In a series of blogs we are going to look at the reasons why the world needs Fiduxa. In this first episode we will examine one of the critical drivers, the cost of hiring.
This particular wrinkle is one that just about every company and organisation in the entire world suffers from. It manifests itself in many forms; the costs of external recruiters, internal team budgets and the costs of a bad hire to name but a few.
The particular issue that Fiduxa is setting out to address can be summarised in terms of the old technology dictum “garbage in, garbage out”. In other words, your hires are only as good, and your hiring only as efficient, as the information you have.
Fiduxa is therefore attacking the source of information and its quality. How do recruiters know that a candidate actually did the job they say they did or that the qualifications presented are bona fide? It takes money to find out. This is especially true in professions that have a high standard of documentation.
How much money? Well our good friends at RecruiterBox (recruiterbox.com) have done some research to back their recruiter tool set. They found some staggering numbers; the costs can reach over $5,000 PER CANDIDATE just to execute on a hiring mandated. If you’re hiring a whole team, then the numbers start to stack up.
Now, automation and collaboration tools are part of the answer in reducing costs (as RecruiterBox elegantly supplies). However, if the underlying qualification and certification data is not trustworthy, costs are still incurred in checking this data. Mistakes in hiring can still be made.
Hiring mistakes in particular are costly. The direct costs of a bad hire can be over $50,000! Furthermore, of all the reasons for bad hiring, lack of reference checks, insufficient candidate data and rushed validations have been quoted by more than 30% of hiring managers.
This is where Fiduxa comes in. Fiduxa employs the blockchain trust engine to eradicate much of these potential costs. To put it simply, Fiduxa is a new digital record keeper, using the blockchain to simplify the recruitment process.
The company offers an innovative platform for career documents, making it cheaper to hire, and be hired. By breaking the job-seeking cycle Fiduxa will shorten the gap in trust in the process, saving time and money.
Through the blockchain, Fiduxa will disrupt the $500bn recruitment industry by providing a cheaper and less time consuming alternative.
Find out more about Fiduxa and get in early on their pre-ICO bonus period at https://www.fiduxa.com.