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2.1 Billion USD shall be spending on Blockchain solutions across industrial stretch in 2018 and Human Resources along with Finance outfits is one of the front runners. The employer – resource relationship is dominantly influenced by fair delivery of duties and timely payments. However, with so much stress on verification and processing, the delay times cause significant loss of productivity, making the entire HR management ecosystem, say, tedious! While the technologies of tomorrow have finally earned their repute and are being widely accepted, Blockchain takes the lead. Utmost data privacy, no faking of information and seamless payouts are some of the impressive solutions that the technology stays committed to.
Daniel Roddy, a senior manager with Deloitte Consulting in New York City with specialty in human capital, feels that while these are early times, Blockchain has promising future for human resource management. As per Daniel, “It is early, both in terms of its maturity and the creation of the kind of large consortiums needed to gain alignment on how Blockchain systems will work. But there is considerable potential for human resources.”
Here’s more!
Blockchain systems have tremendous potential in binding the data together
That had to top the list! Data breaches are continuously hinting at inadequate security layers and that’s where emerging tech philosophies like the Blockchain are swaying away all the support. Consider a case study where a portal governed by the Blockchain network lets job seekers and employers engage over specific job requirement.  A job seeker would be in total control of access of his or her certifications. The employers are able to view the credentials only when the former releases access to the same, which in turn is cross-signed by the certifying body. That is, one earns utmost ownership of their data and can enable or disable particular users from accessing it. To put things in more perspective, the job seeker would be able to share education credentials, which are in turn cross-verified by the university. In this way, the employers need not spare time and resource for verification of the same.
Smart Contracts – Eliminating fraud probability and Delays in payments
There is lot in store for gig workers as well. The probable potential of dispute is hereby eliminated as Smart Contracts can be written and enforced with ease. This has noteworthy application in music industry where payment for music royalty is often a matter of hot debate and controversies keep surfacing now and then.
The movement of money is instantaneous, which makes the system fair. In fact, attorneys are finding it hard to enforce smart contracts and when that becomes a norm, imagine the ease with which contracts would be made and enforced.Companies are already investing great sums of money to make that reality. Maersk, IBM and Walmart are some of the recognizable names that are taking the lead to use Blockchain technology to create utility companies of the future.

Talent hunt – Narrowing down upon candidates with authentic credentials
Companies face so many challenges while hiring candidates, particularly candidates’ background verification. Candidates are often found to have used fake documents to obtain employment and that causes bit of bother for the employers, who have to terminate the former later on.
But how are the companies going to verify credentials across different countries? As talent travels across countries, and even continents, it becomes nearly impossible for the employers to keep track of everything and stay well within the scope of the law. Wouldn’t it be great if there is a centralized pool that can be accessed by potential employers regardless of the location of the job seekers?
Consider another scenario where the previous employer has gone bankrupt and/or the company has ceased to exist due to any possible reason. This may go against the candidate since any concrete evidence of employment or source of verification isn’t available; marking him fraud!
Data fed into the Blockchain network can’t be easily removed and thus tracking history of existence of a particular employer can be tracked.
 Paying taxes to become less taxing
Regardless of your location, paying taxes can easily be categorized as one of the most difficult tasks. You could end up falling in higher tax bracket for reasons completely unknown!  For an instance, a onetime payment that was otherwise way too higher than your normal pay grade. Alternatively, you had some unavoidable expenses that ate up your income, but you have to pay a high income tax nonetheless.
There are dozens such reasons due to which the taxes could be wrongly calculated, bringing unnecessary confusion and stress. Smart accounting system powered by Blockchain can help you calculate and pay taxes in accordance with your income and purchases. That helps you to avoid burning a hole in your pocket while staying on the right side of the law.
Digital Process Management and HR Blockchain
As discussed above, enforcement of Smart Contracts is a spectacular feature of the Blockchain technology. Taking it further, it can be used to revolutionize payments execution with digital process management. Depending on whether particular conditions are met or not, the transactional flow can be entirely governed programmatically.
This comes as a big relief for gig workers and artists who are often tricked by label owners. Artists can control the way their music is accessed and that their due payments are made well within time. An important aspect of the same is that the need for intermediaries is eliminated and the potential of abuse of the system is immensely reduced.


HR Blockchain in Payroll Processing
What if an employee is travelling to a client location in a completely different time zone? Payroll processing in such circumstances is a lengthier task involving the banks, 3rd party payment gateways (if any) and thus overhead charges. Not to miss the needless formalities that piss off everybody.  
Blockchain happens to eliminate the complexities involved, thereby easing out payroll payment, freeing companies from the need of paying intermediaries and speeding up the overall process! Who wouldn’t like money flowing nice and fast without leeches in the form of third parties eating up a major chunk of their hard earned money?
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Management of human resources, if done wrong, can derail a business with immediate effect.  Scary but highly relevant thought that reflects the dynamic character of the employee to business engagements. While the skills requirement versus available resources equation continues to conflict, HR teams have a more significant responsibility in binding the two together and assure of a profitable exchange.  Outsourcing has always been the ultimate solution to contain enterprise risks, and HR is no different. With the rise in employee expectations, the following benefits must lure you to outsource your struggling HR functions.

