Advancements in Smart Contracting: Making Scarce Talent More Affordable for Companies

Talent acquisition has always been a crucial aspect of business operations, but the task has become increasingly challenging in recent years due to the scarcity of talented professionals in certain fields. For instance, finding a cybersecurity expert or a skilled data analyst can be an uphill task for many companies. The result is often an increased cost of business operations as companies compete for the few available talented professionals. However, the rise of smart contracting and digital technologies has created new opportunities for businesses to access scarce talent more affordably. In this post, we explore how smart contracting can help businesses acquire scarce talent without excessive costs and inefficient processes.

1. Accessing global talent:

Smart contracting is about creating secure and transparent ways of transacting business relationships. In terms of finding talent, smart contracting solutions can help businesses expand their search to the global market. With smart contracting, businesses can leverage digital technologies to find talent in different parts of the world without the traditional geographical barriers. The result is a more diverse pool of talent, which can be tapped into without the need for expensive relocation packages, visas, or work permits. As a result, businesses can acquire talented professionals regardless of their location at a more affordable cost.2. Transparent compensation:

The traditional hiring process involves many intermediaries, including recruiters, managers, and HR departments. In some cases, this can create a lack of transparency in the compensation package that talented professionals receive. However, smart contracting solutions allow for transparent compensation agreements that can be established on a blockchain network. This allows for greater transparency in the payment process and ensures that both the business and the recruited talent are satisfied with the agreement. As a result, the compensation package can become more transparent, efficient, and cost-effective for both parties.

3. Cost-efficient arbitration:

A poorly negotiated agreement can lead to disagreements and even legal disputes. With smart contracting technology, businesses can establish an automated dispute resolution system that can resolve issues in a cost-efficient way. In this scenario, the arbitration process is automated, and smart contracts can protect the interests of both parties. The agreements created via smart contracts can be self-executing, thus eliminating the need for expensive lawyers in case of a dispute. This eliminates the costly legal proceedings that are often required in traditional employment agreements, reducing the cost of talent acquisition.

4. Securing top talent with blockchain:

Traditional hiring practices rely on trust between the parties involved, which can present challenges in the case of remote work arrangements. However, blockchain can offer an additional layer of trust for the recruitment of scarce talent. Blockchain’s immutable and secure nature ensures that sensitive information, such as personal data, credentials, and work history, remains private and secure. This eliminates the risks associated with information breaches, making it easier to build trust in remote working scenarios. As a result, scarce talented professionals can be recruited at a more affordable cost, without the need for excessive security measures.

5. Automating background checks:

One of the most time-consuming aspects of hiring is the background verification process. Traditional hiring practices often require that businesses conduct comprehensive background checks to ensure that the recruited talent is legitimate and qualified for the job. However, this can result in delays in onboarding and can increase the cost of the recruitment process. Smart contracting and blockchain technology can automate traditional background checks, reducing the time and cost required to verify the identity, skills, and qualifications of the potential candidate. This can make the process of talent acquisition more efficient and cost-effective overall.

Summary

Businesses looking to acquire scarce talent can significantly benefit from the use of smart contracting and digital technologies. These new innovations allow for a more secure, transparent, and cost-effective way to acquire top talent from different parts of the world. With smart contracting, businesses can create more efficient and effective talent acquisition processes, from global access to talent, transparent compensation, cost-efficient arbitration, secure remote working arrangements, and automated background checks. As a result, businesses can acquire top talent without needing to pay excessive costs or compromise on quality. Smart contracting can offer reliable, efficient, and secure solutions to the complex challenges of talent acquisition in today’s global job market.

Extract from Narghiza Ergashova’s presentation at Digital Transformation Live Expo Jun 2023 at theInternational Convention Centre

Check out for more inspiration: www.thegoldenritual.com.au

Sincerely Yours,

Narghiza Ergashova, CPA, EMBA

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