Blockchain Technology in Talent Retention and Capability Development in HRM

Abstract

Technology has the potential to revolutionize both the fundamental and advanced tasks of Human Resource Management [HRM]. Blockchain (BC) has enabled advanced technological innovations in Human Resource Management (HRM) operations and workflows. Background authorization, employment history authentication, and advanced services such as training and talent management are examples of these functions. Human resource management processes include monitoring the workers in order to make work more dynamic. Despite the hype, this study observed that however blockchain is successfully introduced across various sectors and industries, it is not highly significant in the HR domain throughout its application. The research study focuses on developing human intellectual capital, monitoring the benefits for creating structured organization, sustainability, and reliability through business continuity, for which the training and development levels will differ in blockchain applications, resulting in data analytics and the solution obtained through the introduction of technological assistance and systems. The effects of incorporating a new technology, particularly Blockchain, offer various advantages in individuals, teams, departments, and organizations with real-time insights and advancements. The disadvantage is that data privacy is difficult, especially as India lacks a privacy law. There are also challenges in terms of performance and scalability, interoperability, integrity and security, and laws. This study proposes a concept model for defining training and achieving expected outcomes. The implications are far-reaching for the Human resources personnel and organizational effectiveness.