Changing Our Work Life
Human Resources Meets Blockchain
When we think of human resources, we and our fellow employees come to mind. It is where we go to apply for a job and the last check point on our way out. What happens in between is where Bitcoin and the blockchain could turn human resources on its head. From compensation to benefits, hiring to firing, taxes to payroll, and performance to management, this new technology is about to revolutionize our way of doing business.
Investing Your Salary
Blockchain’s decentralized network of computers makes it a trustworthy system in the way it automates and verifies the flow of information while cutting out the middleman. Say goodbye to old-school resumés and LinkedIn profiles with altered or omitted information. Blockchain technology ensures an employer can access an applicant’s complete picture in order to make a more informed decision. The blockchain could also streamline routine tasks with payroll tracking and the use of smart contracts. This way there is no longer the need for constant interaction by either party.
Completion of a task or not – there is no compensation until fulfillment of the contract. This could result in healthy competition and better work ethics among the labor force.
Paying employees and contractors in Bitcoin or cryptocurrency is another development we are certain to witness in the near future. ChronoBank, a wide-ranging blockchain project that describes itself as an ambitious disruptor in the HR/recruitment/finance industries, recently conducted a survey. Results revealed a majority of employees would be willing to receive part or all of their earnings in Bitcoin or other cryptocurrencies.
Another feasible alternative was that nearly all employees surveyed would be happy to receive bonus payments in crypto. Their reasoning for a willingness to encourage partial adoption is the expectation that funds in the form of crypto would most likely receive treatment as an investment, remaining in one’s wallet with the expectation that its value would increase over time.
The Future of Payroll Management
Earlier this month, My E.G. Services unveiled a new blockchain-based payroll management software called “PayMe.” PayMe is a peer-to-peer payments service based in Hong Kong launched by HSBC that allows users to transfer money to one another using a mobile phone app – linking their credit card or bank account, whether issued by HSBC or another bank. The software is specifically for companies housing a sizable workforce. Currently, the project is under consideration for use only in China. However, the concept could catch on quickly, prompting other banks as big as HSBC to adopt its methods.
The architecture of the blockchain itself is highly suited for resolving glaring inefficiencies in large corporate payroll management. And, with its immutable technology, employee data cannot be unilaterally altered once recorded. This makes it ideal for ensuring transparency, evaluating performance and accomplishments honestly. Finally, blockchain could minimize the potential for possible disputes in human resources in the future.