We all know that web3 is currently in its most advanced stage of development and this has introduced new variations in the way we communicate online.
Blockchains are the foundation of the decentralized internet environment and databases known as web3.
The latest version of the internet has been improved with better connectivity, 3D graphics, AI and other features.
By introducing new features and benefits, the blockchain strengthens and improves the online environment.
The pace of change is expected to remain and continue to improve for the third generation of the Internet, and that transition includes the human resources industry.
Web3’s ability to improve its operations has already been recognized by numerous business sectors and industries.
However, one area where web3 hasn’t had much of an impact is Human Resources (HR).
However, emerging technologies could add value for all stakeholders in areas such as:
wage payment
This would be the most obvious use case for blockchain technology in transactional HR.
Current manual systems do not have the transaction transparency, high operational speed, or simple business processes that these financial operations require.
Payment processes can be improved using blockchain, which web3 is built on, introducing automation, speed, accountability and privacy.
In addition, it could offer a solution to the problem of cross-border payments for workers living outside the countries where they occasionally work.
Web3 payment solutions would allow these workers to receive payments quickly despite difficulties with exchange rates and local banking regulations.
Employment requirements and background check
Web3-based digital identity has the potential to significantly assist HR departments in background checking and credential verification.
Phone calls and LinkedIn are only minimally successful in confirmation, and it takes energy and time that could be better spent elsewhere.
Web3 provides confidence in the truthfulness and correctness of the information, avoiding wasted resources.
Additionally, it would benefit job seekers who wouldn’t have to fill out tons of paperwork or worry about other candidates gaining an unfair advantage by forging their resumes.
data security
Employers or users only need to store the relevant information, such as B. an employee’s skills and expertise, and not personal information about them such as location, gender, age or ethnicity.
By developing a unique digital ID that the employee can present to anyone they do business with,
Web3 via blockchain can guarantee that only these will be passed on to the companies. On the other hand, the data-driven insights provided in this way would make it easier for recruiters to filter out the best prospects.
Commissions and Fees
Web3 has also introduced changes in the way certain freelancers and contract workers are compensated. As a rule, mediators charge a fixed fee for their services. Some platforms have no fees, and when a task is completed and accepted, an employee is automatically paid.
Many sellers are often rewarded through a commission-based system. Sales reps could get their paychecks and commissions instantly as the ecosystem benefits from virtually instant transactions and ledger upgrades on the Web3.
As time goes by, it becomes clear that Web3 has the ability to fundamentally change the way people work today.
These adjustments will ultimately make it easier for HR professionals to manage and make the most of their companies’ human resources in an increasingly dynamic and competitive recruitment market.
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