By David Rice
As the pandemic speeds up ideas about the future of work, one that is getting less attention than usual is blockchain. Widely known as the digital ledger used to track bitcoin transactions, blockchain has a range of uses for keeping information secure.
For HR, this is as data rich of a moment as we’ve ever seen, but with that comes substantial risk. Last week’s news of two separate cases in which HR managers redirected funds from employee payments into personal bank accounts sparks new questions about how blockchain can be used as a more secure method for everything from employee pay to protecting personal information.
Blockchain as a technology is seeing greater investment, with technology, media and telecom companies most prepared to invest at least $5 million in it this year, according to a report from Deloitte. As it gains popularity in life sciences, healthcare, energy and other industries, it begs the question of what kind of impact can blockchain have for companies looking to implement its use in HR functions.
The most obvious benefit to HR is the security of compensation transactions as only the sender and recipient can see the information. When it comes to contractors and gig economy workers, blockchain opens up the possibility of paying in cryptocurrency, helping to avoid complications with currency exchange rates and banking in foreign markets. It also holds a great deal of potential in eliminating time consuming manual tasks related to payroll systems.
Another benefit is that it can automate tax processes to maintain compliance with regulations with ease and keep cleaner records that traditional processes. This can limit the risk of an audit and ease the process if one does occur as HR can share tax records with auditors in a secure manner almost instantly, eliminating costly document collection and verification processes.
Additionally, employees sensitive information related to benefits is more thoroughly secured and access to benefit information can be provided outside of standard company systems without compromising security.
Hiring new employees presents a variety of challenges when it comes to vetting candidates. Verifying CVs and tracking down references can be time consuming and difficult. Blockchain, however, does offer the possibility of creating employee record systems that are secure and ensure a higher level of accuracy than highly embellished CVs.
By allowing a potential employer access to their blockchain driven employer history, candidates can submit information with a higher degree of confidence that their information is secure and that other candidates will not be able to fraudulently misrepresent themselves to get ahead in the process.
The hurdle here continues to be complexity due to GDPR, which mandates that a person be able to change their personal information at any time. From the employer side, there are concerns about what goes into the record. Proprietary information for example is not something employers will want shared. While it has some benefits for recruiting, the draw backs remain substantial, however they are being worked on.
Japanese HR company, the Persol Group, is working in conjunction with electronics giant NEC to develop a blockchain powered recruiting app that would help streamline recruitment processes, but it’s still in the early stages as the developers are still in the proof-of-concept phase.
In the case of contractors and gig economy workers, getting their pay almost instantly is becoming more of an expectation than a benefit. Blockchain can play a key part in the automation of payment processes. This requires the establishment of criteria that must be met for pay to be earned. Once all of the criteria are met – e.g. a graphic designer’s work is published – payment can be disbursed automatically.
Whether it’s health insurance records, bank account numbers, retirement accounts or salary figures, HR is home to a great deal of sensitive employee information. Protecting that information is essential to maintaining trust in HR and the company. By putting much of those transactions into blockchain, the information is decentralized, meaning bad actors can’t access large amounts of employee data in a single location and any changes to it must be verified.
Published On : Aug 26, 2020By Aishwarya Sinha Ray Employee motivation can be considered as the level of energy, commitment, persistence, and creativity that employees bring to their jobs. Whether the economy is rising or shrinking, finding ways to motivate employees has always been a management concern. Competing theories stress more on either incentives or employee involvement (empowerment). A smoothly running and motivated workforce also frees the owner from day-to-day chores for thinking of long-term development. Furthermore, a tangible and emotional reward can mean retention of the desirable employees. People thrive better in creative work environments and want to make a difference. Ideally, the work’s result itself will give them a feeling of accomplishment and inspiration—but well-structured reward and recognition programs can enhance this consequence. In general, better employee motivation leads to better engagement and hence better productivity. This is why employee motivation is one of the biggest management concerns.
Read MoreBy Asheesh Birla, SVP of Product and Corporate Development at Ripple 11 Sep 2020 Today, it seems that every major technology company doubles as a bank. In the past few years, we’ve seen the launch of Apple Card, Facebook’s Libra, Uber Money, Square Cash and Google Pay—all services that promise the most convenient and fastest payment service on the market.
Read MoreBy Anne Corder Carry on working from home if you can – that’s the Government’s advice to the estimated 44 per cent of the UK’s workforce who are currently doing so. and will probably continue into the coming months as we enter summer. While many companies, including thousands which are primarily office based, do not have a date for an official return to the workplace, it is never too early to start thinking about life after lockdown. We’re encouraging Peterborough businesses to start thinking about how life could look once staff start returning to the office.
Read MoreBy Emma Plummer Friday 27 March 2020 Following government advice during these uncertain times, thousands of people are now adopting to remote working as part of their new routine. If you are one of the 1.5 million that had already worked remotely, you may still find that you are experiencing a slightly different version of the routine you are used to. Getting through the working day when you may also be feeling isolated, as well as having children at home to look after and home school, can lead to anxiety about the level of productivity you can achieve.
Read MoreBy Bill Gates But there are lessons from the current crisis that should guide our response to the next one. A global crisis has shocked the world. It is causing a tragic number of deaths, making people afraid to leave home, and leading to economic hardship not seen in many generations. Its effects are rippling across the world.
Read MoreBy Melinda Gates, July 15, 2020 It began as a mysterious disease, a novel coronavirus soon designated SARS-CoV-2. As countries shut down their economies to slow its spread, it became a global recession as well. Then, in April, the United Nations warned of another dimension to the emergency—a “shadow pandemic” of violence against women raging behind closed doors.
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