As global employment continues to rise, especially in the service sector, so too does the need to recruit high-quality candidates for new positions. Most of these jobs require an above-average level of preparation, and candidates must demonstrate their abilities and experience in carefully crafted resumes in response to online job postings.
But in a world where the average posting receives more than 150 resume applications, the task of verifying the information contained in resumes is increasingly difficult. According to Bloomberg, 75% of human resource managers have discovered lies on a candidate’s resume. And because many candidates’ profiles on job boards and search engines have been up for years, much of their information has fallen out-of-date, more likely misrepresenting their value than reflecting it.
Furthermore, recruitment efforts have largely been outsourced to third-party agencies—to the tune of around $4,000 per candidate. By collecting resumes and other personal information, these agencies amass countless data points on job seekers, effectively becoming data warehouses. To maximize visibility, corporations scatter job postings across multiple platforms, sometimes with different descriptions and formats, and these duplicates often make it more difficult for candidates to fully understand the nature of the positions they’re applying for.
The current paradigm is costly and confusing. Recruiters spend more time sifting through unverified information, and candidates are stuck blindly giving up their data for a job that may never materialize.
VeriToken will contribute some badly needed trust to the recruitment process, by which all parties stand to benefit. We shift the task of data collection and verification away from companies and third-party agencies, allowing the candidates themselves to decide how their information is distributed.
Candidates will be able to fully control their data and will no longer have to deal with the tedium of navigating multiple platforms for the same purpose. They can add certifications, transcripts, resumes, and other personal information onto a single blockchain, determine how much of that information a recruiter can access, and send in applications knowing that everything is in order. Accordingly, companies will save time and money, and can rest assured knowing that the information contained within resumes is legitimate.
There are additional benefits to this arrangement, too, as VeriToken rewards candidates with ERC20 tokens for each aspect of their resumes that they verify. These verified data points are further monetized when companies pay with their own tokens to access them, thereby directly rewarding candidates for their time and effort.