Dec 4, 201812:50 PMProgressive HR
with Coreyne Woodman-Holoubek
Blockchain could — and should — disrupt application, recruiting, and interview process
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Did you know that here in Wisconsin we have two blockchain labs, one at the Marquette University, the Marquette Blockchain Lab, and one at the UW–Madison, Badger Blockchain?
Additionally, Wisconsin is home to the largest blockchain conference in the Midwest, the Milwaukee Blockchain Conference, co-hosted by the Marquette Blockchain Lab and Northwestern Mutual. The Milwaukee Blockchain Conference took place last week, with more than 300 attendees from across the country (of course I was there). As a business community, we are lucky to have two organizations, and an entire conference, focused on emerging blockchain technology and exploring solutions to business, workforce, and world problems.
Blockchain has infinite use cases, and I’m focused on those that would inform how blockchain will evolve the recruitment and talent-acquisition industry. IB Online Editor Jason Busch’s article “Avoiding Hiring Hiccups” in the October issue of In Business magazine ignited my blockchain passion on the less referenced scalability for blockchain as a solution to our tight labor market and inefficiencies in job matching.
The focus is on our data. We produce tons of data over our pre-career and career lives that inform our potential employers and customers (if you are an entrepreneur or client service provider) in regard to our education, experience, skills, and certifications. Currently, the majority of compiled data about us is recorded in our resumes, give or take a year or two, or that which we’ve posted on platforms such as Linkedin, Facebook, any digital job board we use or may have used, and our Target Cartwheel loyalty program (you would be surprised what they know). These platforms are centralized, meaning they collect your data and information and store it on their servers. Because of this, they own your data. You do not, despite the fact that it is your data.
Outside entities owning your data creates a single point of failure or lack of security for your information, because if their servers go down, get hacked, or the company/platform goes out of business, you could lose your information or have it compromised.
I haven’t updated my resume in years because all of my accomplishments are listed on LinkedIn. The platform now has a really awesome feature: one-click application to upload your LinkedIn profile to apply for jobs. This ease of use suits both candidates and organizations. The flip side: it makes it difficult to consider moving any information away from the platform.
Unfortunately, you do not know who is accessing your data, how they are using it, and what they are using it for. Enter blockchain capabilities. For a background read, please check out my article on “Blockchain dreams: Payroll innovations come true.” Blockchain is all about making our data sovereign — meaning we own it, we are accountable for it, it is verifiable, and easily accessed by who and what we choose.
The problems blockchain could solve for the recruiting process are numerous: sourcing, vetting, selecting, negotiating, and onboarding spring to mind. Particularly top of mind for me right now are: 1) making the resume obsolete, 2) decreasing time to hire by referencing the blockchain for validation and verification, 3) widening the talent pool by cutting the speed of entry to the workforce — disrupting the four-year and even two-year degree process — and creating better job and culture matching, and 4) more secure job boards, job matching, and recruiting platforms. Let’s tackle those in order.
1. It’s been my prediction for a few years now that the traditional resume will soon become obsolete. However, I thought video would kill it, rather than blockchain. Blockchain capabilities will totally transform the way that companies select candidates to screen for first interviews — that is, if interviews also last out. Interviewing is part of vetting and “getting to know” a candidate, and are seldom a fail safe way of knowing that a job candidate will be successful. Plus, interviews are time consuming and sometimes are used for validating a candidate’s skills and experience, which is less than a perfect scenario.
Back to no resumes though. No resumes means no human resources 30-second reviews of resumes, no paying per click or view on a job board like Monster or Indeed, and for candidates, no wondering if your resume even made it that far.
Soon, organizations will have databases of individual “digital keys” rather than resumes. The word “resume” could also soon be replaced with the words digital footprints, digital identities, digital passports, or digital CVs. Corporate recruiters and hiring mangers can simply pull up the public blockchain, search for specific criteria, and follow a potential candidate’s digital footprint to get to know the individual without actually meeting face to face or virtually. It’s even possible that the blockchain can store performance indicators like whether the candidate was promoted or the reason why they left a company.
ChronoBank, one of the first companies to make the move into disrupting with its own cyrptocurrency, is moving its way into the recruiting industry. It is primarily focusing on creating a disruption in the short-term recruitment market using its blockchain technology to hire this way for key professions — mainly hard-to-find tech and coding — and then eventually expand to the wider recruiting market segments.
In addition, there is potential for blockchain to work with AI and machine learning and produce predictive analytics on whether a candidate will succeed in the corporate culture. It could be a totally mapped out process; however, this is still a long way off, and a bit eerie to consider.The drawback to this is that as candidates, we can no longer spin or fudge a bit on our experience and/or metrics. On the other hand, it levels the playing field for candidates who do not have the creative aptitude for resume storytelling.