Collectively, companies and employers across the globe spend hundreds of billions in hiring the best-fit candidate and overcoming obstacles in the way - one of which is potential hires embellishing their resumes or LinkedIn profiles in ways that are significantly off from reality and can create issues in a new position.
Now, a networking and recruiting platform called EchoLink plans to use blockchain to give firms “trusted information regarding a job candidate’s education, skill and work experience,” helping to save companies time and money, all while giving skilled workers the opportunities they deserve.
According to a YouGov poll in the United Kingdom, 10 percent of Britons have lied on their resumes at some point in their careers. Lies about their education or qualifications are the most common, along with details about how long they’ve stayed in a job and their levels of experience.
While these tall tales may seem innocuous and all in the name of getting ahead, they can have consequences for the companies that fall for them. EchoLink’s white paper cites research suggesting that 75 percent of employers have hired the wrong person in the past, despite completing background checks on the applicant. As well as affecting levels of office productivity, such mistakes can also reduce employee morale, reduce the quality of work, and see many hours lost by offering training so unskilled workers are brought up to speed.
EchoLink argues that the current approach of conducting interviews before beginning background checks is inefficient. Instead, it believes employers would benefit from a system that screens candidates based on verified information from the get-go.
Read more here.
Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.