We are at an exciting time, when the pace of technology is at an all-time high and organizations are in constant competition to get the right people with the right skills to drive innovation.
At the same time, the workforce is changing — and rapidly. We not only have the most diverse workforce regarding gender and ethnicity, but in physical and neuro diversity, age, skills, and work-life situations, as well as the most complex set of work agreements, with an unprecedented mix of full-time, part-time, and gig work.
Finding talent — whether they are full-time, part-time, or a contractor — requires the verification of several credentials, including employment history, skills and competencies, education certificates, and more. Despite advancements in technology, a single career profile does not exist and the current methods of exchanging and verifying this data can be costly, self-reported, unverified, and slow.
We need more efficiency and we have the tools to make it happen. Today, SAP joins the The Velocity Network Foundation, a nonprofit, vendor-neutral organization formed to reinvent how career records are shared globally so that individuals and businesses can compete in the future of work.
Blockchain-Powered Platform to Verify Career Credentials
The Velocity Network Foundation will build a blockchain-powered solution, the Velocity Network, that provides trusted, immutable, and verified student, employee, and candidate data. The aim is to achieve two main goals: to give power to individuals to take ownership of their career credentials and to develop a reliable way for organizations to ensure they have the right talent in the right roles — seamlessly and cost-effectively.
Building this platform on a blockchain will help ensure it is trusted, private, and effortless. Individuals can have control over how their data is shared and used – an important distinction, considering career credentials are some of the most valuable assets when it comes to making a living and building a fulfilling career. This data needs to be protected and secure at all times.
A blockchain-based solution also benefits organizations by helping ensure information is accurate, verified, secure, and compliant. Results are reducing hiring risks, increasing productivity, and better experiences for everyone.
Joining Industry Leaders to Deliver an Exceptional Experience
SAP joins other industry leaders to make the Velocity Network a reality. Given the pace of technology and business, we feel strongly that a vendor-neutral, open-source platform is the best way to build a broad, inclusive, innovative, and vibrant ecosystem of applications and use cases. One of the core pillars of the SAP SuccessFactors Human Experience Management (HXM) Suite is embracing an open ecosystem, so that customers have access to the broadest set of innovations to help them achieve their goals.
HXM is a new category that builds on the best of human capital management (HCM) and extends it to create truly dynamic, engaging, employee-centered experiences. Our commitment is to deliver the best experiences for all workers — candidates, employees, contingent workers, recruiters, HR managers, and so on — in order to drive greater productivity, higher employee satisfaction, and ultimately, stronger business results.
At the end of the day, the Velocity Network is furthering our mission. Just as our ID and credit cards are stored in our wallets or on our phones, our professional credentials should be easy to locate and verify. A faster, easier experience for candidates, employees, recruiters, and HR managers results in higher engagement and more time spent on the business outcomes that matter.
The future of work is adaptable, flexible, and data-driven. Together, SAP and The Velocity Network Foundation will equip organizations with the technology they need to excel.