HomeBLOCKCHAINStudy On The Impact Of Blockchain On Human Resources

Study On The Impact Of Blockchain On Human Resources

Blockchain technology is fashionable in the world of work. This is not surprising since this new technique facilitates transactions, cheap or not, and data storage without intermediaries.

However, despite all its advantages, blockchain technology is still unknown, regardless of the professional, including Human Resources. In these departments, it is necessary to bet on blockchains to optimise data management security. It is the perfect technology to facilitate transparency and efficiency with employee information.

Given the importance of this technique, the Adecco Group and the Cuatrecasas Institute for Legal Strategy in Human Resources have carried out a study called “Impact of blockchain on Human Resources. For this, they have interviewed more than 200 human resources directors.

Blockchain Technology, That Great Unknown

Although blockchain technology has become known in the management of cryptocurrencies or virtual currencies, it has also been applied in numerous areas. The business world is, without a doubt, one of those that can benefit most from this revolutionary technique.

Despite this, over 37% of the Human Resources managers surveyed know what the blockchain consists of. More than 62% acknowledge not knowing anything about her. And only 2.9% consider that we know enough about the subject and its impact on the business world.

For 54.4%, they have notions about the subject, but we are not aware of its impact on the business. Finally, more than 42% of those surveyed consider no such knowledge in companies.

HR professionals do not doubt that blockchain technology offers tremendous potential for transformation. Most of them believe that it will transform the aspects related to talent management and the recruitment of candidates. More than 74% of those surveyed believe that it will allow them to certify the identity of applicants and validate their credentials more efficiently than current techniques.

In addition, for 62.1% of those responsible for Human Resources, blockchain technology will facilitate administration tasks. It will allow the development of intelligent contracts that streamline bureaucracy and guarantee compliance. Security, employee history, and recruiting and retaining talent are other aspects of blockchain technology making things easier.

Blockchain And HR

Among the questions asked in the survey, it is worth highlighting the issue of whether the blockchain will facilitate the selection processes and the job search. Practically 77% of the Human Resources managers consulted are convinced that this technology will help these processes. However, the final decisions will continue to be made by the people who make up the department.

9.2% of those surveyed consider that the blockchain will be the central axis of selecting and managing talent in companies. For 13.8%, this technology will worsen job search processes.

When asked if this technology will generate more controls in subcontracting processes, 3 out of 4 HR managers consulted consider it most likely. In contrast, 6.3% believe that this will not happen, and 20.3% do not know what to say about it.

Human Resources professionals seem to agree the most that the blockchain will generate greater confidence in business management. Only 10.8% think the opposite, and 13.8% do not respond.

In sectors in which the blockchain will revolutionise the work methodology, the financial industry, logistics and transport and health will benefit. The insurance sector, ICT, distribution, and retail seem to be suitable candidates for implementing this technology in their work methodologies.

Finally, for 64.1% of the HR managers surveyed, the lack of regulation in the use of blockchain is the most fundamental challenge that this technology must face. As well as deciding which figure will be the most responsible for its implementation and how to control the enormous energy consumption that it entails.

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