Every working professional ends up looking for a new job at some point or the other during their career. But the job search process rarely goes according to plan. There are countless moving parts which are beyond the control of a jobseeker.
In an ideal world, fuelled by advanced technology and seamless data transfer, a candidate wouldn’t have to suffer a period of uncertainty — the duration it takes to leave one company and join another.
Unfortunately, the global hiring process is flawed. In the U.S., for example, the average time it takes to hire a new employee is 23.8 days and rising 1.
This unusually long delay is due to a few factors, of which the major one is: the lack of verified background information on a particular jobseeker.
A Background Verification Hell
On the numerous job portals or boards that are currently available, it is very easy for candidates to claim any type of professional or educational qualification. According to a 2017 CareerBuilder U.S. national survey, 75% of HR Managers have stumbled onto a lie on a resume 2.
Hence, as part of their due diligence process, organisations undertake background verification of a candidate before hiring them. Typically, a company ends up spending anywhere between $35-$100 per candidate for a thorough background check and analysis.
A professional background verification process normally covers cross-checking of educational qualifications, performance and behaviour at previous organizations, and verification of professional qualifications.
Due to the expensive nature of vetting a potential employee, employers are not too enthusiastic about conducting such checks in a serious manner. This has resulted in a great deal of damage for organizations. 43% of employers in a survey admitted to making a bad hire either because they couldn’t be bothered to conduct a background verification or they didn’t have quality information on a candidate 3.
It is not just a case of undertaking a thorough background check. Companies need to verify a candidate thoroughly and do it very fast. The longer a candidate’s vetting period runs, the greater the chance there is to lose her/him to a different employer 4.
But TrustLogics optimizes the whole process by deviating from this well-trodden path.
The TrustLogics Philosophy
TrustLogics envisions a world where the flow of professional data from a jobseeker to a potential employer is completely revamped.
The ultimate goal is the same: verification and secure transfer of professional data. But our path for achieving this is innovative.
We firmly believe that a candidate’s professional data is vital and needs to kept secure. Such data is very much similar to a Social Security Number (SSN) in certain respects. But you don’t see individuals shouting out their SSN or sending it to half the firms via email in a city, do you?
Hence, on the TrustLogics platform, a potential employer’s access to a candidate’s professional data can only be enabled based on the latter’s preferences or permissions.
For more details on how this works, visit https://trustlogics.io
At this point, you may ask: Since the data is user-controlled, how will a potential employer verify it quickly?
On the TrustLogics platform, the onus is on the candidate to verify their professional data, not potential employers. TrustLogics is being developed on a hybrid blockchain:
• An Ethereum blockchain (public) for recording transactions.
• A Hyperledger blockchain (private) for storing data.
By enabling access to certified Validators, our platform empowers jobseekers to securely verify their professional data once, and then provide access to their verified profile to any interested employers.
Post-Verification Bliss
The jobseeker’s verified professional data is now securely and immutably lodged on the TrustLogics platform. When compared to unverified candidates, jobseekers whose profile is verified have a higher chance of being contacted by recruiters due to the possibility of a quick and smooth hiring.
A potential employer can either search for verified jobseekers manually or utilize the Peer-2-Peer Employee Referral mechanism to shortlist ideal candidates.
Once the right candidates have been identified, the Recruiter can request them to provide access to their professional data.
Since the candidate’s background information is already verified, the recruiter can skip the interview or skill-testing stages, and directly proceed to the stage where they analyze the candidate’s suitability for the required profile and the impact of addition into the organization’s culture.
Benefit of Decentralization
Decentralization technology, aided by the burgeoning potential of Smart Contracts, allows candidates to pay for any services requested in a secure and reliable manner. With a few taps, a candidate can make sure that all of their significant educational and professional accomplishments are verified, stored securely on a digital platform, and be shared across the internet.
More importantly, recruiters can skip the nightmare of background verification without compromising on the professional integrity of a potential employee.
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