequently Asked Questions
How do I choose a trustworthy app development company?Here are a few things to remember to choose a reliable mobile app development partner:
- Choose a partner that cares about its clients.
- Never compromise on technology experience and domain expertise.
- Check out your development partners’ portfolios, customer testimonials, and references.
- Observe how they approach communication and how much they pay attention to your vision.
- Ask the right questions to help you choose easily.
Why is India preferred for app development outsourcing worldwide?Here are a few reasons why India is one of the preferred outsourcing destinations:
- The average outsourcing charges in India are $18 – $40, which is way more affordable than in developed countries like the USA, $38 – $63.
- India has a large pool of native-English speakers who’re highly proficient in their work.
- With an Indian outsourcing partner, you can access 24×7 support and specialized IT talent.
How much time does it take to develop an app?Depending on the complexity of a mobile app, it can take several weeks to several months to develop it. An app like Uber takes around 1200 hours to develop. On the other hand, a dating app like Tinder can be developed in 1000 hours.
Freelancers vs. app development company – which one is better?Pricing-wise, freelancers appear to be more affordable. However, they offer no accountability for your mobile app. You can’t hold them accountable if the app doesn’t turn out to be as expected. On the other hand, an app development agency takes complete responsibility for your mobile app. Hence, an app development agency is better than a freelancer.
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