The HR industry today is plagued with a number of problems in hiring and retaining employees. Performance reviews of employees and the first 100 days of new hires are not being given the importance that they should be given. Enter Peoplewave.
Peoplewave is a Singapore-based HR solution that offers products for revolutionizing employee management process. They recently launched an ICO for their new blockchain-based product known as Wavebase, which aims to disrupt the HR industry as we know it.
Peoplewave offers solutions for existing HR problems. Their product is known as ‘First 100 Days’, offers a structured onboarding experience for new hires by guiding them with checklists and connecting them with new colleagues. It also provides role clarity for new employees.
Their ‘Performance Wave’ product aims to increase the efficiency and use-case of performance reviews in companies. They do this by collecting monthly feedback from the employees to allow a comprehensive picture of the employee, including performance peaks and troughs. They offer quantitative and qualitative feedback on 11 default data points and collect feedback from multiple reviewers to avoid bias.
The recruitment, employee management and HR sectors are prone to disruption, as they face a multitude of problems in acquiring manpower. The ownership of data regarding performance in previous companies has always been in a gray area, as they are collected by the companies and not distributed. Moreover, the performance data is fragmented, as there is no one place to access all performance data on a particular employee.
This, coupled with an inability to perform efficient background checks and a lack of objective data in the form of CVs, has led to Peoplewave releasing their Wavebase platform as a solution to these pervasive problems.
The Wavebase solution consists of a platform built on the Ethereum blockchain that allows for the consolidation of employee data. It will consist of three platforms for different use-cases. These are:
- My.Wavebase, which allows employees to create a Wavebase account and update their personal information and access performance data.
- Recruit Wave, which is a recruitment portal for employers to search with a fine-tooth comb for candidates based on data stored in the blockchain.
- Background Wave, which allows companies to screen potential candidates with consolidated background information.
Employees can create a free Wavebase account, the key of which they can give their employers. The employer can then upload the performance data of the employee to the blockchain. The performance data which is uploaded in the blockchain is then tagged to the key of the employee, allowing for access to the employee’s complete data in one place.
Wavebase will provide employees with data from 19 performance metrics collected from the Performance Wave solution offered by the company for the Phase 1 of its development. This is aimed for completion in May 2019. Phase 2 of Wavebase’s development is the gearing of metrics towards collecting data about the company as opposed to that of the employee. This includes metrics such as company attrition rate, company diversity, leadership score, company growth rate, and revenue.
Phase 3 of the project involves the development and release of an open API to create new and innovative use cases for the data collected by the product. The API will be opened up to external platforms, including performance management platforms and job portals.
The Ethereum blockchain was adopted for the platform as it has support for a Turing complete smart contract logic. The Wavebase smart contract offers features such as multi-sig accounts, managing agreements between companies and candidates, providing utility to other contracts, and storing information about an application.
The ERC20 token launched with the platform is the Peoplewave Token, with the symbol PWV. The total supply of the token is 1.2 billion, with a soft cap of $2 million, and a hard cap of $20 million. These tokens can be liquidated and sold on various exchanges after the ICO, with 100 million tokens issued during the pre-sale.
The distribution of the tokens for the Peoplewave ICO are as follows.
The proceeds from the Peoplewave ICO will be used as follows.
AMBCrypto’s reporting team conducted an interview with the CEO of Peoplewave, Damien Cummings. The purpose of the interview was to provide clarity on the Wavebase platform.
Q. What drove you to create Peoplewave and Wavebase?
Peoplewave was born out of a deep frustration. Many smart and good people have become victims of corporate restructures, biased decision-making or been unfairly treated. The sad truth 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. The HR function has become overworked, compliance-driven and too focused on talent acquisition – not employee development and people management.
The goal for Peoplewave is simple, to make work fair by putting people first in people management. We do this by championing transparency and data-driven decision-making through our onboarding, performance review and employee analytics products.
Our Wavebase blockchain solution tackles a slightly different, but equally challenging area in HR – recruitment. Managing people is guesswork. So is hiring them. It is often left up to biased and untested opinions and never really gets into what matters – how strong were the employees’ relationships with their managers, peers or customers? Do they have the right skills? Did they deliver in their job?
Wavebase provides a decentralized database of accurate, verified performance and employment information. With Wavebase, employers will possess an unprecedented ability to evaluate a potential candidate based on actual credentials and past performance, or even utilize the information right from the start for targeted searches of suitable candidates. This allows for faster and more informed hiring decisions. For the employees, they will get to own and take control of their performance data for the first time, even after they leave a company.
Q. What was the purpose behind releasing the Peoplewave Token?
The Peoplewave [PWV] tokens will act as the vehicle for the creation and modification of data on Wavebase and fuel the entire ecosystem. To access the data on Wavebase, job seekers and recruiters will need to have PWV tokens. Job seekers could utilize the PWV tokens to improve their visibility to recruiters.
On the other side of the coin, recruiters will make use of PWV tokens to search for talent that best fits their required profile based on criteria such as experience level, skill set and past performance rating. To ensure a robust ecosystem, incentive programs will be introduced to encourage both job seekers and recruiters to purchase and hold PWV tokens.
Q. Are there any future collaborations for PeoplewaveICO?
We have been working with QUOINE, utilizing their ICO Mission Control Platform for our ICO. Phase 1 was closed successfully and we have received an overwhelming response from private sale investors on Phase 2. We are optimistic that we will be able to close our ICO on a high note. The PWV tokens will be listed on the QRYPTOS exchange shortly after.
We are currently in conversation with a series of top exchanges, leading firms in talent search and employee screening, as well as some of the largest software companies in the world. We will be announcing a number of very exciting MOUs in the near future.
Q. What are your marketing strategies for acquiring Wavebase partners?
We are in a unique position at Peoplewave in that we already have an installed base of customers utilizing our existing HR solutions software. Companies and their employees who are currently using our Performance Wave solution will have their data automatically uploaded into Wavebase, forming the first pool of Wavebase users.
Next, we will look at implementing an aggressive growth strategy to increase the adoption of Wavebase by new companies and individuals. These include partnerships with other existing performance management platforms, free trials, referral programs, and other incentive mechanisms.
As we embark on the development of Wavebase, we will continue to keep our community and partners updated on our progress through regular communications. Product development, challenges and progress in discussions with key exchanges and partners will be shared. Engagement with our community and partners will be our key strategy to obtain vested buy-in from partners right from the start and to ensure that Wavebase will be relevant to our target audience of HR professionals.
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