#professional data

On the surface at least, the state of U.S. employment in 2018 looks healthy with the addition of 313,000 new jobs in February, and is further boosted by the fact that it was the 89th consecutive month to exhibit employment gains 1.

But once you start digging deeper into the numbers, a whole different can of worms opens up: the HR industry fundamentally bases its talent recruitment operations on a set of flawed, inefficient processes.

The Sorry State of Modern Recruitment

Despite tremendous advances in technology, the average duration for hiring an employee in 2017 was 23.8 days, up from 22.9 days in 2014 2.

It only gets worse from there. According to a CareerBuilder Survey, 66% of the workers express regret after eventually realizing that their job was a bad fit. Half of them ended up quitting after just 6 months 3.

75% of employers have been affected by bad hires which really hurts their bottom line. The average cost of making a single bad hire is $14,900 3.

Three factors end up standing out when it comes to analyzing the reasons behind employers making a bad hire:

1. A candidate was lying about their credentials 33% of the time.

2. Difficulty in identifying the right candidate — 29%.

3. And recruiters lacking the right tools to contact a good candidate — 10%.

Even the ones enjoying the benefits of regular employment don’t seem too comfortable with their current roles as 81% of the respondents in Jobvite’s 2017 National Study admitted that they were open to new opportunities for a variety of reasons. In 2017, 50% of them even went ahead and attended an interview just to explore and keep their options open 4.

Recruiters are simply throwing good money after bad in a bid to find, hire, and replace personnel. Even the presence of several international job portals, spurred by self-proclaimed ‘Machine Learning’ and Artificial Intelligence’ technologies, hasn’t done much to improve the efficiency of the hiring process.

So is there a solution or a panacea for these troubling workforce developments?

A Fledgling Technology To The Rescue

The idea of Blockchain and digital currency has been around for a long time. But some of its related features like transparency, immutability, and smart contracts have been embraced very enthusiastically by the tech scene during the last few years.

At its core, blockchain technology injects two vital characteristics into the hiring process: trust and access.

Currently, the responsibility to make sure that a candidate is who she/he claims to be, and is professionally qualified as stated in their resume, falls entirely on the recruiting company. Such a scenario does not inspire trust very easily for recruiters.

Salvation

TrustLogics, powered by a private blockchain for storing data (Hyperledger) and a public blockchain (Ethereum), turns the tables by incentivizing and instilling an urge in jobseekers to verify their own resumes and qualifications through certified background check services.

Due to the ubiquitous nature of centralized data and walled gardens, recruiters and jobseekers are now faced with too many options, but too little access.

• Can jobseekers share their digital portfolios from one job portal to another?

• Can recruiters avoid being inundated with improperly qualified candidates on job portals?

• Can jobseekers or recruiters leverage a digital version of the highly effective employee referral system?

The answer to all the above questions is no. But TrustLogics is poised to transform that into a resounding yes.

• TrustLogics allows digital portfolios of jobseekers to be shared externally so that even non-members can view them.

• TrustLogics allows recruiters to skip the verification stage and directly jump into the suitability of a candidate’s cultural fit, goals, etc., thanks to the smart contract-powered background verification system.

• TrustLogics empowers recruiters by giving them access to an incentivized, digitally extensive Peer-2-Peer candidate referral system.

It has already been well established that employees hired via referrals are more productive and loyal when compared to employees brought in via traditional job portals or by other means 5. As a result, recruiters are increasingly viewing referrals as their optimal pathway for good hires 4.

If you look at the statistics alone, 2018 has been very kind to U.S. employment rates. In February, recruitment maintained a solid pace with the creation of 313,000 new jobs. It is the 89th consecutive month in which job opportunities for a job seeker kept rising.

But digging below the surface suggests that the whole process of making a hire is a bit messed up. The HR industry as a whole, including job search websites and recruitment agencies, seems to be relying or operating on a bunch of faulty and ineffective processes.

Incompetency of the Current Recruitment Industry

Everyone expected the technological revolution to make the jobsearch process easier. Job posting sites were supposed to connect companies and candidates instantly. But in reality, the average length of time it takes to hire an employee rose from 22.9 days in 2014 to 23.8 days in 2017.

Sadly, that is not the only shortcoming of the modern hiring process.

CareerBuilder conducts annual surveys to analyze and compare developments in the HR industry and U.S. workforce. Its survey shone the light on worker dissatisfaction as 66% of them regretted joining their current jobs. The main reason behind the regret was the ill-fitting nature of their job. Within 3 months of joining, half of them ended up quitting.

Companies are not impervious to such regrets either. Nearly 75% have reportedly made a bad hire at some point and have paid dearly for it. The average expense incurred by making one bad hire is $14,900!

The three most important reasons behind an employer making a bad hire are as follows:

•      There is a 33% chance of a candidate lying about their educational or professional credentials.

•      There is a 29% chance that an identified candidate is the wrong choice.

•      Recruiters lack access to the right hiring tools or methodologies 10% of the time.

