Web 3.0 and HR of Future
The third generation of the internet is set to continue its pace in transformation, much like its predecessors of web 1.0 and 2.0. But what does this evolution of the internet mean for HR? In this article we’ll explore what web 3.0 is exactly and how the changes in technology will usher in change for your organisation.
What exactly is Web 3.0?
You may not yet have encountered the term web 3.0. The short answer is that this will be the third generation of the internet. The more complex answer however, includes the technologies that are the construction of web 3.0.
Web 3.0 is ultimately predicted to change the ways in which websites and the internet is actually made and the ways that people interact with it.
Cloud computing is the interchangeable term synonymous with Web 3.0. But as Web 3.0 has not been fully implemented just yet. There is a degree of speculation about what its properties will be. Alongside the continuing development of the technologies that will become its foundation.
Artificial Intelligence or AI is a hot focus in the arena of web 3.0. Artificial intelligence uses pre-programmed algorithms to make decisions in real time, in addition to coherent computing approaches.
Artificial intelligence will continue to have an impact on the human resources department
Talent acquisition & recruitment
One of the most prominent uses of AI in HR is already found in talent acquisition. Talent acquisition has evolved significantly thanks to technology. The steady and transformative move away from the tedium of traditional old media advertising of vacancies and paper based CV’s being posted in response to vacancy advertisements. To the evolution of web 2.0’s online application processes, where CV’s are now submitted in an instant, received, reviewed and screened thanks to key word algorithms and efficiently operating applicant tracking systems (ATS).
From effectively screening applicants against role criteria to maintaining databases of prospective applicants, arranging interviews and addressing, resolving contestant queries, AI in recruitment has been revolutionary in reducing the time and effort required to complete these time consuming and fairly dull activities.
Sage HR’s recruitment features have been true adopters of the wealth of opportunities available. With the end to end recruitment software built in, accelerating the recruitment process with the features you would expect from a market leading HR Management system.
Automated applicant tracking, on demand candidate screening, straight forward, accessible data and mobile integration. All integrating seamlessly into Sage HR’s additional features.
AI goes further by helping companies to streamline their hiring processes, thus helping their recruiting partners to streamline the entire process. Reducing the application to hire turnaround time. With recruiters ultimately making decisions faster and in turn updating candidates in the process far sooner.
This pace is wholly necessary in a hugely competitive labour market. The aptly named ‘war on talent’ where top candidates are hard to find, hard to attract to your company offering and in the current market, even harder to keep. The need for speed and accuracy leveraging the power of technology is vital…
Most employees want flexible remote options to remain in place. However, they don’t want to be in lockdown mode.
Moreover, it is predicted that HR teams will incorporate more AI technology tools into the recruitment process over the next five years. This will likely be unsurprising to HR practitioners, who have an acute understanding of the levels of data required to find the right candidate for your organisation’s vacancies.
AI has the capacity to derive far more value from the data you acquire through applicants, making the entirety of the hiring process more effective, efficient and achieving a greater ROI for your organisation.
Blockchain is synonymous with, amongst other things Cryptocurrency. Cryptocurrency if you’re not fully immersed in this ever evolving new world of finance. Is not dissimilar to traditional currencies, in that it is a medium of exchange, much like the British pound or US dollar.
The difference however is that this kind of currency is digital and uses encryption to control the creation of value in monetary units, whilst the transfer of funds is verified.
Blockchain is the technology that enables this sort of exchange into existence. In short it is a decentralised ledger across a peer-to-peer network, of all the transactions being made.
The technology of blockchain enables participants to transact and confirm transactions without the reliance on a central clearing authority.
Beyond cryptocurrency however, the technology of Blockchain is poised to be profound in the world of Human Resources. The benefits that Blockchain will bring to HR are beyond the intricacy of the technology itself and more focused on delivering increased efficiencies that benefit the HR department and the people it serves.
PWC predicts that the uses for blockchain in HR that will be beneficial to explore further include:
- Candidate and employee verification, assessment and analysis of education and skills. The application of these skills being efficiently matched and allocated to roles at the varying phases of the talent lifecycle.
- The management of payments, salary and expenses across borders, inclusive of international expenses tax liabilities.
- Productivity boosts for HR, including further automation of data-heavy and time intensive processes such as payroll and VAT processes
- Enhancements to cyber security and fraud prevention in HR management, extending to the data management of employees and contractors.
Whilst Blockchain technology and its benefits for HR are still being fully realised. The great news is that Sage HR currently offers a number of innovative and efficient driving solutions that are already optimising HR processes for business owners and HR practitioners.
From the automation of HR processes, onboarding new employees in quick and efficient processes, through to shift scheduling and expenses management. There are a multitude of existing benefits available ahead of the continuing developments in Blockchain technology.
Web 3.0 across the HR process Map
Gartner predicts that blockchain will create $3.1 trillion in business value by 2030. An enormous value development for organisations, that will impact the HR process map in a number of ways.
However, the link between web 3.0 technology and payment technology suggests that one of the core opportunities for HR to achieve benefits realisation is through uplifts to payroll technology.
Early adopters are already using blockchain-inspired approaches in certain HR areas.
The potential to achieve instant global transfers of crypto currency by way of payroll for employees and contracts, holds a significant edge over what are today’s legacy bank transfers for PAYE.
As this technology evolves and increases in widespread adoption, the central dependency will be an internet connection alone With a prerequisite for new and existing employees to acquire a digital wallet for receiving of their monthly or weekly wage payments.
The encryption of transactions, stored as unchangeable data on the blockchain, will be more reliable. Whilst enabling streamlined auditing, enhancements in compliance and reporting.
Payroll processes therefore have the potential to no longer depend on intermediaries like third banks to process employee payments. Placing agility, pace and flexibility in the hands of the employer and HR departments. And with it, responding to the demands of an increasingly flexible, agile talent pool.
Bringing it all together
This advancing era of technology evolutions and innovation, is one where organisations will continue to thrive thanks to those evolutions.
Web 3.0 and its advantages may not yet be fully implemented into the wider internet. But thanks to existing cloud-based software technology tools available through Sage HR managers are enabled to create workplaces where employees feel engaged, supported and inspired to deliver their best work.
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