As I’ve previously discussed, Workday has embedded artificial intelligence (AI) successfully into their functionality to improve their customer experience. And now, vendors and HR SaaS customers are exploring how Blockchain technology could add additional benefits and increase their capabilities.
Blockchain technology allows for immediate checks across its records, which are created by individuals across the network and because the technology itself is encrypted, customers don’t have to worry that their data could be leaked.
With this in mind, Workday adding Blockchain technology to their functionality would save customers time and money; for instance, in recruiting and payroll.
Recruitment includes arduous background checks, but with Blockchain you could immediately check for falsities or irregularities which – for organisations who take on a high volume of interim staff and who therefore do not have the manpower and time to complete due diligence on mass – Blockchain could be a game changer.
Payroll would see a benefit in reduced time at final payment checks, which would be advantageous particularly for companies with an overseas workforce who currently have to endure intermediary banks and changing of exchange rates which can be costly.
In my opinion, Blockchain is still in its early stages and hasn’t quite reached the level of maturity to be included into HCM SaaS solutions such as Workday, however Workday should definitely keep an eye on the progression of the technology as it has the potential to be just as beneficial to the customer experience as AI.