Throughout history, the nature of work has undergone significant transformations. Our grandparents had to endure harsh working conditions during the industrial revolution, as they struggled to meet their basic needs of food, shelter, and clothing. Despite facing exploitation and limited job opportunities, leaving was not an option. The advent of the information revolution brought about the rise of IT companies and better living standards for the workforce. People began to prioritize paying for things like education loans, home EMI, and healthcare.
With the digital or social revolution came a shift in focus towards a higher quality of life, with opportunities for personal growth, better rewards, and improved working environments.
Now, we are in the midst of an ownership revolution where people want control over their time and data. The pandemic has highlighted this shift, as we witnessed a mass resignation. The current workforce seeks freedom to explore new avenues, spend quality time with loved ones, and pursue personal development. However, there is a lack of tools and methodology to help this new generation of workers express their true selves.
During the industrial revolution, job seekers relied on resumes and word of mouth to secure a job. In the information revolution, online profiles and portfolio tools became popular. In the ownership economy, we are using all of these tools, but with the added benefits of verifiable credentials or SBTs to ensure transparency and credibility for the future.
The shift from online resumes/portfolio to verifiable credentials is a significant one. While web2 profiles provide context for identity, they lack evidence to back up claims. Verifiable credentials, on the other hand, offer proof and ownership but may lack context. As we continue to navigate this new era of work, we need new tools and methodologies developed to meet the needs of the evolving workforce.
From diversity and inclusion to adversity and expulsion, from mass resignation to mass layoffs, it is quite an understatement to say that the world of work is changing. The rise of the gig economy, remote work, freelancing, and even the Quest economy has created a new landscape for how work is done and who does it. But with this new frontier comes new challenges. From user data privacy to losing clients due to de-platforming, the current state of portfolio tools, talent and gig discovery platforms is far from perfect. As the fluid nature of work presents new opportunities for freedom and independence, it also exposes the shortcomings of current platforms in addressing crucial matters such as job security.
Portfolio tools and freelancing platforms are a double-edged sword. On one hand, they make it easier to find work, but on the other hand, they have several shortcomings that need to be addressed. One of the biggest problems with current platforms is that users don't actually own their data, reputation, or credentials. Even their portfolio and feedback. They are simply renting them from the platform. This means that if the platform shuts down, decides to de-platform a user or changes its policies, they could lose everything they've built up. This is a huge risk.
The freelancing space is facing a major challenge in the form of the lack of context in digital identity, making it difficult for organizations and communities to make informed hiring decisions. This is becoming increasingly important as a strong online presence on platforms such as Twitter, LinkedIn, or Instagram can translate to a wage premium, but these forms of identity lack transactional context. For example, a person may be considered an "influencer" on LinkedIn, but this does not necessarily indicate that they are good at their job or that they have relevant experience in the field they are applying for. This lack of context in digital identity can lead to organizations making poor decisions, potentially working with individuals who are not equipped to perform the job to the best of their ability.
In light of the recent mass layoff and resignation, at least 5% of the labour force is expected to pursue opportunities at startups or work for themselves. This trend of "agency-fication" of the workforce has already been in force for some time, with individuals working for a limited period (low depth) with a wider variety of firms (high breadth). This concept of "fluid identity states" refers to a person having different levels of engagement with a broad mix of firms, each doing very different things.
A huge roadblock in fixing this problem around context is that work is fragmented across multiple platforms or chains in the current systems. This makes it difficult for organizations to verify the work of the user, which can be time-consuming, expensive and complex. The result is that organizations are often forced to rely on their gut feelings when deciding which talent to work with, rather than actual data and context.