The 4th Pillar is out to solve Europe’s (and the world’s) workforce-related issues by upgrading the human resources industry — but how big can the company become? Let’s examine the market and analyze the project’s growth expectation.
The State of the HR Industry Today
Currently, there is a significant lack of workforce in Europe. It is becoming increasingly more difficult to find the right (let alone qualified) candidate with each passing year, and the costs associated with employee acquisition are skyrocketing — thanks to the need for extensive background checks and verification of a candidate’s past work history. Additionally, it is difficult to define incentive schemes for employees to change jobs, and it’s virtually impossible to verify work history when looking for candidates in other countries.
Because of this, 38 percent of companies are currently considering digitizing their HR operations. However, the vast majority of these companies lack the technological solution to make their goals a reality — let alone one which is affordable.
The 4th Pillar’s Solution
The 4th Pillar aims to solve these issues by providing a decentralized model which will dramatically disrupt the workforce employment recruitment industry. At the same time, the project aims to garner a significant market share while the blockchain space is still nascent — and its prospects are looking promising.
Research referenced in the project’s whitepaper illustrates that the market is currently ripe for the picking. The global employment and recruitment industry is massive and continues to grow at a steady rate while perpetually increasing the depth and scope of its HR solutions. 72 million people around the world are supported by the industry each year, and global annual sales revenue reached €450.4 billion — with an annual increase of 8.6 percent — in 2016. Meanwhile, the global recruitment process outsourcing market is expected to grow at a compound annual growth rate of 17.66 percent by 2021.
In layman’s terms, the growth potential for The 4th Pillar is extraordinary, with 3.3 billion individuals employed in 2017. With a desperate need for digitization, the HR industry is ready for an affordable and elegant solution to their employment needs. In fact, 72 percent of organizations — according to Deloitte University Press — claim digital HR is an “important” priority, while 32 percent believe it is “very important.”
A Lack of Competition
Extensive research into the current blockchain industry reveals that The 4th Pillar is the only company ready to provide solutions the solutions that the HR industry so desperately needs. While some companies have set out to provide similar services, none are as fully-realized as The 4th Pillar at this stage, and it’s highly unlikely any competitor will catch up to The 4th Pillar.
To learn more about the project, check out The 4th Pillar’s official website here.
What do you think about The 4th Pillar’s prospects in a nascent cryptocurrency market? Do you think The 4th Pillar is a solid investment? Be sure to let us know in the comments below!
Images courtesy of 4th Pillar and Shutterstock.