SHL, a talent innovation company, has announced its role as a founding member of the Velocity Network Foundation, a nonprofit member-based consortium of 15 multinational, enterprise labor market companies with a shared goal to become the world’s first blockchain-powered “internet of careers.”
The goal of this venture is to empower employees to claim and manage their career credentials, including verified education, projects, skills and work history. Individuals will have the option to choose who has access to their career credentials, and how that information is used. Employers reap the benefit of gaining talent prepared with a more complete picture of their past career and future potential.
The founding of the Velocity Network Foundation comes at a crucial point in time when human resource data is siloed, data privacy laws are putting ownership of personal data back into the hands of individuals, and businesses are in an ultra-competitive race to attract, select, develop, and retain top talent.
SHL’s interest in the Velocity Network Foundation arose out of an opportunity to further the humanistic reinvention of HR technology by focusing on the needs of both the organization and the individual. The Foundation will drive innovation in three key areas: offering a solution to provide a positive experience for current and prospective talent; solving the issues surrounding data ownership and portability; and ultimately providing a full picture of the employee’s skills, abilities, and potential.
“Employers who demonstrate forward thinking on their approach to employee data will have access to better talent,” said Andrew Bradshaw, SHL’s CEO. “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.”
The future landscape of talent acquisition and talent management includes the necessary tools to address data privacy, the digital era, and the experience of individuals in the workplace. For decades, SHL has provided world-class science and technology tools for organizations to utilize the full potential of their greatest asset – their people. SHL’s founding role in the Velocity Network Foundation represents one of the many evolutions of its commitment to digital transformation, providing employers and employees alike with the technology needed to thrive in the digital era.
