There are a number of ways that blockchain is going to impact HR and the future of work, not the least of which is generating significant financial savings for companies doing business globally. Let’s take a look at some things that come immediately to mind.
Payroll: Cross-Border Financial Transactions. Overseas payroll solutions are notoriously inefficient and slow. The adoption of blockchain technology will allow multinational organizations to create their own corporate currency. Why does this matter? It will allow companies to transfer funds globally without the costs or involvement of third-party financial institutes. But that doesn’t mean that banks will suffer as a result. Banks will use the technology to accept each individual organizations’ cryptocurrencies and convert them into one universal and official currency. This will provide an easier, more secure form of transferring funds to separate organizations and companies and will no doubt be adopted by companies doing business on a global basis.
Corporate Global Mobility Operations. We did a study with a client a few months ago on corporate mobility and how mobility offerings are part of both talent acquisition and talent retention strategy. Today’s generation of workers want opportunities to learn, grown, and to explore the world and experience life in other countries. The integration of blockchain technology into human resources and corporate mobility operations can be extremely beneficial to relocating employees and the companies for whom they work. This might be providing the required information to ensure global employees adhere to local tax jurisdictions. It might handle the remodeling of cross-border expense procedures, including the ability to code rules and limitations into the blockchain, which could then eliminate the need for a signature or authorization process.
Blockchain’s impact on HR and the future of work is all about creating easier, more secure processes and reducing the costs involved in reconciliation procedures—which is good for everyone.
