The 4th Pillar is out to resolve Europe’s (and the world’s) workforce-related points by upgrading the human sources business — however how massive can the corporate develop into? Let’s study the market and analyze the challenge’s development expectation.
The State of the HR Trade At present
At the moment, there’s a important lack of workforce in Europe. It’s changing into more and more harder to search out the appropriate (not to mention certified) candidate with every passing 12 months, and the prices related to worker acquisition are skyrocketing — because of the necessity for in depth background checks and verification of a candidate’s previous work historical past. Moreover, it’s tough to outline incentive schemes for workers to vary jobs, and it’s nearly unimaginable to confirm work historical past when on the lookout for candidates in different international locations.
Due to this, 38 % of firms are at present contemplating digitizing their HR operations. Nonetheless, the overwhelming majority of those firms lack the technological resolution to make their targets a actuality — not to mention one which is reasonably priced.
The 4th Pillar’s Answer
The 4th Pillar goals to resolve these points by offering a decentralized mannequin which can dramatically disrupt the workforce employment recruitment business. On the identical time, the challenge goals to garner a big market share whereas the blockchain house continues to be nascent — and its prospects are wanting promising.
Analysis referenced within the challenge’s whitepaper illustrates that the market is at present ripe for the selecting. The worldwide employment and recruitment business is huge and continues to develop at a gradual charge whereas perpetually rising the depth and scope of its HR options. 72 million individuals around the globe are supported by the business annually, and international annual gross sales income reached €450.four billion — with an annual enhance of eight.6 % — in 2016. In the meantime, the worldwide recruitment course of outsourcing market is predicted to develop at a compound annual development charge of 17.66 % by 2021.
In layman’s phrases, the expansion potential for The 4th Pillar is extraordinary, with three.three billion people employed in 2017. With a determined want for digitization, the HR business is prepared for an reasonably priced and chic resolution to their employment wants. In truth, 72 % of organizations — in accordance with Deloitte College Press — declare digital HR is an “vital” precedence, whereas 32 % consider it’s “crucial.”
A Lack of Competitors
Intensive analysis into the present blockchain business reveals that The 4th Pillar is the one firm prepared to offer options the options that the HR business so desperately wants. Whereas some firms have got down to present related providers, none are as fully-realized as The 4th Pillar at this stage, and it’s extremely unlikely any competitor will catch as much as The 4th Pillar.