SHRM Joins Velocity Network Foundation® to Participate in the Governance of Velocity Network™, The Internet of Careers®.
DENVER (December 12, 2022) – SHRM (the Society for Human Resource Management) has become the latest member of the Velocity Network Foundation®. Guillermo Corea, Managing Director, Workplace Innovation Lab at SHRM will join the Foundation’s Advisory Board.
Velocity Network Foundation® is a non-profit membership organization, hosting the leading workforce-tech and ed-tech vendors and solution providers, as well as NGOs and Industry Associations representing major labor market stakeholders. Together, they’re on a mission to build the next-generation data utility layer underlying the global labor market.
SHRM is the largest HR professional organization in the world and the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. More than 95 per cent of Fortune 500 companies rely on SHRM as their go-to resource for all things work and their business partner in creating next-generation workplaces.
“The Network’s architecture, protocols and rules of engagement have been designed to facilitate continuous growth, conforming to the evolving needs of the global labor market. The Foundation, through its diverse and collaborative governance processes, understands these changes and continuously updates the protocols to match,” says Dror Gurevich, CEO of the Velocity Network Foundation. “We’re excited to have SHRM on board, representing the voice of one of the largest stakeholder groups, Human Resource professionals, in the governance processes.”
“The HR blockchain is a game-changing technology that has the potential to revolutionize the way organizations manage and secure employee data. With its tamper-proof, decentralized nature, the HR blockchain allows for greater transparency, accuracy, and security in the HR process, ensuring that both employees and employers can trust the integrity of the data and the fairness of the system. We’re excited to join Velocity and to be at the forefront of this technology and look forward to seeing its impact on the HR industry,” said Guillermo Corea, Managing Director of SHRMLabs.
About Velocity Network™
Hiring people based on what they say about their skills, identity, and educational credentials is terribly inefficient. Self-reported career records are unreliable and non-standardized. Misrepresentation is a common issue. The need to verify applicants’ and employees’ data adds unimaginable friction and cost to the labor market. The challenge of developing a conduit for the trusted exchange of career-related information involves interoperability and portability questions on a global scale, a task too monumental for the industry to contemplate until now.
Earlier this year, the Foundation deployed Velocity Network™, a game-changing, blockchain-based, decentralized utility layer. It aims to empower individuals to have agency over their verifiable education and career information, replacing the outdated, fragmented way talent represents their career reputation across the labor market.
The Network and its protocols enable individuals to claim and stack career and education credentials, store them privately on digital wallets and share them with prospective employers and other relying parties – reducing the time and cost of hiring. The credentials are issued to the individuals by schools, former employers and credentialing or licensing organizations and are tamper-proof and cryptographically secured, hence trusted by the relying parties.
The Network is a free, publicly available utility built on open-source tech and protocols. It is governed by the Velocity Network Foundation®, enabling inclusive, decentralized governance.
Dozens of the largest workforce-tech vendors and solution providers are already engaged in deploying solutions on top of Velocity Network™. Combined, these organizations process career-related data for more than 1 billion individuals.
About the Velocity Network Foundation
The Velocity Network Foundation® is a non-profit membership organization hosting diverse labor market stakeholders from across HR Tech, Education Tech, gig and freelance platforms, contingency workforce, job search platforms, background providers, assessment processors, non-profit and multilateral organizations, employers, and educational institutions.
The Foundation is responsible for the governance of Velocity Network™ and the use of the Network by all involved parties. It’s responsible for continuously building the rulebook, facilitating the provision of Network services in a safe and compliant manner, and guiding the development of the decentralized protocols.
For additional information, please visit velocitynetwork.foundation.
SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. More than 95 per cent of Fortune 500 companies rely on SHRM as their go-to resource for all things work and their business partner in creating next-generation workplaces.
For more information about SHRM, please visit shrm.org.