Decentralization and globalization have been two flagship concepts since the inception of the cryptocurrency age. With these, Decentralized Autonomous Organizations (DAOs) have become commonplace because of their ability to develop global companies and communities. With the decentralized and autonomous model, the paradigm has shifted, and people are finding work in ways you could never imagine. However, the growing appreciation for this employment method could have severe implications for future job prospects, politics, and procedures.
Decentralized Autonomous Organizations – DAOs
DAOs are blockchain-based companies operating as cooperatives. They are jointly owned by the members, who work to earn tokens that can then be converted to actual cash. The tokens also play a role in influencing politics and the direction of The DAO through voting. DAOs also facilitate open-source forums for sharing work and information, presenting potential developments in global employment.
Incepted in 2016, DAOs have become increasingly popular, and 2023 is likely to be its defining year when it will finally gain legitimacy. Notably, many have christened 2023 as “the year of the DAO,” following the existence of different sizes of DAOs, each with their own functions and values and with authorities having more opportunities for interaction.
Advances In Recruitment
Developments in communication technology and the advent of global networking have paved the way for remote working over the years. The trend was further accelerated by the COVID-19 pandemic and its ‘work from home demands’, as companies had to adopt remote work to manage the spread of the disease. In the same way, employees and company staff showed more confidence in their ability to work from home.
Besides that, people’s attitude towards work has also changed, particularly among the younger folks. Now, millennials and Gen-Z look for more excellent agency and control over their employment while Gen-Xers seek upward mobility. This case is utterly different for baby boomers that are okay staying at the same job throughout their careers.
Statistics from a recent study by the World Bank show the increasing popularity of freelance work, with 47% of workers worldwide doing freelance jobs. Out of the 47%, 70% are aged below 35. Moreover, there are now more ways of finding work digitally, as enabled by mobile devices that play a vital role in the job-hunting process for 89% of job seekers and 49% looking for employment using their mobile devices.
The place of Artificial Intelligence (AI) cannot be overlooked and is predicted to play a critical role in the recruitment process soon.
DAOs As The Solution
The above factors fit perfectly with the perks of The DAO, such that professionals can work together with several organizations and platforms depending on their expertise and capabilities. Similarly, job seekers can access job opportunities online as the DAO gives the younger generation a sense of control and agency in their careers.
Moreover, employees can be involved in a company as much as they want, being rewarded for their work. The amount of work contributed to a specific DAO is directly proportional to the number of tokens earned. It also gives an avenue for advancing the company structure, giving them more influence in decision-making.
Company policies, procedures, goals, and codes are now more transparent and readily available via open-source forums and employees’ experience and skills.
With The DAO Eliminating The Need For A Resume, Are CVs Really Necessary?
The traditional hiring processes comprise human resource personnel and management reviewing applicants’ resumes and holding interviews to identify suitable candidates. However, The DAO is different, as every professional experience and output is made public on the blockchain as open source.
At the same time, candidates can access the company’s vision, mission, and reputation quickly, courtesy of open-source transparency. A 2019 Mission & Culture survey by Glassdoor revealed that 79% of job seekers consider an organization’s mission and purpose before applying, with 50% prioritizing these two elements over salary. Despite the relevance of community and social factors, digital communication and online communities within DAOs are sure to become very valuable this year.
Most DAOs also hold social events for members online and physically. For instance, CABIN plans to create a network of people who live and work together in different locations and organize social events. Similarly, Friends with Benefits (FWB), a creative and Real Life In (IRL) group, organizes events.
Digital Is The Future
The paradigm shift to digital cannot be avoided and has been gaining momentum for the last three decades. This has transformed every aspect of our lives today, including recruitment. Advancements such as social media, web3, and the internet have increased the demand for transparent, secure, and accessible information and opportunities.
Resultantly, the analog onboarding era is fading fast as the digital job market takes form. DAOs are poised to be the dawn of a new world of open, free employment opportunities for everyone, ultimately democratizing the recruitment process.
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