If you look at the statistics alone, 2018 has been very kind to U.S. employment rates. In February, recruitment maintained a solid pace with the creation of 313,000 new jobs. It is the 89th consecutive month in which job opportunities for a job seeker kept rising.
But digging below the surface suggests that the whole process of making a hire is a bit messed up. The HR industry as a whole, including job search websites and recruitment agencies, seems to be relying or operating on a bunch of faulty and ineffective processes.
Incompetency of the Current Recruitment Industry
Everyone expected the technological revolution to make the jobsearch process easier. Job posting sites were supposed to connect companies and candidates instantly. But in reality, the average length of time it takes to hire an employee rose from 22.9 days in 2014 to 23.8 days in 2017.
Sadly, that is not the only shortcoming of the modern hiring process.
CareerBuilder conducts annual surveys to analyze and compare developments in the HR industry and U.S. workforce. Its survey shone the light on worker dissatisfaction as 66% of them regretted joining their current jobs. The main reason behind the regret was the ill-fitting nature of their job. Within 3 months of joining, half of them ended up quitting.
Companies are not impervious to such regrets either. Nearly 75% have reportedly made a bad hire at some point and have paid dearly for it. The average expense incurred by making one bad hire is $14,900!
The three most important reasons behind an employer making a bad hire are as follows:
81% of the employed candidates in the study were looking for a new job for a number of reasons. During 2017, at least half of those respondents went ahead and undertook an interview just for the sake of exploring their future possibilities.
Looking at the findings as a whole, it is pretty obvious that Recruiters, job posting sites and recruitment agencies are doing an inefficient job. Even advanced technologies like Machine Learning and Artificial Intelligence haven’t been able to improve the process yet.
A one-stop solution to solve the problems of the hiring and recruitment industry is absolutely vital. But is there one?
Visit TrustLogics - http://trustlogics.io/
A Developing Technology Comes To The Rescue
The concept of a digital currency has been around for a long time. Once the solution to eliminating double-spending emerged in the form of Bitcoin, innovation picked up steam and it wasn’t long before blockchain technology was being leveraged to ensure large-scale implementation of beneficial properties like transparency and immutability. Smart Contract is yet another feature which could transform how services are rendered.
Blockchain basically brings two absolutely necessary elements into the recruitment process: trust and access.
Right now, whenever a company is interested in hiring candidates, it has to conduct the background verification to ensure that they are exactly who they claim to be. They simply cannot trust a candidate on her/his word.
The Key To A Better Hiring Process
Thanks to the growing popularity of blockchain technology, TrustLogics ensures not only the security of professional data, but also its verification by suitable third party validators.
Through appropriate incentivized systems, Jobseekers can avail the services of validators to verify their professional and educational achievements. A verified profile significantly aids their jobsearch process by reducing the duration it takes to find a new job, and by raising the likelihood of receiving interview calls.
The most popular job portals and job listing sites right now are mainly focused on centralizing data and binding users within their ecosystems through the erection of walled gardens. Jobseekers and recruiters might enjoy several options in the form of numerous job portals, but once they enter into those ecosystems, their access is severely restricted. For example:
The Forthcoming Revolution
Employers have always shown a greater preference for candidates who come through referrals compared to any other way, including job portals. By leveraging the TrustLogics digital referral system, they increase their reach and exposure exponentially.
TrustLogics is developing an incentivized, immutable platform to change the very foundations of the global recruitment process. By enhancing transparency, user control over data, and employee referral methodology, TrustLogics is on the verge of changing the world of hiring and professional data as we know it.
Take a look at the TrustLogics whitepaper -http://trustlogics.io/whitepaper.pdf
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TrustLogics is a 'Patent Pending' disruptive technology solution. It is powered by de-centralized technologies that enables professionals to build credible global profiles, facilitate pre-screening and private networking supported by artificial intelligence. In a highly complex Workforce marketplace, TrustLogics is analogous to the "missing link" of connecting Job seekers with potential employers and is designing a Verification and Reputation platform for Professionals and Individual Service Providers.