Evolution of human resources practices with web 3.0, NFT, and metaverse

Abstract

Over the past few decades, the role of HR (human resources) in organizations has grown significantly. HR is now seen as a strategic partner in driving organizational success and is responsible for managing the most important asset of any organization: its people. This increased focus on HR has led to increased investment in it as well. Some of the factors driving this trend include: 1. Changing business landscape: The business landscape has become more complex, competitive, and global, requiring organizations to be more agile and adaptable. HR plays a key role in ensuring that organizations have the right talent, skills, and culture to compete and succeed. 2. Emphasis on employee experience: Organizations are recognizing the importance of creating a positive employee experience to attract and retain top talent. HR is responsible for designing and implementing programs and policies that support employee well-being, engagement, and growth. 3. Regulatory compliance: HR is responsible for ensuring that organizations comply with a range of employment laws and regulations, from anti-discrimination laws to wage and hour laws. Failure to comply can result in costly lawsuits, fines, and damage to the organization's reputation. 4. Digital transformation: HR is increasingly leveraging technology to streamline and automate HR processes, from recruiting and onboarding to performance management and employee engagement. This requires investment in HR technology solutions and expertise. Overall, the growing role of HR in organizations and increasing investment in it reflect the importance of people in driving organizational success. As the business landscape continues to evolve, HR will continue to play a critical role in helping organizations navigate change, build a strong culture, and attract and retain top talent. This project aims to understand how Human resource function would transform with the help of Web 3.0. It will become more efficient, transparent, and will help securing processes for managing employees and their data.