TrustLogics: April 2018

Thursday 19 April 2018

How Blockchain Powered Background Verification Will Transform HR Industry

Initiating the search for a new job is a common occurrence for nearly every working professional. While they enter into the process full of hope, professionals find it tough to turn their plans into reality. There are simply too many variables which remain beyond their sphere of influence when it comes to landing a highly desired job.

A decade ago, the general assumption was that technological advances and speedy flow of data would smoothen things out for a professional who is trying to transition from one company into another. But the global hiring process has turned out to be more flawed than expected. It currently takes, on average, 23.8 days (and rising) to hire a new employee in the U.S.

Such a long delay in the hiring process is down to quite a few factors – one of the major ones being a shortage of verified background information on jobseekers.

The Convoluted Mechanism of Employee Background Verification

Currently, one of the most popular trends among jobseekers is the practice of signing up on job portals or boards. Such platforms are a very convenient way for them to display their educational and professional accomplishments to the world. Naturally, much like on social media platforms, many individuals tend to display fake professional qualifications. A 2017 CareerBuilder survey in the U.S. found out that 75% of HR Managers have encountered fake qualifications on a resume.

Thus, organizations are being extra careful while hiring. They prefer to employ the services of background verification companies to certify a candidate’s experience and knowledge. Such background screening services usually incur a cost of $35-$100 per candidate.

Typically, a background screening cross-checks and analyzes a candidate’s educational achievements, professional accomplishments, and performance as well as conduct under previous employers. The more thorough the background check, the more expensive it becomes.

The background verification process of a potential new employee can turn out to be a very expensive proposition for many companies. Hence, they don’t tend to pursue it aggressively. This has ended up causing a great deal of damage for employers. 43% of them have admitted to making a bad hire due to the lack of a background verification process or quality information on a candidate.

Background screening jobs are tough not just because of the investigative effort that goes into them, but also due to the time constraints. Companies need quality information on candidates as soon as possible, otherwise they could end up losing them. The longer it takes to verify a candidate, the greater the likelihood of losing her/him to a competitor.

The TrustLogics Solution

TrustLogics aims to transform its vision of the world into reality – a world where a candidate’s professional data is accessed by potential employers in a completely different way.

Visit TrustLogics - https://trustlogics.io/

While the overall objective of verifying and securing professional data remains shared, TrustLogics is walking down an innovative path to achieve it.

We firmly believe that professional data is sensitive and requires greater security. The information contained within a resume can be easily exploited in the age of the Internet, and hence similar to a Social Security Number (SSN) in certain respects. But individuals don’t email their SSN to most of the companies in the city, do they?

Hence, the TrustLogics platform makes sure that an employer can only gain access to professional data if its respective owner, the jobseeker, is willing to share it. Their willingness can be controlled by adjusting a set of permissions.

You might wonder how an employer can verify credentials swiftly when the data is controlled by the jobseeker. Our platform solves this potential issue by changing the way things are done traditionally.

On the TrustLogics platform, instead of the employer, the onus of ensuring the verification of professional data rests upon the jobseekers.

Since the platform is being developed on a blockchain, jobseekers can verify their professional data by employing the services of certified third party validators, and then share it with any curious or interested employers.

How Jobseekers Can Verify Their Data On TrustLogics

Step 1 - After registering on TrustLogics, a candidate requests their college degree to be verified and allocates TrustLogics Token (TLT) as a reward and a smart contract gets deployed.

Step 2 - The validator who is best placed to undertake the verification process is notified and receives the necessary supporting documents to carry out the task.

Step 3 - After completion, the validator notifies the jobseeker.

Step 4 - Once the jobseeker receives confirmation, the reward is transferred through smart contract execution. The jobseeker’s profile displays that her/his college degree is verified.

A World of Pre-Verified Professional Data

The TrustLogics platform, developed on a blockchain, makes sure that professional data is securely and immutably stored. Jobseekers with verified profiles will have a competitive edge when it comes to the hiring process. They are more likely to be contacted for interviews as employers are assured of a quick, verified and cost-effective hiring.

After identifying ideal candidates, recruiters will have to request permission to access their profiles. As the accomplishments of those candidates are already verified, employers can breathe easy and move on to the stage where they see if she/he is fit for the required job description and company’s culture.

Decentralized Magic

The concept of decentralization lies at the very core of the TrustLogics platform. Its features, like smart contracts, ensure secure data storage and reliable service payments.

A jobseeker can choose to verify a lifetime’s worth of accomplishments with just a few taps on their smartphone. They can also share their profile across the Internet for external users to access it. On the other hand, recruiters can erase the worry of background verification and focus solely on finding and hiring ideal candidates.

Read Our White Paper - https://trustlogics.io/whitepaper.pdf

About TrustLogics

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.

Contact us at: mailto:support@trustlogics.io

Follow us on:

Telegram: https://t.me/trustlogics

Twitter: https://twitter.com/TrustLogicsUS

Facebook: https://www.facebook.com/trustlogicsus/

LinkedIn: https://www.linkedin.com/company/trustlogics/

Thursday 12 April 2018

TrustLogics - Spreading Trust in HR Industry Through Verified Data

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:

• There is a 33% chance of a candidate lying about their educational or professional credentials.

• There is a 29% chance that an identified candidate is the wrong choice.

• Recruiters lack access to the right hiring tools or methodologies 10% of the time.

At this point, one would assume that those who are enjoying the perks of a regular job would at least be happy. According to Jobvite’s 2017 National Study, there is very chance of that taking place.

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:

• Can jobseekers freely share their digital portfolios on a particular platform anywhere across the internet?

• Is it possible for recruiters to avoid being flooded with resumes which are simply not qualified enough?

