Here are three Future of Work areas where blockchain technology could provide critical verifications and safeguards, particularly for the contingent and gig workforce — from the recruitment to the contracting and payment process.

The rest of this article is available by subscription only.

Introducing a New Subscription Model from the Future of Work Exchange.

To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.

Click here to learn more.

The post Elevate Your Future of Work Processes with Blockchain appeared first on The Future of Work Exchange.

The latest United States jobs report was rosy from a certain perspective (adding 517,000 jobs in January alone), one that reflects not only the lowest unemployment figures in nearly 55 years, but also an awkward juxtaposition of the discussions around an economic downturn and the continued fight against inflation.

For all the talk about a blooming-yet-complicated job market, there’s another side to this positive news. Ardent Partners and Future of Work Exchange research finds that 73% of businesses currently face a critical challenge in the months ahead: a lack of candidates with the required skillsets for open positions. This is yet another representation of why the skills-based organization (SBO) is a true opportunity to, essentially, reimagine the ways they think about talent acquisition and the role of talent in getting work done.

The most progressive way of thinking here is to apply agility-led principles to the realm of talent acquisition and talent engagement by 1) harnessing the power of artificial intelligence and machine learning to revamp the candidate-matching process, 2) expanding “known” skills taxonomy in an automated manner to account for innovative and future roles, 3) developing a central, on-demand database of skillsets across talent communities (talent pools, talent networks, current employees, etc.), and, 4) leveraging a multi-dimensional nexus of skillsets and expertise from which to address new and evolving requirements based on the trajectory of the greater organization.

The foundational elements of the skills-based organization revolve around the concepts of rethinking the parallels between talent and work; thus, the very future of the skills-based organization depends on forward-thinking strategies, ideas, and, of course technology. Here are the crucial elements that will shape the SBO in the months ahead:

• Digital credentialing will emerge as a powerful disruptor in the skills validation market. Even in the technologically-advanced days in which we live, validating skillsets and expertise is largely a manual game. Talent acquisition execs and hiring managers (as well as other core HR leaders) must review portfolios, speak to references, confirm education and backgrounds, etc. to ensure that a candidate holds the proper skillsets for the role in which it is applying. Digital credentialing platforms remove nearly all of the guesswork and the tactical elements of skills validation and provide a veritable gateway into verified skillsets, strengths, certifications, etc. that candidates can maintain throughout the duration of their career. Solutions like Credly, Sertifier, Accredible, and Certifier are revolutionizing both the candidate-facing and hiring-led aspects of digital credentialing.
• Blockchain realizes its potential and becomes a gateway for talent. Across the business spectrum, blockchain has so many potential paths: augmenting data warehousing, tightening legal and financial intelligence, and, yes, reinventing the ways enterprises find and connect with talent. In a hyper-competitive and globalized talent marketplace, the power of blockchain truly shines through; by defragmenting traditional barriers to talent acquisition, blockchain-fueled candidate networks enable hiring managers (and similar leaders) with the ability, in real-time, to view candidate profiles, validate expertise, and confirm career data and portfolios. Candidates own their information, and, subsequently, their career pathways, an important factor in today’s labor market from the worker perspective. The speed in which blockchain presents a match and a connection can dwarf that of traditional hiring. Platforms like the non-profit Velocity Network and innovative solution Braintrust are helping businesses reboot their talent strategies.
• AI moves firmly into the talent acquisition arena. Artificial intelligence has become, particularly over the past several years, a formidable means of visualizing workforce data through dynamic analytics. Predictive analytics and scenario-building capabilities within workforce management suites and VMS platforms have changed the way HR, procurement, and talent acquisition leaders access total talent intelligence and supercharge their talent-decision making with that data. However, 2023 is the year of AI in talent acquisition; it is imperative that businesses drive real workforce scalability and boost their skills-oriented approach by leveraging artificial intelligence to better validate candidate profiles, enhance skillset-to-job matching, and improve the overall hiring process. Talent acquisition is entering a new, AI-charged era in part because of the advanced technology that can seamlessly streamline the ways businesses not only engage candidates, but also the ways they catalyze the skills-matching experience. Platforms like Opptly represent this exciting new generation of technology, along with solutions like Phenom, Gem, and Gloat, as well as Magnit and both its ENGAGE Talent tool and total talent intelligence offering. Too, solutions such as Glider.ai (robust skills verification and candidate assessment), Fuel50 (recalibrating workforce intelligence), and HiredScore (next-generation, proactive talent-fueled AI) will also disrupt the concept of AI in talent acquisition.

