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    Future of HR

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    Ritam Chakraborty
    Rahul, a VP of HR, was thinking about how HR has not evolved as much as other domains like marketing and finance with internationalization. He researched the future of HR and learned about blockchain. Blockchain uses a digital ledger to securely record all transactions without being altered. Rahul explored how blockchain could be applied in HR, such as securely storing employee data, assisting with recruitment by verifying credentials, and automating payroll and taxes across borders more easily. After his research, Rahul believed blockchain could revolutionize HR and help organizations achieve agility and employee friendliness in an era of business internationalization.

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    Future of HR

    Uploaded by

    Ritam Chakraborty
    13 views2 pages
    Rahul, a VP of HR, was thinking about how HR has not evolved as much as other domains like marketing and finance with internationalization. He researched the future of HR and learned about blockchain. Blockchain uses a digital ledger to securely record all transactions without being altered. Rahul explored how blockchain could be applied in HR, such as securely storing employee data, assisting with recruitment by verifying credentials, and automating payroll and taxes across borders more easily. After his research, Rahul believed blockchain could revolutionize HR and help organizations achieve agility and employee friendliness in an era of business internationalization.

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    Rahul, a VP of HR, was thinking about how HR has not evolved as much as other domains like marketing and finance with internationalization. He researched the future of HR and learned about blockchain. Blockchain uses a digital ledger to securely record all transactions without being altered. Rahul explored how blockchain could be applied in HR, such as securely storing employee data, assisting with recruitment by verifying credentials, and automating payroll and taxes across borders more easily. After his research, Rahul believed blockchain could revolutionize HR and help organizations achieve agility and employee friendliness in an era of business internationalization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    13 views2 pages

    Future of HR

    Uploaded by

    Ritam Chakraborty
    Rahul, a VP of HR, was thinking about how HR has not evolved as much as other domains like marketing and finance with internationalization. He researched the future of HR and learned about blockchain. Blockchain uses a digital ledger to securely record all transactions without being altered. Rahul explored how blockchain could be applied in HR, such as securely storing employee data, assisting with recruitment by verifying credentials, and automating payroll and taxes across borders more easily. After his research, Rahul believed blockchain could revolutionize HR and help organizations achieve agility and employee friendliness in an era of business internationalization.

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    Future of HR: Blockchain

    Rahul, a VP-HR with a top MNC in Bengaluru was busy with his everyday work transformation
    in the HR World. During his leisure time he was thinking why isn’t HR domain evolving as
    much as Marketing and Finance when Internationalization is happening in every business sector.
    Why are we still concentrating on age old practices where on the other hand Business 4.0 has
    already hit the market. He decided to go home and start studying what are the recent practices
    that can help them to transform to HR 2.0.
    He came back from his office and started with his research on the Future of HR and got to know
    about Blockchain. He first heard this term – Blockchain, but wasn’t sure about what it actually
    was. Blockchain is a digital, decentralized and distributed ledger that can record all transactions
    be it financial, operational or public records. Rahul got intrigued by this, so he started
    researching more about Blockchain and how it can be implemented in HR Domain. The early
    works on Blockchain started in 1991 by Stuart Haber and Scott Stornetta but was mainly
    popularized by Satoshi Nakamoto in 2008. It has applications in fields of Finance, Banking,
    Healthcare, Sales, Agriculture etc. But Rahul was interested about its prospective applications in
    Human Resources.
    In an organization the main resource is Human Capital. By implementing Blockchain, all the
    personal information of the employees can be stored in a more secured, risk free environment
    which is available for everyone with required permissions given. Blockchain can also be used by
    the Talent Acquisition team where data regarding the prospective candidates can also be kept.
    The data cannot be tampered or deleted and can only be added which makes it a secure
    environment to keep. Blockchain can also be use to create self-sovereign digital IDs. Here the
    employees can control their personal data all by themselves. The process of recruitment can be
    done with ease if information is stored in a blockchain. Instead of going for long resumes and
    LinkedIn profiles, the candidate’s employment history along with other information can be
    stored in Blockchain which will help the recruiters. Academic Credentials and Certifications will
    be verified which will decrease the amount of time spent by HR Executives in verifying them.
    Smart contracts can be applied in that Blockchain which will filter the Candidates profile from
    rest of them according to the conditions given by the firm for its prospective candidates. The
    company won’t have to call or do the lengthy verification process as they can pull data from the
    public blockchain and check the records which is already verified. When the probationary period
    is over for an employee the smart contract in the blockchain will automatically trigger a hike in
    the salary by some percent depending on the feedback received from the employee’s manager.
    Similarly, during Separation all the process associated with it can be recorded in a Blockchain
    along with final settlement.
    In the era of Business Internationalization, Blockchain can be used in payroll systems especially
    where payments are being done on a global scale for large MNCs. While paying internationally
    the payment often gets delayed due to third party like banks, financial institutions and
    government regulation but if Blockchain is used then the concept of third party and regulation
    will be erased and ease of payroll will happen giving satisfaction to be employer and employees.
    Contract workers and suppliers can also be paid via this mode which will again ease the
    transactional process. Blockchain will also able to automate taxes, keep a track of our
    expenditures. Since it is a fraud free system, it can track any income and expenses and will also
    be able to compute the yearly taxes paid real time on the basis of the actual income. We can also
    store the information needed for tax returns in the blockchain which will help us in computing
    the amount of tax that needs to be paid after all the required deductions. It will also be able to
    make a track of Claims and Advances made against a particular employee. This will ease the job
    of the HR Managers who are responsible for payroll, taxes and paychecks. Blockchain can also
    help in registering medical claims and office expenses which can be easily validated by the HR
    Manager and fast payment can be done without the intervention of any third party as all rules and
    regulations will be implemented in the smart contract associated with the Blockchain.
    After research a lot about the potential benefits of Blockchain and its application in the field of
    Human Resources, Rahul was very satisfied. This can bring a revolution in the organization
    making it Agile, employee friendly and set apart from rest of the herd in the era of Business
    Internationalization. This will help the organization in attaining Business 4.0 and the whole HR
    Domain will move to 2.0.

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