Monday, 26 March 2018

Why the $428 Billion Staffing Industry Desperately Needs a Blockchain Revolution

$428 billion. That is the value of the industry for recruiting professionals at the global level. On the other hand, the industry for self-employed or individual service providers does not have official statistics from staffing services to come up with an approximate valuation.
Someone looking for a new job is almost guaranteed to log-on to a job site or utilize the services of recruitment agencies. Their ultimate aim is to settle into the ‘right’ job so that their livelihood can take a step forward.
Unfortunately, the current methodologies being used by professional staffing companies and the HR industry are broken and are in desperate need for a fix.

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Some of the most common ailments afflicting the global recruitment process are as follows:
1. Application Pile-up
A typical company recruitment department is involved in a constant war against applications. Most of the applications lean toward fake, casual, overqualified, under-qualified, etc. Hence, picking out the right candidates for a position becomes a tedious process and companies often end up settling for imperfect candidates.
2. Fake Resumes
The trend of fake news only became popular during the last few years, but fake resumes and illegitimate professional qualifications within a résumé have been part and parcel of the HR industry for a long time. With the biggest job portals not expending any effort to verify résumés, the onus, once again, falls on recruiters to run background checks or to employ the services of an iffy external verification company.
3. Too Many Job Portals
It is a tough task for jobseekers to understand, optimize and make the most of one job portal on an annual basis. To fall in line with modern professional demands, they now have to maintain updated, tweaked profiles on several job portals. With companies increasingly turning into walled gardens, it is no longer possible to transfer personal and professional information from one big platform to another.
4. The Dreaded Middlemen
Imagine this scenario: One of the pipes in your home has burst and you trying to hire a plumber to plug it. Would a random stranger inspire more trust in you or would someone with verified background checks, skills, ratings, etc., be better? Unfortunately, independent service providers do not have a platform where they can share their ratings or reviews, and are restricted to depending on dozens of service websites, who serve as middle-men, to get jobs. What’s even worse is that customers end up paying 30-40% more if they go through service websites rather than contacting service providers directly.
Take a look at the TrustLogics whitepaper -
These are some of the situations where TrustLogics jumps into the picture. With a team accounting for more than 10 years of previous experience in running staffing organisations, and having first-hand experience in dealing with the pain of fighting perfect candidates for thousands of jobs, TrustLogics is ideally positioned to revolutionize the global hiring process. Our platform completely revamps the way recruiters seek out staffing solutions by shutting out the noise and retaining the essential, verified facts pertaining to a jobseeker.
TrustLogics, with a patent in the pipeline, is poised to disrupt the service provider and company recruitment processes by ensuring greater security and control over verified data. With the help of Hyperledger (a private blockchain to store data) and Ethereum (a public blockchain for recording transactions), our platform will ensure greater transparency and cut down the expenses as well as time involved in hiring the right candidates.
About TrustLogics
TrustLogics is a 'Patent Pending' disruptive technology solution. It is powered by decentralized 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.
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