Sep 07, 2020 at 09:29 // News
The talent acquisition and retention process have always been tedious, expensive, inconveniencing and opaque to job-seekers, employees and employers. However, blockchain’s Distributed Ledger Technology (DLT) features of transparency, urgency, decentralization, immutability and security seems to present a better experience for the industry.
Being an HR manager comes with a nightmare
Few people always recognize the fact that hiring managers go through extremely challenging situations. Sometimes the applicants are way fewer than the expected numbers and other times the work pool is simply smaller. At times, hiring managers have tight deadlines to meet in emergency recruitment situations and in the unlikely event that a chosen candidate drops-off, they are stressed out more.
Besides, the hiring process has been slowed down by the high prevalence of middlemen who, of course, charge unrealistic fees and end up taking the incapable candidates. The cost of a bad hire could cause a company or organization to fall. Most research put that one bad hire could cost a company almost $15,000 while the loss of one good hire could cost as much as $30,000.
In the countries where corruption rates are high, citizens have lost trust in hiring processes and the entire HR industry due to dishonesty, sluggishness, imperviousness, and discrimination.
It’s not over yet. After acquiring the perfect personnel, the cost of managing employment contracts and payrolls for hundreds or thousands of employees can be problematic with the traditional paper-based methods.