How Blockchain technology can reduce the cost of recruiting?

One of the less publicized applications of blockchain technology is in talent acquisition and verification. Human resource professionals and talent recruiters spend countless hours and hundreds of dollars trying to verify the information on an applicant’s resume. The verification process is often outsourced to an external agency that charges additional fees for their services. According to the Society for Human Resources Management (SHRM), it costs over $4000 on average to recruit and hire a single employee. With an annual turnover rate of 19%, acquiring qualified talent can become very expensive, very quickly.Blockchain may be able to reduce the time and costs involved in verifying a candidate’s education, prior work history, absence of a criminal records, etc. Since the Blockchain acts as a decentralized ledger storing only information that has been agreed upon by the nodes in the system, information received from the Blockchain can be considered genuine and authentic. In an effort to reduce the time and money spent on verification, candidates could grant prospective employers access to their information on the Blockchain. Some higher educational institutions are already using the Blockchain to distribute diplomas. Employers can easily very that a candidate meets the educational requirements without having to request verification directly from the school. This method of verification also reduces the use of fake or forged diplomas.While using Blockchain technology for talent acquisition and verification seems straight forward, there are also some challenges we will need to overcome before we have a fully functioning system. For example, for the system to work flawlessly, all educational institutions, businesses, and municipalities will need to report information on the Blockchain. Due to scalability constraints on the current Blockchain, such system could only be powered by NeuroChain.While we do not expect the NeuroChain the revolutionize the recruitment process overnight, the opportunity for employers to instantly verify a candidate’s prior experience and skills is quickly approaching.

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