• Is there a digital version of the Peer-to-Peer employee referral system with even greater reach for recruiters to leverage?

All of these questions have the same answer: no. TrustLogics is being developed to turn it into a resounding yes.

TrustLogics enables:

• Jobseekers to share their digital portfolios anywhere across the internet. Even non-TrustLogics users will be able to view them.

• Recruiters to reduce organizational expenses incurred on background verification of potential or new employees. They can even skip the stage where they test a candidate’s skills and simply dive right into the process of analyzing whether she/he is the right fit for the company.

• Recruiters to leverage an incentivized digital Peer-to-Peer employee referral system. This system will help a company gain access to a much wider talent pool than ever before.

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

Contact us at: support@trustlogics.io

Follow us on:

Telegram: https://t.me/trustlogics

Twitter: https://twitter.com/TrustLogicsUS

Facebook: https://www.facebook.com/trustlogicsus/

LinkedIn: https://www.linkedin.com/company/trustlogics/

Monday 2 April 2018

Why a $792 Billion Gig Economy is Crying Out for Decentralization

Due to job portals like LinkedIn, creating and keeping track of your professional connections is an easy task regardless of whether you’re a doctor or an engineer. The art of maintaining the right contacts in order to take the right step in your career has never felt more convenient, thanks to digital services.

But what if you’re an independent service provider (ISP) or independent contractor? The technological revolution has mostly ignored the needs of this vital segment of the global workforce. A self-contractor could be an electrician, carpenter, etc.

Despite the lack of a big, specialized global job portal for hiring independent contractors, the annual spending on the U.S. gig economy crossed the $792 billion mark in 2015. The most difficult obstacle for a self-employed contractor is this: the identification, pursuit and acquisition of contract works on a regular basis. So far, the biggest job boards have paid scant attention to the field of contract work. But TrustLogics is poised to open up all kinds of opportunities and spur the growth of contract work.

Visit TrustLogics - http://trustlogics.io/

The Present Situation of ISPs

Currently, independent service providers depend heavily on more traditional types of networking to obtain regular work. Family or friend suggestions, tips in the local area through social media platforms, portfolios on service websites, and recommendations or suggestions from staffing firms account for a majority of opportunities.

But the conventional methods of job-hunting for ISPs come with severe drawbacks. Since such referrals don’t follow a timeline, an independent worker usually finishes a job and sits idle for days on end before securing a new one. Since most of the work doesn’t exactly require the signing of complex contracts, customers (a.k.a service requestors) tend to change pre-agreed compensation terms while the task is being completed.

Even the hiring process frequently turns into a long-drawn-out waiting game as the background details of a self-employed contractor have to be verified before the task can be undertaken. Service websites initially seemed to be a convenient way to banish some of the above drawbacks, but they ended up presenting a different set of challenges: the presence of multiple portals, expenditure incurred for placing ads on the platforms, and the effort undertaken to optimize the digital profiles differently depending on a platform’s preferences.

Rapid Transformation of Contract Work Expectations

But the single biggest issue that the ISPs have to deal with is the technology-driven change in perception of contract work.

Before the technological revolution, service requestors usually preferred solving problems at home by simply calling the friendly neighbourhood plumber or electrician. Hiring independent contractors in this fashion was popular as these individuals were either well known in the local community or were strongly recommended by neighbours. A lasting impression was created while their services were availed. This sort of sealed the trust between both parties.

But technology has disrupted the way service requestors choose an independent contractor. A few taps on their smartphone now provides them access to dozens of plumbers from other nearby communities. Thus, the impressions formed while availing services was replaced by a digital portfolio on an online service website containing the individual’s personal details, qualifications, ratings, and reviews.

As far as large-sized or corporate service requestors were concerned, they continued their long-held tradition of approaching staffing firms for any seasonal needs and formed hiring partnerships with them. They even tended to outsource the crucial process of employee vetting.

A Background Verification Onslaught

This is why ISPs have no option but to adapt to a radically different hiring process, without much help. There is no law to implement a single, universally-accepted vetting certificate, which can be edited with the latest updates and serve as official proof. As far as the general public are concerned, they already have something like this in the form of the social security number (SSN). An SSN serves as a definitive authority for identification and helps individuals gain access to taxation or healthcare protocols faster. Unlike ISPs, the public doesn’t have to prove their credentials each and every time.

So why can’t ISPs also benefit from a single digital certificate attesting the truth of their qualifications, ratings and reviews? The benefits of such a system are two-fold: the hiring process for a self-contractor is greatly simplified; and it also reduces the downtime (which is normally spent waiting for a background verification to finish) between two successive jobs.

Digital Maintenance of Professional Reputation

Where there is a gap in the market to exploit, start-ups are sure to follow. Job portals focusing completely on contract work have been popping up for fun during the last few years. While ISPs greeted their entrance with enthusiastic approval, things quickly turned sour.

A large number of platforms meant that a self-employed contractor had to maintain an active presence on a number of them. Providing responses to comments, personalizing digital profiles for each platform, and the problem of fake reviews took up an inordinate amount of time for them to deal with. Even service websites were just as bad because ISPs had to chip in their own money for financing any advertisements on these platforms.

These past stumbles beg us to consider whether a self-contractor would be happier with a universally accepted digital portfolio. Something they can maintain and, more importantly, share across the internet. This would eliminate the problem of dealing with too many platforms while saving cost and time.

TrustLogics – A Change in Status Quo

It is quite clear that the status quo is hurting the wallets of ISPs. They desperately need a platform which serves them rather than one which exploits them. A platform where they can keep a unified background vetting certificate, share their digital profiles across the web, and respond to the reviews and ratings of service requestors.