 Cutting of cost and hence, curtail down on expenses

Outsourcing HR services cost way less than maintaining an in-house HR team. It is costly to run a fully functional, in-house department as nourishing it means additional infrastructural resources.  Moreover, maintaining a department would require a well trained and experienced staff, which can cost a lot to a business. If a company is not entirely fledged to its potential, it is more economical to outsource HR services which can cut costs for small businesses and alongside, provide quality services.  These professionals are not only well versed concerning HR, but they help in getting the work done with relative ease.  

Abbreviated costs directly reflect in expenses curtailed down, thus opening avenues to steer budget towards other significant tasks.

 Access to a Bigger And Better Pool of Resources  

A business however small it is can get to expand its perspectives and have a choice of getting the work done by more experienced professionals than, maybe, the market can afford.  When services are outsourced to PEO companies, you can get your job done by the best talent around. PEO companies have access to global expertise and plethora of choices to approach in case a resource doesn’t fit well. Thus, with no delay in fetching alternatives, the usual delay is checked upon by on-demand deployment of support. In sync with the hugely anticipated industry of ‘Spot Consulting,’ outsourcing HR functions can bring resources as and when needed.

Efficiency in the Workplace – Focus can be shifted entirely on core enterprise services

Since a lot of paperwork and other HR related tasks have been assigned to an HR agency, the team has more time to focus on the core business processes an organization is committed to.   That is, the entire staff doesn’t need to invest additional effort into time consuming paperwork tasks.  Rather, the workforce can complete the tasks, hence up-scaling the collective productivity of the office.  More than just Recruiting and Handling employees, highly critical HR functions such as Payroll Processing, Benefits Administration, Compliance Management, Employee Administration, Pay Slips, Tax Advisory, etc. accounting, etc. and hence, the work can be done with a lot of ease and efficiently.

Management of risk – In sync with legal and financial compliance

The laws for employment and labor are dynamic. Their dynamism is referred to the thing that they keep on changing regularly and to remain up to date concerning them at your workplace; it can be a difficult task. These outsourcing firms have employees whose one of the purposes is to stay up to date with these changes and updated laws so that an update is efficiently incorporated into the workplace rules and stuff. This can help to comply with these federal and state employment laws and help prevent costly lawsuits by employees.

Highly Efficient Recruitment Process– They’ll go through stacks of resumes so that you don’t have to!
Not just interviewing and hiring, Recruitment is one of the most challenging tasks in hand. So much that organizations have started to have a dedicated recruitment team that works in sync with the conventional HR setup. This helps them have exclusive resources deployed towards fetching the right talent for the company. A step ahead, outsourcing recruitment to professional outfits assures instant access to available candidates followed by timely closing of vacancies.  

So, this can improve the overall hiring process. This is due to the reason that the task of scanning through resumes, hiring and recruiting will pass on to the hands of industry professionals with expertise in the field and hence, the process will automatically become faster and easier.  Consider for an instance, if your business is facing problems related with influx of information, letting a larger team handle it effectively will enable you to work and perform as it always has been.

Handling Employee Benefits – Monitoring and Motivating

No matter how complex and detailed HR functions have become, at the heart of it, it is the employee satisfaction and utmost comfort within an organization that truly qualifies an impressive work environment.  Besides monitoring performance, employee interpersonal development is highly significant and requires a blend of counseling and implementation plans to ensure seamless compliance with company policies; all converging to meeting business goals successfully.  Professional Employer Organizations periodically and transparently monitor performances and report their findings to the management.  Often, the overall performances charts improve when you get HR services from a team from an outsourcing organization compared to in-house evaluation.
As the organizations grow, employers continually look out for ways to incentivize and motivate their staff. PEO agencies assist small organizations with unique opportunities and strategic plans that are generally available to largest corporations only. These offers include a wide range of voluntary benefits such as Health Insurance, Bonus’ recommendations and others. All of this and more needs deeper budget planning and execution that you may not have time and competency for.
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Only 19% of surveyed HR professionals believe their organization has the most appropriate work culture and that there are considerable possibilities to improve and innovate. In fact, the art to keep the employees in good humor, resonating to their aspirations are areas of prime concern. From the infamous practice of trying to please the boss to focus on the employees, HR has channeled through an evolution worth learning from. Detaching from the traditional work ecosystem of permanent hiring, getting resources as per the demand, on time-bound contracts is the newest rage.

