Blockchain, cryptocurrency and the gig economy concerns for HR

The technology arena has some of the most one of the most lucrative jobs, according to data from job site Indeed. It is also consistent in terms of job growth in the past five years, as last year saw an increase in the number of technology job roles by 31 percent from February 2018 to February 2019. Here are some of the best-paid jobs in the field, according to the website. (Image: pxhere)

With technology touching each part of our lives, the human resource (HR) function is no exception, as recruiters and professionals are considering everything, from using video streaming apps for interviews, to using blockchain for verification.

At a recent event organised by staffing firm Teamlease Services, participants discussed the different challenges facing HR professionals and the optimum way to utilise technology to keep pace with the times.

"Our speakers shared thoughts and touched upon various interesting trends such as application of digitalisation, IoT (Internet of Things) and block chain in employee lifecycle, use of artificial intelligence, predictive analysis and gamification in various facets of HR," said Alka Dhingra, General Manager at TeamLease Services.

A big part of the conversation was the increasing popularity of the gig economy, which are short-term contracts or freelance work as opposed to permanent jobs, and how to manage employee expectations in such a scenario.

"By 2025, we will have a dominant contractual workforce which will be on blockchain and bit wages will be a reality. Blockchain will mean no background searches, no verification," said Amit Malik, Chief People Officer, Aviva Life Insurance Company India .

Research firm Gartner has also identified the gig economy as a key trend in the future workplace, along with technology such as blockchain, AI, and digitally savvy workers.

What will drive the gig economy of the future, especially for software professionals, would be a mix of cost, time and the domain projects which require work on, said  Rituparna Chakraborty, co-founder of TeamLease Services, in a panel discussion at the event.

Another focus was how will HR catch up with the upcoming changes expected in role of HR with new capabilities and tools in existence.

The panel included Ritu Bhati, Managing Director Human Resources, Delivery Center for Operations in India and Sri Lanka of Accenture, Mamta Wasan, Senior Vice President Human Resources at FIS, Srinivas Reddy P, Director, Human Resources at MetLife Global Shared Services, Bhrigu Joshi, Director, Human Resources at MakeMyTrip Group and Natasha Singh, Associate Director HR , Strategic Talent Partner at Spora Steria.