ITS ANOTHER MEETING DAY HEADED BY BRO INK YAKUBU SYLVANUS .
(YAKS4REAL)PLATEAU STATE DIRECTOR GENERAL INKSNATION DAO FOUNDATION.
TONIGHT LECTURE PRESENTATION
THE IMPACT OF BLOCKCHAIN IN HUMAN RELATION( RESOURCES ) MANAGEMENT.
FIRST, WE WILL LIKE TO KNOW WHAT IS BLOCKCHAIN AND HUMAN RESOURCES MANAGEMENT.
WHAT IS BLOCKCHAIN TECHNOLOGY
A blockchain is a digital record of transactions. The name comes from its you in which individual records, called blocks, are linked together in single list, called a chain.
Blockchain are used for recording transactions made with cryptocurrencies, such as Bitcoin, Pinkoin and many other applications.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
WHAT IS HUMAN RESOURCES MANAGEMENT.
Human resources management as the term implies is that aspect of Administration that is specially concerned with staff matters in the organization be it private, public, big or small.
Human resources are the life wire of any organization, depends entirely on the way and manner in which these resources are handled.
Human resources means the personnel, the workers, or Labour forces (people) that influence the effectiveness and efficiency of an organisation. These are the people that design, convert raw materials into finished goods and services, control quality of work, market the goods for the achievement of organisational goals.
WAYS BLOCKCHAIN CAN HELP MANAGEMENT
Recruitment takes up a lot of time and resources within the HR department, so much so that organizations turn to third party agencies or recruiters to claim back the time. But as those methods usually come with a hefty fee, it can be quite counterproductive. With the implementation of Blockchain, the uncertainty of credentials and employment history will completely disappear, saving both time and money. Although this technology may not fit into the current flow of work, human resource professionals should get ready to acknowledge these new ways.
As of 2014, well before this technology was implemented, CareerBuilder found that 58% of hiring managers have reported the fact that they caught a lie on a Resume/CV With the use of Blockchain Technology, this number would closely near 0%. According to some expert in Blockchain HR, it has the potential to wipe out traditional Resume/CVs, because candidate’s educational history, employment history, skill sets, accolades and rewards are inputted, verified by other users and also allow recruiters to see. As an example, CareerBuilder reported that 55% of candidates embellished responsibilities on their resumes, 34% have falsified their job titles, and 26% have lied pertaining to companies that they work for.
In todays day, it can be difficult for recruiters to access references for reasons such as millennials’ tendency to job hop and it is more likely for people to have experiences overseas. Reference checks tend to be very time consuming, so blockchain can fully revitalize this process. Blockchain will verify the information inputted, and can also be verified by the employer to keep it from false information (Francis, 2018). Once this information is verified by users, it is unable to be altered.
Once someone has done a degree, they will just put their certificate in blockchain and it never needs to be verified again, Jacky Carter, Group Digital Engagement Director at Hays
- Smart contracts:
Smart contracts are forecasted to replace the existing paper-based contracts, which also coincides with the manual and constant attention required. Smart contracts include blockchain technology agreements.
They define the terms for transactions, and the penalties that would be apparent if they terms were violated. These contracts outline and enforce immutable obligations that are automatically followed (Ranosa, 2018).
First, when an employee completes the hours that he/she is contracted to work recorded in the blockchain, the employee is paid automatically.
A second implementation could include a new hire. When the new hire successfully meets the documentary requirements, such as background checks or terms and conditions agreement, they can be given access to the companys system.
Smart contracts between an employer and its workforce will make it possible for workers to be paid automatically thanks to a code which will determine what happens to the money once it comes in and certain conditions are created. The distribution of wages can happen instantly with no risk of delays or fraud. This can be done through the Application Programming Interface (API)
A very good example is that INKSNATION TEAM OF ICT and BLOCKCHAIN EXPERTS are ever ready and willing to work with CBN and The Major Stakeholders in Finacial institutions For the interest of the Government of Nigerian, other countries and its in general
Transactions in a blockchain setting can be anything from an exchange of personal information, work history, tracking of payroll records to financial details and cryptocurrencies.
The capabilities of cyber security are changing the future of these transactions as the information stored on blockchain are secured through cryptography which makes it extremely difficult to tamper with.
Knowing that blockchain is an enabler of secure transactions, should put employer and employee minds at ease. Less risk means less claims of security or data breaches being made for HR to tackle.
5.Compliance and auditing:
49 per cent of companies already implementing blockchain, use the technology for compliance and auditing purposes and its easy to see why.
With the data stored within the blockchain already accurate and validated, audit checks for compliance would be easy to conduct and readily visible to those authorized.
In any business, large or small, proper initial training is crucial to the success of the company. Blockchain technology has the ability to reshape the way in which companies/organization train their employees, and the motivation employees have when it comes to training. With this technology, when an employee learns a new subject or completes a curriculum, it will be made visible in the form of a block. This creates a verifiable and accurate history of training measures.
In this type of system, employees can also be given skill scores. These scores will allow employees with expertise, or strong scores, to be noticed by hiring managers and other stakeholders.