Revolutionizing HR processes with blockchain technology.
Blockchain technology is revolutionizing HR processes, enhancing efficiency, security, and transparency. It's poised to reshape recruitment by ensuring the integrity of candidate qualifications, combatting fraud, and selecting the best candidates. In performance management, blockchain establishes transparent and secure systems, boosting employee morale and productivity. By 2025, 80% of large enterprises are expected to employ blockchain for performance management.
Blockchain also optimizes payroll systems, reducing errors and fraud while ensuring accurate and timely payments. By 2027, 50% of global payroll transactions will use blockchain. Benefits administration benefits from blockchain's streamlined processes, cutting costs and enhancing employee experiences. An estimated 70% of employee benefits will be blockchain-managed by 2029.
Furthermore, blockchain tailors personalized talent development plans for employees, promoting skill development. By 2031, it's predicted that 90% of employees will have blockchain-driven personalized talent development plans. Blockchain can also secure employee records, automate onboarding/offboarding, and enhance labor law compliance, benefiting HR processes comprehensively.
UAE's AI Milestones and Economic Impact
The UAE has been actively pursuing its National Strategy for AI 2031, recognizing AI's significant economic potential, aiming to contribute up to 13.6% of the country's GDP by 2030. Beyond economic gains, AI is seen as a means to address societal challenges, such as health issues, traffic fatalities, air quality, and education outcomes. Generative AI, in particular, is expected to play a pivotal role in achieving these objectives.
The UAE is investing in research and development, human capital development, and policy refinements to harness AI's potential. By 2030, the UAE aims to gain $5.3 billion in commercial benefits from Generative AI investments, but achieving commercialization involves building a comprehensive ecosystem. The UAE is also focusing on big data governance, AI policy refinement, and aligning AI development with local context and resources.
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Integrating AI with human skills in HR is essential for future success, as it ensures adaptability and productivity in the workplace.