There’s something hugely important missing from the recruitment industry — trust.
As people are switching jobs more frequently than ever before — about once every five years is the UK average, and once every four years in the US — the sector has seen unprecedented growth over the past two decades, and is now worth $450 billion globally.
However, recruitment has become one of the single largest expenses for many businesses. This is true in no small part due to the evolution of the internet. In the past, job application and processing systems were almost entirely paper-based. But with the rise of Web 2.0, the recruitment space has now become awash with online job boards such as Indeed and Monster, professional networking sites like LinkedIn, applicant tracking systems, talent management systems, and a multitude of matching technologies.
This all creates huge amounts of data for hiring companies to contend with. Talent identification, selection, and processing now require employers to engage in lengthy and complex bouts of data verification in their search for the right candidate. And here, indeed, is the problem — with 99% of people writing inaccurate information on their CVs, it’s become extremely difficult for employers to accurately verify what appears on CVs is a true reflection of the candidate’s ability.
Educational qualifications need to be verified, job histories, work experience, referees — all of which piles time and expense onto the recruitment process, and costs businesses thousands every year.
Blockchain technology could well provide the solution.
How Blockchain Can Improve the Recruitment Process
After first making a splash in the financial sector with the development of cryptocurrency Bitcoin in 2009, blockchain technology is now poised to be a disruptive force in recruitment.
A blockchain is essentially an electronic record keeping system, which, in the case of recruitment, would verify the information contained with a candidate’s CV — from career achievements to educational performances and training qualifications — to ensure its validity.
Giving employers a comprehensive, trustworthy, and accurate blockchain-based record of a potential candidate’s education, skills, training and work-related references has the potential to change the recruitment industry for the better, and eliminate the problem of fake CVs and professional profiles which are almost impossible to police on current platforms like Indeed and LinkedIn.
Such a system would immediately cut out a signification portion of the time it takes to find, meet and assess candidates for an open position — a huge boon for a company’s bottom line — and enable jobseekers to find the roles most suited to them quicker and more efficiently.
A Decentralised Global Recruitment Ecosystem
The vision for the platform is to see a day when employers can login directly to a simple portal, select the very best, fully-vetted candidate, and hire them as easily as shopping on Amazon.
How does it work? Candidates upload their profile and listed references to the Talenthon web portal. Both candidates and their referees then complete technical and soft skills assessments based on the skills they have mentioned in their profile. Scores are then calculated using Talenthon’s proprietary scoring system which evaluates candidates’ skills and the weight of their references. The higher the score the candidate accumulates, the more talented they are.
To stimulate engagement with the platform, candidates can also earn cryptocurrency — Talent Coin — through gamification. With each skill assessment completed and referee listed, Talent Coin is released to the candidate, rewarding them for their talent, and providing an incentive to use the platform.
Talenthon is distributing 60% of its Talent Coin allocation to users who participate on the platform. Talenthon’s users will then be able to spend their Talent Coins on technical assessment sessions, training, and other career development options to increase their skills.
Today, blockchain technology is offering huge swathes of fantastic new opportunities across all industries — but especially in recruitment.
Talenthon’s team have a wealth of experience in blockchain and recruitment, and their solution to reward honesty and transparency on CVs will enable businesses to identify the best talent quicker, more accurately, and will significantly reduce hiring errors and costs.
If you’re interested in getting behind a passionate, well thought-through, top-rated, and worthy ICO campaign, then Talenthon is the Best ICO to invest in for 2018.
To find out more about how to become an investor in $450bn global recruitment industry, reach out to the Talenthon team through any of the following channels:
By: John Waldron