The digital world has become a huge part in changing the Human Resource department by the use of ‘Cryptocurrency’ as an innovation for incentives and salary, along with new technology to change the industry.
The world’s bank statistics of the reduction in the world’s economic growth this year from 5.5% to 4.1% shows the long-term effects from COVID-19 which leads to unemployment issues. However, with the changing era and the fast paced growth of the digital world makes labor equipped with digital knowledge more than ever.
With the pandemic, the world has been increasingly dependent on the digital platform. 2021 Industry Skills by Coursera and Microsoft Data Science concluded that the important skills these days are: Cloud Computing, Cybersecurity, Data Analysis and Software Development.
The digital career industry has the possibility of increasing from 66 Million positions in 2022 to 190 Million positions in 2025. There will be 149 Million positions in new different areas, concerning privacy and security – especially cybersecurity, data analysis, machine learning and artificial intelligence. Apart from these, there will also be positions responsible for cloud storage systems and software development.
More people will be exploring the digital world, including the people from the HR department. This is because technology has made it easy for people to work seamlessly without borders, which has made GetLinks able to help people find the right job easily.
Hybrid and remote working has been increasing, entering the “gig economy” which is a huge business area for people to venture in order to gain additional income. At which, this labor market is impressive for short-term contracts or freelance, which is the opposite from 9-5 work days. Freelancers are able to work from any place of the world with the high speed Internet and tools to help aid the working situation. It can be noted that many companies are accommodating many remote working teams.
Therefore, the war of winning the most impressive candidates has started! HR Technology will act as a tool to gather all the candidates with the highest potential, as well as matching them to the right companies. However, the challenge does not end there – whether the candidate will see the company as the right match and show up for the interview.
Highly skilled candidates are not only looking for stable jobs with hefty salaries, but they desire to not fall behind technology trends, to work in big companies and to be accepted with enough incentives. The Asia labor market still lacks the building of trust and commitment among the workers when compared to the West industry.
Cryptocurrency is another crucial token that is continuously growing in the market. With tokens and blockchain on the market, the HR Tech helps in terms of paying incentives to people who are working remotely, especially people from other countries that are looking to gain money digitally.
Furthermore, even when employees are hired, they still need to be motivated in order to stay committed to the company. Therefore, the company needs to consider an evaluation program to make sure that the employees will stay with the company for a long time. Companies can manage and use GetLinks platform since before accepting the employee up until their current working days. GetLinks allows companies to manage data digitally, being the biggest Talents Data Management platform that is available in 8 countries in Asia.
– “Web3” The way of the Future –
The basic meaning of Web3 is “open system” and moves at a higher speed than technology, which is an important part of understanding the searching, hiring, managing and inspiring people. This goes to delegating management power to others.
An important factor for HR to make a decision is to not be blocked by new technological changes, but to understand how Web3 is the new tool of this century. This will only happen when people accept and open up to Web3 as one of the future skills.
In order to create and manage a happy environment, the employees should be surrounded by something that they could take their time with, including expectations. This usually can happen if the company understands the changes that need to be made, and why they need to be made in order to create an “inclusive environment”, when it used to be focused on a personal level only.
– “Blockchain” The tip of HR’s Pyramid –
Blockchain acts as a smart contract between companies without needing the middle man, such as a bank. GetLinks is creating our own smart contract to accommodate the convenience and the limitations of HR. To understand the power of smart contracts is to build trust, management, security, transparency and the ability to cut down costs ever since the talent hunting process. The automatic system of the platform covers all the processes of hiring, from talent hunting, engagement and incentives.
Even if the blockchain is a technological gadget, it is exciting for businesses to implement in their system to increase their capability in the digital environment – as well as Environmental, Social and Governance :ESG. The building of Metaverse in Web3 delegates authority back to everyone involved. Some Metaverse has their own currency, like GetLinks, we have our LINKS token. LINKS tokens are given to employees and partners to collect or to buy vouchers of their desire.
Even though the innovation of blockchain can help support the human resource department seamlessly, there are still conservative HR – thinking there should be more to FinTech than just playing games for monetary exchange. HR technology is now on the side of the employers, for them to evaluate their internal system, in order to build training programs and to build trust among employees.
Aside from that, companies that are highly involved with technology have a better chance of building a better team, with clear metrics on their profits instead of focusing on the big numbers. The company direction along with trends are now in the hands of the director, how they are going to utilize the data and lay out the company’s goals to compare with competitors in other countries.
Keenan Kwok
Co-founder & CEO of GetLinks Group 