How can smart contracts improve your business processes?
Trust is a crucial aspect of work relations. Employers expect employees to do their job following corporate guidelines and bring added value to the business, when employees expect an unbiased attitude, to get paid on time, and have clear responsibilities. Blockchain can make contract management completely trustful for both sides.
Blockchain technology is well-known for its smart contracts – self-executing agreements that are being written and thus controlled using computer code. Blockchain enthusiasts are eager to convince businesses, governments, and citizens to switch to smart contracts when making any kind of deal.
When the mass adoption of smart contracts is only on the far horizon, companies already use this form of agreement in different practices such as buy-sell contracts. In HR, smart contracts can manage agreements between the employer and the worker.
The basic application is the payroll. Quite often employees receive their salary with delays or just for a longer time than possible because of additional bureaucracy, accountant's checks, managers' approval, and many others. Smart contracts can make life easier and pay workers when they meet certain conditions. For example, it can be the date, amount of tasks, or any other milestone both parties agree on.
Smart contracts are a good fit in the case of working with gig workers. It allows to set more trustful relations for short-term cooperation and avoid payroll delays from the employer's side and unclear invoices from the contractor's side.
The application of smart contracts may raise the image of the company and make it more attractive for talented workers who seek trustful, transparent, and convenient cooperation.
The other plus of the technology is that employers can more precisely and fairly control the worker's contract violations and apply fines. The less uncertainty you put in the contract, the more likely both parties will get the expected outcome from the cooperation.
Smart contracts are the future of contract management in every company. If you apply it today, you will save time when the smart contracts will be a deciding point in choosing a new job. The Apollo HR team will help to implement smart contracts into your business processes once you decide to use them.