As we usher into an exciting 2018-19, Human Resources across verticals are undergoing compelling changes. Here’s what will be

A More Flexible Work Culture

There is so much happening with regards to work regulations that are alterable as per the comfort of the employee and the interest of the company. Organizations offering paid maternity leaves to others that offer utmost freedom to work from home, employee-friendly work culture was hugely accepted in 2017, and it’ll only grow this year.Professionals are returning to the job market after successfully or unsuccessfully launching their commercial ventures.

  • Employees are demanding such working hours that give them enough time to spend with their family members
  • More and more women are returning to job markets after career breaks due to childbirth or other trivial matters

As recruiting and retaining talent becomes difficult, companies need to be accommodating to fulfill employees’ aspirations, as a step forward to control attrition rates.

Fixed Job responsibilities, not anymore

Gone are the times when sticking to a project assignment or a particular client for a decade (exactly! You read that) was the dream job every candidate hunted for. With flexible work culture comes flexible job roles and responsibilities. As one of the entailed skills today, adaptability is a crucial differentiator in an employee’s growth. That is, they ought to master the art of learning new skills as and when required. It may so happen that while you were recruited for an entirely different portfolio, you could be shifted to a wholly new department depending on the fluently changing requirements/ increase or decrease of workload in a particular project

Updating Employee Talent – Training And Mock Projects

22% of new hires leave their job within 45 days, and that converges to employee retention as one of the toughest roles in HR. Following up on the need for more adaptable resources, expertise in a single field may no longer ticket to a successful career. Assisting employees, it is the HR wing that has to create sufficient opportunities and empower the employees to engage in learning new roles.

Moreover, as an employee, you need to keep updating your skill set pretty fast to respond positively to rapidly changing job markets. Check with the senior management who may be more than interested in helping you in this regard. Employers are looking for ways to cut costs and would like to recruit a lesser number of employees for performing tasks, and if you can handle multiple roles, you would become darling of your employer.

Steering away from human dependency, Digital learning is being widely used in organizations so that the employees educate themselves on skills without having to wait for a trainer’s availability. Human Resources across SME channel have confirmed it to be a hugely cost-effective – for multiple learning opportunities that employees can avail. Sponsored technical courses, communication skills training, etc. can be attended virtually followed by attested certifications; the fastest growing markets, online learning has so much more to offer.

AI in HR – More intelligent than ever

AI is everywhere, and HR is one of the first verticals to have directly benefited from it.  AI enabled platforms instantly remove 75% of irrelevant or unqualified job applications, shifting the needle to the most appropriate candidates. As Talent Acquisition gets less stressful, HR functions ought to improve with productive employees and ultimately lower attrition rates. Not to miss employee retention, cited as the most troubling HR function by more than 60% of organizations. Predictive thinking from AI can hint at possible affinities and the expectations of the staff. Such analyses have been instrumental in finalizing specific appraisals for different employees. 

2018 will see Artificial Intelligence (AI) being increasingly adopted across HR functions. Followed by the stupendous response to the bots, many other operations will be automated to delegate tasks to smarter systems. Better Decisions are assured.  

The Gig Economy on The Rise

As per The Mckinsey Global Institute, up to 30% of 8000 professionals surveyed were indulged in some independent jobs in parallel to their full-time employment. Any employer would like to cut down on corners to reduce costs and maximize profits. On the other hand, some professionals do not associate themselves with traditional work environments. Instead, they want to chart a career path that was rarely seen or heard before. This has primarily given rise to gig economy. That is, hiring on-demand resources for a particular task within a contract. More popularly, freelancers, such resources are necessarily cost-effective, more productive and readily available to take up extempore assignments.

More than the zest for a supplementary source of income, freelancers are steadily moving away from full-time employment towards more flexible and less demanding independent job roles. In fact, 50% of these professionals (mostly designers, writers, and developers) never returned to their full-time jobs.

Eliminating the dependency upon intermediaries, short-term gigs are win-win scenarios for everyone involved in the process.  Starting 2018, the two years will see a soaring rise in more important roles being assigned to freelancers. As HR, you must acknowledge the transformation and stay in tune with professionals from this sphere too.

And ultimately,

The downsizing of HR teams

As automation dawns upon us, HR roles are being routinely performed by smart systems. As a result, HR departments are being cut to leaner teams. Instead of finding a replacement for an employee who may be leaving for a different employer, tasks are getting distributed instead of finding a replacement. Hence, HR assistants, advisors and business partners are becoming less relevant in most organizations.

2017 was the year of cost-cutting while the current year has its focus on experimentation. In either case, both the employee and the management had to retune their expectations.

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