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.
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?
Visit TrustLogics - http://trustlogics.io/
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.
Take a look at the TrustLogics whitepaper - http://trustlogics.io/whitepaper.pdf
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