At this point, one would assume that those who are enjoying the perks of a regular job would at least be happy. According to Jobvite’s 2017 National Study, there is very chance of that taking place.

81% of the employed candidates in the study were looking for a new job for a number of reasons. During 2017, at least half of those respondents went ahead and undertook an interview just for the sake of exploring their future possibilities.

Looking at the findings as a whole, it is pretty obvious that Recruiters, job posting sites and recruitment agencies are doing an inefficient job. Even advanced technologies like Machine Learning and Artificial Intelligence haven’t been able to improve the process yet.

A one-stop solution to solve the problems of the hiring and recruitment industry is absolutely vital. But is there one?

Visit TrustLogics - http://trustlogics.io/

A Developing Technology Comes To The Rescue

The concept of a digital currency has been around for a long time. Once the solution to eliminating double-spending emerged in the form of Bitcoin, innovation picked up steam and it wasn’t long before blockchain technology was being leveraged to ensure large-scale implementation of beneficial properties like transparency and immutability. Smart Contract is yet another feature which could transform how services are rendered.

Blockchain basically brings two absolutely necessary elements into the recruitment process: trust and access.

Right now, whenever a company is interested in hiring candidates, it has to conduct the background verification to ensure that they are exactly who they claim to be. They simply cannot trust a candidate on her/his word.

The Key To A Better Hiring Process

Thanks to the growing popularity of blockchain technology, TrustLogics ensures not only the security of professional data, but also its verification by suitable third party validators.

Through appropriate incentivized systems, Jobseekers can avail the services of validators to verify their professional and educational achievements. A verified profile significantly aids their jobsearch process by reducing the duration it takes to find a new job, and by raising the likelihood of receiving interview calls.

The most popular job portals and job listing sites right now are mainly focused on centralizing data and binding users within their ecosystems through the erection of walled gardens. Jobseekers and recruiters might enjoy several options in the form of numerous job portals, but once they enter into those ecosystems, their access is severely restricted. For example:

•      Can jobseekers freely share their digital portfolios on a particular platform anywhere across the internet?

•      Is it possible for recruiters to avoid being flooded with resumes which are simply not qualified enough?

•   Is there a digital version of the Peer-to-Peer employee referral system with even greater reach for recruiters to leverage?

All of these questions have the same answer: no. TrustLogics is being developed to turn it into a resounding yes.

TrustLogics enables:

•    Jobseekers to share their digital portfolios anywhere across the internet. Even non-TrustLogics users will be able to view them.

•      Recruiters to reduce organizational expenses incurred on background verification of potential or new employees. They can even skip the stage where they test a candidate’s skills and simply dive right into the process of analyzing whether she/he is the right fit for the company.

•      Recruiters to leverage an incentivized digital Peer-to-Peer employee referral system. This system will help a company gain access to a much wider talent pool than ever before.

The Forthcoming Revolution

Employers have always shown a greater preference for candidates who come through referrals compared to any other way, including job portals. By leveraging the TrustLogics digital referral system, they increase their reach and exposure exponentially.

TrustLogics is developing an incentivized, immutable platform to change the very foundations of the global recruitment process. By enhancing transparency, user control over data, and employee referral methodology, TrustLogics is on the verge of changing the world of hiring and professional data as we know it.

Take a look at the TrustLogics whitepaper - http://trustlogics.io/whitepaper.pdf

Contact us at:  [email protected]

Follow us on:

Telegram: https://t.me/trustlogics

Twitter: https://twitter.com/TrustLogicsUS

Facebook: https://www.facebook.com/trustlogicsus/

By verifying your profile data and adhering to TrustLogics standards, you will have the following benefits:

Faster hiring process

Lower hiring costs

Lower risk of losing your PII

Faster hiring process

With the exception of some jobs that have special requirements — such as high security clearances, drug tests, etc. — most employers are required to verify the same basic information for all candidates (e.g. ID, education, work history) before arriving at a hiring decision. If you think about it, this is happening because there is no single software/tool that can store a job seeker’s profile data, store background check information, and have a facility to share that information with intended parties securely.

TrustLogics enables you to do all the aforementioned functions. Thus, TrustLogics drastically reduces hiring cycle times, because employers will have all the relevant profile & background check information in one place during the sourcing phase itself. Not only that, job seekers will now have more time to make personal connections with employers and/or involved recruiters, again resulting in a much faster hiring process.

Lower hiring cost

The reduction in hiring cycle times has a direct consequence in lowering the associated hiring costs. And when you multiply this across an entire industry which involves thousands of employers and hundreds of thousands of jobseekers, the cost savings for employers are huge. Like a snowball effect, eventually these employer cost savings will be transferred to job seekers in the form of quality hires, less spam, etc.

Lower risk of losing your PII

As a job seeker you are required to provide your Personal Identity Information (PII) every time a future employer wants to run a background check on you. In fact, recent trends show that more and more employers are relying on background check reports while making hiring decisions, because they don’t trust what job seekers are saying any more. So, the more often you change jobs, the greater the number of times you need to share your PII, and the more risk you have for identity theft and related data loss.

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