We are living in an exciting space where technology is bringing a revolution and disrupting the way we work. Artificial Intelligence (AI) and Blockchain are few ground-breaking technologies which are metamorphosing the dynamics of work. AI helps analyze the big data to identify and understand hidden patterns, whereas blockchain technology helps in securing data through a distributed network to create a transparent and secure ledger of information. The convergence of both technologies is resulting in significant advancement in data sharing; AI uses data to compute its algorithms while Blockchain ensures data safety. To keep up with the pace of these disruptions, organizations will need a clear foresight to understand how prepared they are to welcome these technological shifts.
Impact of AI and Blockchain on HR Processes
AI and Blockchain technologies have a significant impact on almost every aspect of life, and Human Resource is no exception. HR processes are lengthy, time-consuming, and demand intensive human intervention. For instance, hiring and on-boarding a single candidate may take up to several days- from procuring applications to conducting interviews, administering psychometric and background checks to gathering references- there’s still an ambiguity whether they have hired the right candidate or not.
Furthermore, there are many trust issues within the HR processes which raise questions around its credibility. For instance, to conduct background verification, HR practitioners go back and forth to check with companies where the individual has worked previously. In general, people tend to shy away from giving candid information in person-to-person interaction.
Organizations are leveraging on the latest technologies, including Blockchain, to address this. Blockchain is being utilized to verify and validate the credentials of the recruits, creating an accurate record of workplace performance, thereby enhancing cybersecurity and removing the risks of fraudulent incidences. Employment history can now be placed on the public Blockchain, detailing candidates’ performance and storing other details such as transfers, promotions, and exits. Thus, it is imparting a lot of transparency in processes, resulting in the reduced need for manual verification in HR systems and processes.
Similarly, recruiters and HR practitioners are revamping the old ways of recruitment and candidate assessment by harnessing the power of AI. Data mining and text analysis are automating the selection of resumes. At the same time, it is possible now to sift through the enormous amount of information present in the social and professional media to make critical decisions. AI can also help administer various psychometrics in no small set of applicants and then rating and matching them against the given role. One of the best parts of leveraging AI Automation to the hiring process is the reduction in time and efforts on the part of HR practitioners. This throws several opportunities for them to invest more time in strategic and human-related interventions.
It is a common practice for candidates to mention about specific skills and traits in their resume, and with this information, recruiters with the help of their Recruitment Management System, screen and parse the resume forward it to Hiring managers.
But there are still two critical factors out of 3, missed by the recruiters and hiring managers i.e., first- Behavioural Match and second the Mindset Match of the prospective candidate with the team and organization.
Progressive companies now understand the importance of behavioral mindset match of the talent with the organization goals, hence attempting reaching out for the companies that can provide them with this solution.
SCIKEY – an Indo-Finnish venture is talent commerce and integrated hiring platform. It is a cloud-based, encrypted, highly-secure GDPR compliant platform that promises the highest user experience. It uses AI, psychology, and its patented MindMatch algorithm to screen only the best-fit candidates. It works on the premise that every job requires candidates to possess a certain mindset and a unique set of skills that is exclusive to the position and the organization. The mindset needed for the role of a programmer will not be the same as a CEO. Based on 4 Vedas many years of research development, MindMatch algorithm can measure the mindset of the candidate can predict the best fit for the job, team, and organization.
The impact of AI and blockchain adoption in HR practices is significantly increasing, mainly because it is saving cost, time, and efforts, while immensely improving the quality of the chosen talent. Interestingly, many new-age start-ups progressive companies are harnessing the power of AI today and coming up with a variety of innovative solutions to build today future workforce
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