One of the forerunners in the field of talent innovation, a provider of candidate assessment and leadership development solutions for employers, SHL recently announced that the company is now a founding member of a nonprofit member-based consortium of 15 multinational, enterprise labor market companies- Velocity Network Foundation. The companies in the group share a common goal of becoming the world’s first blockchain-powered “internet of careers.”
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Velocity Network Foundation comes to existence at a time when privacy laws are placing the rights of personal data back into the hands of the individuals and firms are competing hard in order to search, select, attract, train, develop, and retain quality talent. The primary objective of the endeavor is to give power to workers to manage and claim their career credentials, including work history, skills, verified education, and projects. While employers will have a better picture of the available talent and future potential, employees will have the option to access their career credentials and check how the information is being used.
SHL has been working for decades in the area of providing companies with top-notch science and tech tools to make the most of their greatest asset – the employees. Some of the top competitors of SHL include DDI, Right Management, and CCL. The Velocity Network Foundation interested SHL owing to its nature of supporting both the employees and employers at the same time. The Foundation will carry out innovations in three major areas:
- Towards providing a full picture of the employees’ abilities, skills, and potential.
- Towards providing positive employee and candidate experience.
- Towards solving issues relating to portability and data ownership.
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Andrew Bradshaw, SHL’s CEO said that when it comes to employee data, the companies demonstrating forward-thinking on their approach will be able to hire and retain better talent. “People stay with employers who treat them fairly, who offer them insightful learning experiences, and who earn their trust with clear privacy standards and communications practices. When it comes to talent, doing good is good for business,” Andrew added.
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