One other factor that could play a pivotal role in the evolution of the skills-based organization is direct sourcing and its impact on digital recruitment, an arena that is founded on the ability to better match open positions with top-tier skillsets. Today’s direct sourcing platforms are a key cog in developing a skills-oriented approach towards talent acquisition, with solutions such as WorkLLama, whose AI-fueled recruitment tools revolutionize candidate collaboration and boost talent acquisition strategies, and LiveHire, whose end-to-end recruitment and direct sourcing technology facilitates a dynamic and holistic approach towards total talent management,

The post The Elements That Will Shape the Skills-Based Organization appeared first on The Future of Work Exchange.

What Is Blockchain?

At its core, Synopsis defines blockchain as “a decentralized, distributed, and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.” For each ordered record (i.e., transaction) a block with a timestamp and transaction data is created and linked to subsequent blocks forming a blockchain. Whether it’s financial records, supply chain transactions, or personal information, blockchain guarantees a record of integrity and trust for all parties — without requiring a third party for verification.

Blockchain is most associated with cryptocurrencies like Bitcoin to secure a record of transactions. However, it is gaining more attention in industries outside of banking, including pharmaceuticals, aerospace and defense, and food and beverage, with several companies piloting blockchain technology for track-and-trace initiatives. For example, in the food supply chain, a supplier is unable to alter transaction data such as batch numbers, ensuring the ability to appropriately track and trace specific food shipments in the event of a recall.

The technology is now making its way into the HR function. This week, we’ll look at blockchain from the individual level (digital identity), followed by part two, exploring areas where HR can leverage blockchain to benefit the enterprise.

Defining Our Digital Identity

Our digital footprint includes basic information such as name, address, nationality, and social security number, as well as data related to our banking activities, professional history, and online interactions and behaviors. Much of this information resides on websites and is accessible with a username and password. Unfortunately, security breaches can threaten our information and digital identities — with implications affecting HR and employment databases.

Blockchain and Digital Identity Control

Blockchain is capable of revolutionizing what it means to have a digital identity through digital identity management and a decentralized identifier (DID). Digital identity management solutions can help provide greater control over our own digital identities and who has access to them.

Digital identity management. According to 101 Blockchains, the following are advantages of using blockchain for digital identity management:

• Blockchain features the elements of maintaining data in an immutable and encrypted manner. Thus, it ensures that the digital identity is secure and easily traceable.
• The efficiency of blockchain encryption alongside the facility of digital signatures ensures effective “Privacy and Design.”
• Maintain records of every identity throughout all the nodes across the network and thus make it trustworthy.
• Maintain the communication metadata in a distributed ledger, and consensus mechanisms help in verifying data authenticity across multiple nodes which improves trust.
• Set clear roles for identity issuers, identity owners, and identity verifiers by simplifying the processes associated with each stakeholder.

Decentralized identifier. Coupled with digital identity management, a DID provides a holistic approach to digital identity protection through blockchain. Georgia Weston, a prolific subject matter expert in the blockchain space, says the DID is an important concept within digital blockchain solutions.

“It is actually a pseudo-anonymous identifier for a specific object, person, or company, and a private key secures the DID. Individuals who own the private key can prove ownership or control over a specific identity. One person could have multiple DIDs, which can restrict the extent of tracking throughout multiple activities in everyday life.

“…Decentralized identifiers also feature a collection of attestations or verifiable credentials which verify the specific traits of the DID. Generally, the issuers of the verifiable credentials sign the credentials cryptographically. Owners of DIDs could store the credentials on their own without depending on a single service provider.”

DIDs and digital identity management can be critical pieces for maintaining and verifying information about one’s educational background and professional history. Enterprise recruiters and HR can verify and authenticate a person’s identity — but with consent while ensuring their privacy and data control.

Pam Baker, a technology subject matter expert, shared insights and results of a blockchain report by the American Productivity and Quality Center in an article for Tech Target, describing the potential for personal blockchains and the workplace. “Employers would need permission to access and add to an individual’s private blockchain. Employees could provide access keys to employers and then rescind the keys when they leave the organization to maintain control over their personal records.

“Blockchain HR technology used in this way would effectively function as ‘value passports’ that employees could take anywhere and continue to build throughout their careers, according to the report’s authors.”

