In last week’s blog about NFTs, I wrote that valuation is dependent on a creator’s estimation of an item’s worth. Buyers agree to that value by committing their resources to obtain it. Think about this in HR, if the creator is the candidate and the buyer, the employer, NFTs could empower candidates and reduce the outlay for employers. They shorten the distance between candidates and employers. The candidate, rather than the employer, determine their value. Once an NFT is on the blockchain it is accessed using a wallet. The digital wallet is the software that allows access to the account or address. That account or address owns the NFT.
If you are the candidate and you own a resume NFT, users of OpenSea (the largest NFT marketplace) can purchase your resume for pennies. This reduces recruitment time and saves significant costs in regard to background and reference checks. This process can be utilized for payroll verification and validation as well. People analytics is collecting and applying talent data to improve critical talent and business outcomes. HR leaders can use this data to help leaders to decide on talent, improve workforce processes, and promote a positive employee experience. People analytics practitioners are constantly innovating, and they could store their new ideas as pictures, movies, or other types of files which are then turned into an NFT.
In preparation for that, a professional exchange needs to be created for sharing NFTs. Some propose that LinkedIn create an NFT marketplace. NFTs could exist for intake of people analytics requests, customizing org structures depending on company size, HR metrics with definitions and formulas, and video chats with leading subject matter experts on industry trends. People Analytics Leaders could manage a repository of NFTs, and purchase NFTs that would improve team structure, process, technology, or governance. It would drive innovation at a rapid rate. All new ideas could be retained, and it would prevent groupthink and encourage everyone to purchase the ideas that he/she decides would best meet their particular needs.