How to improve HR practices with Blockchain
Applying blockchain technology is the future of global employment, helping organisations to comply with privacy rules and providing transparency to business workflows.
Employing workers all over the world can be challenging and complex; many companies struggle to expand globally in a rapid and efficient way in the face of fierce competition and demand. Even large companies like Google, Facebook and Linkedin have budgets in place for global hires and must constantly evolve to retain and increase their market share. When entering a new overseas location, they want to hit the ground running and be instantly operational without suffering the challenges of the red tape involved in employing abroad, such as entity set-up, visa and immigration issues, and taxation, payments and labour law considerations.
Organisations of this kind often outsource HR tasks to other specialist companies in order to smooth the pathway to overseas expansion and allow them to focus on what they do best; their business.
As experts in the business of employee and workforce mobility, our customer supports many of these companies with their international employment strategy and business expansion worldwide.
When we first met our customer, the unique nature of their business was clear:
They deliver fast and are always ahead of the game with the latest regulations, immigration rules and important human resource considerations such as employee benefits. They place great emphasis on the importance of compliance, particularly in the area of tax and social security — a topical concern for businesses as authorities tighten legislation. Our customers’ strengths lie in making international transitions and processes as smooth as possible; this is an increasingly significant requirement as the business world globalises, and with impactful events like Brexit on the horizon.
CHALLENGES IN WORLDWIDE HR
Before diving into how blockchain can improve practices in HR, we first wanted to gain more knowledge on the key priorities and challenges facing our customers’ business as they serve their clients and workers worldwide:
- – Dealing with large quantities of sensitive data globally; with GDPR and data privacy rules now in place, ensuring all parties involved are constantly compliant.
- – Facing many manual processes that involve multiple participants manipulating the same data when employing workers and managing clients globally.
- – Responding to robust competition and an increasingly saturated market place by providing superb service empowered by technology.
– Integration with existing back-end systems. Our customer works with systems such as SalesForce, and our goal is not to disrupt the existing way in which they do business, but to empower them. For this reason, the correct solution architecture is absolutely crucial
GOALS TO ACHIEVE
Our key objective was to provide a sophisticated portal that would self-serve many clients and workers. This would be layered with proof of trust on critical business workflows, using blockchain technology.
HR data is a valuable asset for many parties and activities, such as visa and immigration applications, tax authorities, legal and contracts departments — and of course, for clients and their workers.
- – Traceability: — Converting manual processes with multiple parties involved to automation will translate existing business logic using smart contracts to execute and provide output and certain conditions on blockchain for the purpose of proof. For example- an employment contract may be subject to 90 days probation which may pause the contract for evaluation.
- – Transparency- considering GDPR rules; providing proof of trust using blockchain to engrave certain transactions with user’s data.
- – Immutability- when executing business logic and placing results on blockchain, we allow for sensitive situations to be indisputable. This alleviates existing situations where many stakeholders are involved- disputes with a lengthy history of information often cost all parties considerable time and money to resolve. A single source of truth is necessary in these cases.
- – Visibility- Many companies may say that they are the “good guys” but that is insufficient in today’s world where everything is visible. Instead of waiting to be audited and reviewed, blockchain provide proof in advance to ensure there is no doubt that a business is conducted at the highest level possible.
– Trust- the ultimate outcome that gives a business the edge against the competition by providing “audit friendly” systems for all parties involved.
Want to learn more? Contact us [email protected]
Come watch us live April 25–26 in London UK at the blockchain expo. I will be presenting there about these topics and our client will be on stage with us!
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