Future of Work and Mainstream Digital Identification

Blockchain is an evolving technology that requires cooperation and adoption by several entities before it becomes a mainstream solution. Governments, industry, vendors, and users themselves must agree on the foundation and potential regulations for how to leverage digital identifiers. It is a complex but important discussion due to the growth of data through Industry 4.0 and other technologies.

The possibility of having a university issue a college degree or an enterprise award a training certificate via a digital certificate on a personal blockchain is not far-reaching. It represents the purest and most authentic form of our personal and professional histories.

Enterprise recruiters and HR will have confidence that the candidates they select (using blockchain technology to verify and authenticate) truly possess the experience and skills for the position. Digital identity could become the preferred method for applying through a job portal or engaging with a recruiter.

In part two, we’ll explore blockchain from an HR and enterprise perspective. There are several use cases to consider in such areas as contract management, payroll, and recruitment.

The post The Role of Blockchain in Candidates’ Digital Identities appeared first on The Future of Work Exchange.

Around two years ago, during the very first summer under pandemic-era living, we had all had a strong taste of what the so-called “Future of Work” had to offer: remote work became a normalized attribute of the modern business, corporate leadership was consistently changing in the face of survival, and digitization proved to be a competitive differentiator as enterprises moved operations as a direct plan of attack against transformative times.

Since then, we’ve collectively learned to “live” with a life-changing virus whilst embracing the major changes in the way we address how work is done. While some businesses have instituted “return-to-office” plans, many others have settled on models that work well for both productivity and the satisfaction of flexibility for the workforce.

More so, businesses are operating in environments that are increasingly more digital and more human, two vastly different elements that are shaping the Future of Work for organizations across the world. The Future of Work Exchange has covered these aspects since its inception, however, there is so much more to this movement than what we’ve experienced thus far over these past two-plus years:

• The (continued) transformation of talent acquisition and the power of “open talent.” The extended workforce continues to grow. Freelancers and contractors, sparked by The Great Resignation, are “resettling” into new and different (and most importantly, flexible) roles that better suit their needs and purpose. The technology behind how we find and engage talent has been centered on innovation more now than ever before. We haven’t even begun to truly think about how functionality like blockchain can change the Future of Work game; just look at an organization like the Velocity Network Foundation, which blends digital wallets, blockchain-fueled credentialing, and a truly foundational, evolving “rulebook” that guides candidates/talent and businesses.
• The real-deal application of artificial intelligence within the confines of “work.” Just because an organization currently leverages a flavor of AI does not mean that this translates into a true application of the technology. AI can become even more of a Future of Work gamechanger when organizations apply deeper elements of its powerful reach, including driving efficiency in hiring, powering predictive and prescriptive insights, and enabling stronger DE&I efforts in recruitment. Platforms like HiredScore, Glider.ai, Eightfold.ai, and ModernHire are taking AI in talent acquisition and talent management to a new and exciting era in today’s frenetic labor market.
• The rise of conscious leadership. The realm of conscious leadership follows a similar path to the one paved by empathy, in that nearly every facet of human contact between an executive and his or her colleagues and staff is rooted in a meaningful, genuine purpose. A leader’s core approaches involve them becoming more aware of their actions, more aware of how kind and, yes, conscious, those actions and insights may be perceived by the organization’s workforce.
• Strategies that began as extensions of extended workforce management that will become table stakes for the world of talent and work…particularly direct sourcing. Direct sourcing experienced its biggest spike in both prominence and utilization since the beginning of 2020 and there are no signs that businesses will slow how they leverage talent pools and talent communities to inject top-tier talent into their organizational projects and initiatives. Direct sourcing technology is evolving, too, in such a way that “Direct Sourcing 2.0,” which follows AI-fueled, digital recruitment-led functionality (as well as next-generation talent curation), will become the prominent form of direct sourcing as businesses progress their utilization of these critical platforms. Providers such as WorkLLama, LiveHire, Prosperix, Opptly, High5, PRO Unlimited (Direct Source PRO, which has recently integrated WillHire into its solution), and AMS are all contributing to the Direct Sourcing 2.0 revolution.

The post There’s So Much More to the Future of Work appeared first on The Future of Work Exchange.

The post Could NFTs Signal Another Future of Work Pathway for Blockchain? appeared first on The Future of Work Exchange.