Written by: Lisa Renee
Managing and successfully growing your business team is challenging and so is hiring the right person for the job. At best, when employers hire potential employees they can get a vague idea of their past performance, skill set, work ethic and interpersonal abilities.
Peoplewave is Asia’s leading HR software company, optimizing transparency on individuals work-performance. Through their blockchain powered platform, “Wavebase”, they will tackle some of the greatest problems in HR including verifying employees, their performance history, and roles across multiple companies. The ICO has just launched and is live until June 6th, 2018 with a 75% bonus in tokens. Visit QRYPTOS to purchase tokens.
In the business sphere, it is crucial for companies to have the ability to effectively manage their teams and the talents they exhibit. Often businesses are bogged down with processes which are extremely cost ineffective and can lead to less time for the company to reach its vision and goals. The CEO Damien Cummings states that the current problem is that “most managers are poorly trained in people management or have simply been thrust into these roles without guidance, mentoring or adequate support. At the same time, Human Resources teams often don’t play an active role in managing employees.” Peoplewave was born out of a need for the workplace to measure and manage employee performance in a fair, transparent and data-driven manner and to use past data to make faster and better hiring decisions.
- Employers retain performance data even if it is data about the employee.
- Resumes, LinkedIn profiles and CV’s are written by the candidates themselves and not by a third party, therefore documents can be easily exaggerated or tampered with.
- Background checks are manually done, inefficient, and time-consuming
- Employees have full control over what is rightfully theirs – their performance data from all companies they have worked with- on Wavebase.
- Employers use Peoplewave to access true information about the applicants on Wavebase.
- Recruitment is faster as background checks normally take 1 week. Now this can be done in 30 minutes on Wavebase.
This has led to the successful launch of two cloud-based software products. “Performance Wave” is designed for continuous performance appraisals and “First 100 Days” is targeted to new hire onboarding. The third product the “HR Command Center” is currently being developed focuses on analytics.
Performance Wave application is data-driven and provides continuous performance appraisals. The review goes beyond the traditional models of goals and key performance indicators and expands to include role purpose, skills, relationships and quantitative and qualitative feedback on 19 data points. This review is done monthly instead of the standard yearly review. Monthly reviews create an outstanding comprehensive view of the employee’s performance as well as creates a great reflective learning experience.
The review is completed by many people including the managers, customers, and co-workers instead of one source which can be subjective and biased. Employees can select the people they have worked with closely during the month to complete the review so that the feedback is relevant and project orientated. The data is transparent and is available to the team with the option to see how well the employee performed amongst their co-workers and where each person is ranked within the company. The amount of data that can be collected is massive and is a genius use of technology as it can seamlessly identify the strengths of individuals or highlight possible areas for improvement. This will be such valuable information for determining compensations and promotions or where managers need to provide extra mentoring or training.
First 100 Days provides employees with a structured onboarding experience and removes ambiguity around expectations. This application provides tools like checklists and action items so both the employee and employer can monitor how well they are adjusting to the new position. The new hire will also receive clear performance feedback so there are no surprises during the probationary period.
Peoplewave is built on the Ethereum platform. Through the use of Ethereum smart contracts, all the information captured about the employer is private and inaccessible by a third party.
Beyond the utilities listed above the project’s data can be applied to many other cases such as identifying workplace trends, developing policies and creating job standardization for people who apply for jobs overseas. The versatility of this application makes Peoplewave leaders in the HR blockchain revolution.
Since launching the business in October 2016, Peoplewave has grown to assist 450 companies in 4 different countries. Its estimated that HR technology market will be valued at US$19.88 billion by 2021 but the market disruption will be much more massive at $550 billion. Peoplewave has a great opportunity in this industry, alongside industry innovators like Bamboo HR and Workday. If fully utilized, Blockchain technology will change Human Resources forever by creating accurate, immediate and effective information sharing and organized processes.
Performancewave is up and running and you can test out the application yourself! Access your free 30 day trial for your company here.
Symbol : PWV
Token Supply: 1,200,000,000 PWV
Presale Supply: 100,000,000 PWV
Hardcap: 20,000,000 USD Softcap: 2,000,000 USD
Exchange Rate: 1 PWV = USD 0.10 ETH equivalent
Minimum Purchase: 1,688 PWV = 0.2451 ETH
ICO Date: 31 May 2018 – 06 June 2018
* Citizens from the United States are not able to participate in the ICO.
Medium blog: https://medium.com/@Peoplewave