What does the future hold in a shared ledger economy?
Globalization, technology, and the “gig economy” are changing the way we work. Millennials expect to work for just two years or less for any single company. Outsourcing, offshoring, and companies like TaskRabbit and UpWork have changed the way we work. With employees changing companies every couple years, HR professionals no longer have a way to observe employee performance in an objective, reliable, or scientific manner over a career.
Similarly, how do employees get credit and maintain a strong reputation across multiple employers, with side “gig” projects, volunteerism, hackathons and all the outside-the-day-job activities that are commonplace amongst today’s workforce?
In today’s organizations, most decisions are made by just a handful of people. Blockchain’s decentralized governance model will empower individuals to participate. The shared ledger technology is inclusive and democratizes decision-making.
For instance, in a school, all the students collectively decide to raise funds for a certain cause. Whenever a student donates money, their unique code and amount is anonymously written into an open register. With the shared concept of blockchain, every student has access to this shared register.
A decentralized governance system offers new opportunities for both employers and employees. Cutting edge HR organizations will work to leverage blockchain technology to support employee performance evaluation, career trajectory, skills and training experiences. There is a tremendous opportunity ahead. We’ve seen the value of platforms like LinkedIn in cross-organization employee history.
Blockchain technologies offer an opportunity to revolutionize the work of HR professionals. This shared ledger technology will help in developing employee trust in management and HR, help with recruiting, resource planning, skills-based planning, applicant validity, and many other aspects of the employee-employer relationship.
LinkedIn’s Reid Hoffman talks about creating a long term alliance with new employees, and BlockChain shared ledger technologies offer a secure way of building an employee history. With the help of a shared ledger, work profiles, performance evaluations, and previous job history of employees will be transparent and verifiable - helping HR with recruiting, hiring, and strategic resource planning.
As we move to a world where Millennial employees are taking advantage of civic leave programs to volunteer for non-profits – a shared ledger-based accounting system enables a comprehensive view of volunteerism and matching funds. A robust, shared and cross-organization ledger system is just one of the opportunities that BlockChain shared ledger technologies.
Blockchain is more than Bitcoin and cryptocurrencies. One of the most important components of a strong organization is trust – and when we move to a globalized world where employees move in, out, and in-between multiple organizations – a shared methodology to enable cross-organizational trust – will be an important part of the new world of work. HR professionals are the backbone of any organization. In today’s modern world, only blockchain-enabled shared ledgers can strengthen the HR discipline as employees move to a gig economy and a multi-organizational world of work.
This is an area that deserves attention and investigation from HR professionals as they look at the new world of work.