Let us explore how Web3 will impact HR work in the coming years.
What is #web3?
When discussing Web 3.0, we cannot ignore going over its two predecessors. So let’s go on a brief historical journey of the internet that we all know and love:
Web 1.0 (1991 – 2004).
The first stage of the internet, roughly from 1991 to 2004, is characterized mainly by static pages (as opposed to dynamic HTML).
Content would be delivered by the server’s file system rather than a relational (or non-relational) database management system.
Web 2.0 (2004 – today)
Web 2.0 allows users to actively participate in creating and sharing content in a more dynamic environment.
Features like social media, video-sharing sites, blogs, and wikis, etc., are platforms that promote the creation of user-generated content that is highly interactive.
The Web 2.0 technology is bundled on centralized servers and sent to users through an Internet browser.
Web 3.0 (the next era)
One of the core aspects of Web 3.0 includes the decentralization of the Internet. It aims to gradually replace data processing on centralized servers with a new, more decentralized process.
The data is stored on the blockchain, which functions as a shared peer-to-peer ledger and uses proof-of-work to protect the data from being corrupted.
Image link: hr tech evolution
The evolution of Web 3.0 from Web 2.0
The pillars of Web 2.0 are mobile technology, social networks, and the cloud. So why did we then feel the need for a newer evolution of the internet? Primarily, web 2.0 and its technologies do not inherently create trust among participating entities because of the absence of built-in security and authorization mechanisms.
Image link – Web3 – Bing images
As technologies and users mature, there is a demand for an internet that offers greater privacy, trust, control and security. This brings us to the new revolution of Web 3.0.
Web3 represents the next version of the internet with the rise in edge computing, decentralized networks, and artificial intelligence. Networks based on Web 3.0 allow the building of open, trustless, and permissionless environments.
Statistics that prove why Web 3.0 is essential!
With web 3.0, or the ‘decentralized internet, things are changing in the online space for the good. We can see how it will enhance our use of the internet. Some of these stats make things clear.
- The term Web3 is searched 195,000 times per month on Google.
(Google Trends)
The term Web3 has been making rounds since 2017 and, since then, has been on a constant rise, especially during the third week of December 2021.
- More than 34,000 developers contributed code to open-source Web3 projects in 2021
The decentralized space is seeing growing numbers of individual developers coding the new-age digital infrastructure not owned by one company or group of companies.
- 81% of consumers believe that web 3.0 will improve their lives (National Research Group)
According to a recent survey, 81% of respondents who had heard of web 3.0 believe it will positively impact their happiness and well-being.
- Gartner predicts that blockchain will create $3.1 trillion in business value by 2030
An enormous value development for organizations means it will impact the HR process map in many ways that we will look into as we proceed further.
What’s in it for the HR Industry?
The coming of Web 3.0 with emerging technologies, like AI, or Machine Learning, has caused massive disruptions across the HR industry. In the future, HR tech will transform to become more AI-driven, agile, and data-centric than ever before.
With specialized tools and processes, HR managers can improvise better and focus on strategic decision-making instead of spending hours on mundane tasks.
These cutting-edge technologies also allow HRs to control the complexities of managing a hybrid workforce with actionable insights, thus improving the employee experience and productivity.
Most promising use cases in HR
Among the significant bottlenecks in HR, workflows are redundant and duplicate work, excessive paperwork, data errors, inefficient use of resources, and reduced employee morale. Recent web 3.0-based innovative technologies allow HR leaders to address these concerns efficiently without needing to hire a specialist. Here are some of the ways Web 3.0 is reinventing human resources:
Talent Acquisition
With Web 3.0, many companies worldwide are increasingly employing AI-based HR tech tools like WhatsApp chatbots, etc., to screen candidates and attract talent based on specific skills. In addition, AI enables companies to streamline their hiring process and helps recruiters make equitable and informed decisions.
WhatsApp chatbot
Using WhatsApp chatbots, companies can simultaneously communicate and engage with hundreds of potential candidates, saving valuable time. In addition, they can identify the interests of candidates and shortlist candidates based on the information.
Companies also can use these bots to get updated resumes from candidates and other data like notice period information. These chatbots can be customized per an organization’s specific needs and help automate many time-consuming routine processes.
A global study by Eightfold that involved 224 HR practitioners reveals that almost 82% of the people who took the survey believe HR teams will bring more AI tech tools like chatbots, RPA etc., into their recruitment processes over the next five years.
Employee Performance Management
Continuous feedback is critical in enabling workforce adjustment and adaptability, and that’s where tech-based performance management tools enter the picture.
The performance management tools maintain transparency, enabling employees to gauge what’s important, what other staff members are working on, and the company’s overall progress in terms of results. Managers and leaders can adjust goals as and when needed.
Payroll Management
As the payroll management process involves lots of manual work, errors are prone.
Moreover, the payroll process keeps evolving due to ever-changing tax regulations, personnel changes, bonuses, etc.
HR tech solutions like Automation and AI-based tools help address these issues and enable more intelligent data management. With APIs, companies can easily facilitate data transfers between key administrative systems and the implemented software, thus saving enormous resources and precious time.
How hirex.ai is implementing smart HR tech solutions
It has now become essential for businesses to implement HR tech solutions to stay relevant and competent in their respective domains. Here is how you can start right away.
https://timesofindia.indiatimes.com/blogs/voices/what-is-the-future-of-hr-tech-with-web-3-0/
- Getting future-ready
As all industries are becoming technologically advanced, Hirex is emerging as a key player in the HR industry by offering smart HR tech solutions for talent acquisition.
- How and what to do
To make your hiring process simpler and hassle-free, you can use the Hirex.ai platform in the following ways,
- Search for specific information in resumes using short and long-tail keywords.
- Let the voice bot call the candidate and remind them of the pending interview.
- Use a native video conferencing solution to conduct remote interviews.
And much more!
- Reduce manual efforts and save time
With Hirex.Ai, you can automate the shortlisting of candidates as per your job requirements. This can help you remove manual errors and save you ample time and resources.
Hirex.ai lets you screen many candidates faster and more effectively. The voice bot conducts the level-one interviews for you, thus saving precious time. It shortlists candidates with good scores for the next level of personal interviews, thus helping you hire the best talent from a pool of applications in no time.
To understand more in detail, watch this video
How to get started
If you are unsure whether your app or website has implemented the best HR tech tools and standards, feel free to contact us. We would love to offer you a demo and help you tap the phenomenal power of the new-age HR tech solutions we offer.
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