First published on LinkedIn
More than 700 million workers have their career-related data stored on the Velocity Network, which is a globally accessible, open-source, blockchain-powered “Internet of Careers”. HR leaders who can harness the full potential of this network will gain an edge in talent acquisition.
Skills shortages, accelerated turnover, contingent workforces and the gig economy will continue to create a volatile and disruptive labor market. Yet, individuals and businesses still rely on costly, self-reported and slow methods to exchange data on former employment, professional achievements and educational certifications that are critical to most employment-related processes.
Aon has joined forces with Velocity Career Labs, a developer of innovative blockchain technology, and other human capital management leaders to launch the Velocity Network Foundation. Here’s how the network will revolutionize talent management.
The ‘Internet of Careers’ Empowers People
The Velocity Network makes it possible for people to claim and manage their career credentials through blockchain. That includes verified education, projects, work history, skills and talent assessments.
The data covers billions of professional and student credentials, assessments, employment and contract work records, pay histories, competencies and more.
An Internet of Careers puts workers back in control by building a digitally accessible, trustworthy foundation that will underpin global labor markets. With the Velocity Network, people can choose with whom to share their employment details and how others use this data.
Blockchain Data Leads to Better Employer Decisions
Employers and educational institutions can rely on trusted, immutable information on applicants, candidates, students and employees.
Sure, organizations have made significant progress in their ability to manage data regarding students, employees and contractors. However, people now divide their time working for multiple employers, taking gigs and moving between positions faster than ever.
Until now, there was no one organization that could create holistic career profiles of people that employers use to make valuable workforce predictions through analytics and artificial intelligence. The Velocity Network aims to build that ecosystem.
The Velocity Network Can Reduce Talent Costs
Unfortunately, individuals' resumes, LinkedIn profiles and other self-reported career records cannot always be taken as a trustworthy source of information for employers. Eighty-seven percent of large employers have identified lies or misrepresentations on applicants' resumes, according to HireRight's 2019 employment screening benchmark report. That is up dramatically from 2012, when 66% reported finding fabrications. The Internet of Careers can fix this problem with verified and reliable career data.
The Velocity Network also can reduce risk through decisions based on reliable data and regulatory compliance in today's global labor market. The EU's General Data Protection Regulation and the California Consumer Privacy Act mandate individuals can request to limit their records processed by third parties and have the right to have their personal data erased from any platform, including backups and archives. In many cases, even anonymized data processing is subject to users' consent. These trends will gradually create a reality where the data footprint of candidates and employees will shrink unless employers step up to create a new ecosystem based on values of privacy, transparency and accessibility that the Velocity Network and its members already embrace.
The blockchain for human capital is upon us. HR leaders will need to adapt to a continuously disrupted future.
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