In this quarter’s issue of IR Newsletter, we are honored by Mr. Yodphot Wongrukmit, Senior Executive Vice President, Corporate Management and Sustainability Development of Bangchak Corporation Plc., here to discuss the use of technology to enhance the screening and recruitment of personnel for Bangchak Corporation Plc. through the application of blockchain technology; aiding in the authentication of submitted applicant’s education degree, ensuring the immediacy and accuracy of the process.
Q: What kind of emphasis has Bangchak given to its human resources; being the organizational force driving the organization towards its vision, and what goals have you set for managing the human resources?
A: I would have to say that Bangchak is an energy company that really emphasize human capital development, and believes that future organization growths will hardly be fruitful, if our personnel lacked skills and capabilities, or various competencies. Bangchak has set a 2021 goal for its human resource department to become the Best Employer, and in order to fulfill the said goal, we have laid out strategies or roadmap regarding human resources which has been gestating for the past 3 years as employee-related developments.
Q: Can you tell us what kind of technology Bangchak has adopted to increase the efficiency of the employee recruitment process?
A: Bangchak has utilized Blockchain technology to give a facelift of the process to authenticate the education degree of its applicants. This is a project done in collaboration with Digital Ventures, which is technologically cutting-edge. It is called the B-Ver project, it utilizes Blockchain technology as a solution for problems that are considered detrimental and is yet to have been resolved, and has nothing to take its place, which in marketing terminology is known as “Pain Points”; the verification of applicant documents i.e. education degree. Originally, employers like Bangchak have to designate a human resource personnel to verify the applicant’s qualifications, and would have to wait for the degree verification documents from each applicant’s education institution, while the verification may or may not be sent to us. Furthermore, there are some documents that must be received from applicants, this work process consumes time and resources, however after joining the Digital Venture program, it has enable us to look up applicants’ information and documents online, the Blockchain will send us the information to check for fidelity, saving major time and resources, as well as lowering the chance of us receiving false information.
Q: How has the result of this project been, and how much has it benefited the organization?
A: As for the B-Ver project, we deemed it to be satisfactory, it has improved the efficiency, speed, and accuracy in the work process of our Recruitment department substantially. Moreover, now that we do not need to commit our human resources to the search and verification of documents through traditional means, which is time consuming, we are able to put those personnel to work on various other things. The company itself, is confident in the information received and has improved the reliability of the Bangchak’s personnel recruitment system considerably.
Q: From the story mentioned, Bangchak seems to have been successful and benefited from the B-Ver project in a satisfactory manner. Do you [Mr. Yodphot] think this project can be further applied to benefit an even larger scale of companies?
A:In the future, I believe that not only Bangchak will benefit from this project, but the vast majority of the Thai corporate landscape will also be receivership of the inherent rewards as well. In any given year, there are hundreds of thousands of applicants in Thailand, thus if the system is able to reliably validate, and not generate falsities, work can be completed faster and with higher efficiency. If speaking for the entire industry, we would be able to save expenses and resources, both in temporal terms and manpower quite immensely for every company. Bangchak is but one example that has decided to adopt this technology for our own benefit, thus we have significantly endorsed the B-Ver project.