Employee management is the backbone of business, because you can’t have a successful business without employees. However, managing those employees can prove difficult for department directors, hiring managers, HR teams, and others. Technology like blockchain can streamline employee management.
Many people know about crypto, like Bitcoin and Ethereum. Not many know about the blockchains that support these cryptocurrencies, especially when it comes to employee management.
Blockchain can be a very useful ally when it comes to managing employees, from identity verification during the recruitment process to increased productivity. You can also tether employee communication and engagement technology, like the modern intranet to blockchain for unprecedented benefits.
Can blockchain streamline employee management? Absolutely. Let’s take a deeper look at the top 5 ways it does.
1. Job Candidate Identity Verification
One of the busiest teams in any company is HR. Generally, company human resource teams consist of team managers, hiring managers, and recruiters. They continually drive more top-notch job candidates to the company through a number of strategies.
But when they get all those applications, things begin to bottleneck. For instance, a normal job posting in a mid-size company can net over 500 applicants. How can the recruiters and hiring managers verify the work experience and identity of every candidate?
Enter blockchain. Blockchain can easily verify identity, and in seconds. It is that simple. Using blockchain in the hiring process also eliminates bias and prejudice from the hiring process.
2. Streamline Employee Attendance Tracking
It can be difficult to track the comings and goings of employees, even in companies with as little as 25 employees in the office. Blockchain technology can remedy this by storing encrypted biometric entries when employees enter the office and leave.
This type of attendance data can be used in a number of ways to help increase company efficiency daily, weekly, monthly, and quarterly. For example, you can use encrypted biometric entries to track how much time an employee spends at work versus the output of that employee.
You can also use biometric entries to make promotion decisions. If an employee or team is working a lot of hours, and getting a lot done, you can use this to build a case for bonuses or promotions.
3. Blockchain Smart Contracts
You may have heard of smart contracts before, mainly to secure negotiations on the blockchain. But have you thought about them being applied internally for streamlined employee management?
Blockchain smart contracts allows the company to make tech-minded contracts that are binding between employer and employees. For instance, these “smart” contracts can create a way to streamline employee àyments. This takes the hassle and risk out of getting a paycheck for employees. It is also faster.
Smart contracts can also help HR manage new hires and change employee status in the company by automated addition to the payroll system. The contract will contain terms and conditions of the job that need to be met in order for payment to be disbursed.
Did you know that nearly 50 percent of blockchain adopters have already created and implemented blockchain-enabled smart contracts in their companies? This is certainly a clear call to action for using smart contracts to streamline employee management.
4. Protect Company Data
Data protection and ensuring secure transaction and communications between employees is an absolute must in today’s digital age. Blockchain technology is all about data protection and secured internal and external communications. This could be especially important for companies with remote teams.
In essence, blockchain can make confidential data and internal communications secured to the maximum level. It is boasted as leak proof, making it very hard to have data and critical company assets exposed or misused.
Through blockchain cryptography, the information passed daily will be secured. But it will also be very accessible in a secured way. This can have big time benefits when it comes to employee management.
5. Eliminate Cyber Security Threats Via Blockchain
Securing internal communications is as important as protecting the company from external threats via fraud and cyber attacks. Hackers are pretty good at what they do, so having an extra line of security is important. This holds especially true for tech companies, or companies with massive amounts of customer information.
Information and data stored in blockchain works as crucial unanimous facts, preventing hackers from malicious cyber attacks and fraud. This is due to the decentralized data distribution blockchain technology boasts.
Wrapping Up
Blockchain can definitely be implemented by companies for streamlined employee management. The above ways blockchain does this is only the tip of the iceberg. There are several more ways blockchain technology can help you grow your company. Have you used blockchain for employee management? What works and what doesn’t? We want to hear from you.
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