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.
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