It’s always exciting to stand at the shore, gazing at what the future may slowly roll your way. Today, blockchain technology is making major waves throughout a variety of industries from finance, maritime, transportation, and many more. Blockchain technology is providing more secure and verified transactions and passages of information in a manner that stands to disrupt, for the better, a number of areas.
Human resources to stands to positively impact from blockchain technology development. Businesses that are quick to accept and implement these changes as soon as they become available will have the opportunity to gain a major competitive edge ahead of the competition.
Blockchain & Payroll
Today’s workforce is increasingly global as teams move cross-borders as remote teams become more and more the accepted practice. While great for productivity and diversity, this situation can be a challenge for your business’s human resources department that must manage payroll in a variety of countries.
The payment process can be inhibited by third-party fees, banks, currency instability and other interferences that can cause your employee to feel frustrated without a regular set payment date. Blockchain technology poses an interesting solution to this issue in the form of an international payroll blockchain solution using bitcoin or other cross-border cryptocurrencies. This issue is still being developed but holds massive potential for increasing efficiency and speed in HR payroll processes.
Better Data Integrity
Although still in its early stages, blockchain technology provides the opportunity for more accurate and better data integrity, reducing the chance of third parties providing inaccurate information about candidates or employees.
The usage of blockchain technology can be implemented to make a self-sovereign identity a reality, but allowing individuals to input information, like an achievement or an award, which is then cross-verified by the institution that granted or oversaw the achievement. Access to direct and accurate information would save recruiters and human resource departments significant time and resources throughout the verification process.
Taxes tend to be a headache for both HR and employees alike. Specifically, employees that work independently, remotely, or are freelancers for your business, taxes depend on numerous wavering factors. Additionally, keeping track of expenses, proof of purchases, write-offs, and more are a logistical issue for many organizations.
Blockchain technology can address this crucial issue by providing a solution to HR departments by recording, through a verified system, exact hours worked, income, and expenses. This means tax information can stay accurate and current, without having to wait until the end of the year, eliminating surprises and giving your business the opportunity for better planning and strategic decisions.
Blockchain technology’s potential influence stretches beyond taxes, better data integrity, and payroll processes. Blockchain is just beginning to disrupt major industries and reveal important new solutions that business enterprises can leverage into better business processes, Human resources departments will greatly benefit from keeping an eye on any blockchain developments, and should be quick to be informed and educated in order to quickly adapt and implement blockchain technology into human resources processes.
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