Most HR managers have no idea what Blockchain has in store for the industry

February 6, 2019
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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

One of the latest technologies in fashion is known as blockchain, which facilitates transactions and data storage without intermediaries. However, it seems that there is still a long way to go before knowing and applying this technology without fear of the unknown for HR professionals as is clear from the study carried out by The Adecco Group and the Institute Quatrecasas of Legal Strategy in Human Resources, based on the results of more than 200 qualitative and quantitative interviews to HR managers from all economic sectors.

Blockchain technology "has the potential to alter the landscape of human resources technology by incorporating capabilities that make people management processes safer, more transparent and more efficient." Guillermo Tena, director of the Cuatrecasas Institute, says that the study carried out with Adecco "tries to understand if the blockchain facilitates one of the most transversal challenges in the adoption of different disruptive technologies in the organization: our employees in the management of the data that is done in the business ecosystem."

In this sense, the report, which is part of the Technos Project, reveals that only 37.3% of the Human Resources managers surveyed know what the blockchain really is and how it can be used by the business world. Compared to them, 62.7% said they did not have knowledge about it and only 2.9% reported that they had enough knowledge about it. In addition, more than half (54.4%) believe that, in addition to not being familiar with blockchain, are not yet really aware of its impact on the business, while 42.6% of HR professionals think that there is no such knowledge in companies.

However, the majority (74.2%) cited the recruitment of candidates, the certification of their identity, and the fact that the blockchain has more potential for transformation in the management of talent in companies. validation of their credentials.

The report also notes that one of the best known applications of this technology is the payment through virtual currencies in systems such as bitcoin. However, 64.1% of respondents believe that even in five years Spanish companies will not use the blockchain to pay their employees' salaries, compared to 17.2% who think otherwise, even fixing a shorter term time, and another 18.8% who think it will never happen.

In this line of thinking, consulted on the possibility of wages increase thanks to the widespread use of the blockchain, 1 in 4 do consider this option as real and values ​​that wages improve with the incorporation of this technology, although most of them (61.9%) think that it will not affect Spanish wages and the rest (12.7%) even say that they will fall.

On the other hand, although 9.2% think that this technology will be the central axis of talent selection in companies, 76.9% are convinced that the blockchain will help in these processes but insists that the final decision will follow being in the hands of the people of HR. In addition, 3 out of 4 say that this technology is likely to generate more controls in outsourcing processes, as well as more confidence in companies' management of technology today according to 75.4% of respondents.

Regarding its sectoral impact, 62.9% believe it will be in the financial sector, followed by the logistics and transport sector (56.5%), the health sector (46.8%), the insurer (45, 2%), ICT (43.5%), distribution (41.9%), and retail (33.9%).

Finally, in terms of the most important future challenges to be addressed, the first is the lack of existing regulation on its use (64.1%), followed by the optimization of speed for the execution of transactions (53.1%), the decision on which figure will have ultimate responsibility for this technology (46.9%) and how to control the large energy consumption it generates (25%).

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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February 6, 2019

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