HR technology quantifies what would rather be hard to measure: talent, skills, and culture fit. And this area of analyzing human resources and labor using technology has grown in the last two decades. It has also created sub-areas under which plenty of software and platforms can be classified. For example: recruitment, productivity and employee engagement, and employee review.

The HR tech market is expected to grow at a rate of 31% annually. We’re looking at over US$14 billion in 2017 expanding to US$53.9 billion in 2020. In the United States alone, there are nearly 500 startups catering to this space, accounting for US$2.4 billion in investments in 2015.

And yet, the existing methods in this segment are no longer sufficient in addressing the needs of HR professionals. It is also now harder to ensure a high level of labor force participation due to decreases in labor population and advances in employee mobilization. A standout HR tech solution should add a new value proposition through innovation. It should create a new offering using big data and new methods like AI and IoT.

This is where thx! comes in.

The competitive advantage of thx!

In a survey called “Usage frequency of HR technology,” there are five categories that exceeded 60% in usage frequency among 209 US-based HR professionals. They are as follows:

“Job Board”: Excellent talent can be found.

“Social Network”: Expertise and evaluation of talent can be recognized.

“Recommendation and Reference”: A result of the credit survey can be utilized as criteria of judgment.

“Referral”: Can improve the efficiency of recruitment tasks.

“Employee Reviews”: Can lead to corporate branding.

Here is a breakdown of HR tool usage:

Rank / Category / Usage (%)

1 Job Boards - 67%

2 Social networks - 66%

3 Recommendation and Reference - 65.1%

4 Referral Tools - 63.1%

5 Employee Reviews - 61.2%

6 College Recruiting - 59.8%

7 Social Search - 59.3%

8 Skill Assessment - 58.4%

9 Matching System - 56.0%

10 Job Marketing and Distribution - 55.5%

The thx! App falls under “Social Network” and “Recommendation and Reference.” It is well-positioned to provide value to both sides, the company and the users. By looking at thx! Scores, managers can objectively evaluate employees. On the other hand, employees can increase their thx! Scores by giving high-quality service and receive appreciation through token transfers and accompanying rewards. In turn, this win-win situation benefits society because of improved workplace interactions.

The thx! difference

How thx! evaluates a score differs from other HR applications. While both thx! and other HR solution providers use one’s behavior as the primary source of evaluation, thx! can provide a more accurate and reliable score.

There are two reasons to support this claim. First, thx! records scores on the Ethereum blockchain. Data on blockchain cannot be tampered with and deleted. Second, there are many ways a user can increase their thx! Score. Partly, the tokens they receive from satisfied customers, as well as colleagues, can affect their thx! Score positively.

But even purely from the business operation perspective, this holistic and enhanced social scoring will significantly help with recruitment and sales lead activities.