Thu, 19 May 2022

A New Highway For Work X

Brand Story
20 Jan 2022, 02:55 GMT+10

Zug, Switzerland, 19 Jan 2022, A growing number of workers are no longer employed in a long-term job but are hired for 'gigs' on platform economies. It is becoming commonplace to hire flexible workers instead of fixed staff. The employer acts as a client and is often not even in the same physical location as the worker. Gig and freelance platforms are on the rise, accelerated by the global COVID pandemic. Between 2010 and 2014, the growth in independent contractors accounted for almost 30% of all added jobs worldwide[1].

Work X

Work X is building a highly efficient platform economy to connect service providers with customers. By eliminating commercial fees, Work X is able to minimize the costs of labor and optimize salaries. Users only pay for fundamental services to run the platform at cost (e.g. payrolling, reviews, matching, curation & chatting). You can read more about the zero-margin costs mechanism of the Internet of Jobs here.

In this article we will explain the importance of other components in the ecosystem such as matching and data ownership. The Internet of Jobs can be seen as a highway for work where people only have to pay a minimal fee to cover the maintenance costs of the road. Although the road is functional enough to bring people from A to B, it is not enough to attract people to use it. Various services are needed along the highway to fulfill all the needs of the users. The first fundamental service is matching.

WorkPi

When you are looking for someone who can clean or repair your house, a good reputation score and a fair price might be enough to hire a certain service provider. However, when you are hiring someone for a job that requires proven qualifications and/or full-time jobs, you are likely to care more about the match. If you are looking for a job, you want to find something that fits your skill set, characteristics, preferences and work culture. For these reasons we introduce WorkPi: a separate organization that builds a dApp to enrich data profiles with an open marketplace for assessments and development courses. Third parties offering assessment or development solutions will be able to integrate with Work X and add the resulting data to the profiles of people. WorkPi also offers an enterprise solution to help employers identify what kind of indicators make their employees successful and satisfied in their jobs. There are major misconceptions about which indicators are decisive for success, and these indicators cause companies to look in the wrong direction for talent. Also, due to technological developments, jobs are changing exponentially, while employees develop linearly. If a company waits long enough, large skill gaps arise with costly consequences of +/- 1 million USD due to higher employee turnover, lower morale and lower-quality of work. WorkPi has developed an MVP for a first large financial customer with more than 3.000 employees and has over 50 corporate organizations in its pipeline for the soon to be launched SaaS application.

Data ownership

The work-related data of employees is very valuable and contains privacy sensitive information. Therefore, it is really important that this data is protected and doesn't end up in the wrong hands. Unfortunately, with the emergence of business models around personal data with free services such as Google, Facebook & LinkedIn, people are not aware of the value of their personal data. The above-mentioned organizations profit from this by offering free services in exchange for the personal data of the user. Governments tried to protect the data of people by establishing the GDPR regulations. Although the intention of this initiative is great, it does not really solve the issue where the data of people ends up in the hands of powerful commercial companies. Also, these regulations add a lot of complexity for employers who possess a lot of sensitive information about their employees. It made enterprises extremely hesitant to share data with other companies, due to privacy concerns and ultimately losing their competitive advantage. This cripples their ability to innovate and learn from the data.

Work X provides a solution using Self-Sovereign Identity to let people regain control over their personal data. In this way, people will be able to own and control their own data by linking it to their digital identity. When an employee or candidate completes an assessment, development course or other education, they can easily link the achievement or diploma to their digital identity. This has many advantages for all participants in the ecosystem. The employer does not need to worry about storing the sensitive information because the employees control it. Employees will be able to store credentials for the rest of their career (even if they switch jobs) and they have the assurance that commercial third parties are not able to monetize their personal data. To pilot this new technology, WorkPi is supported and funded by the Economic Commission within the eSSIF-lab. Because A.I. algorithms are currently not able to learn from private data stored in SSI wallets, we are introducing a new method called 'Compute-to-SSI' that leverages existing technology of Ocean Protocol. More information about this method can be found here.

Work X has recently successfully raised $1.8M and has recently launched the next round of its private sale. Apply for the whitelist here and to learn more about the project please visit:

The Internet of JobsWebsite

Whitepaper

Twitter

Medium

LinkedIn

Media Contact -

Contact Person - Rik Rapmund CEO

Company Work X

Email - rik@workpi.com

Daniel de Witte CTO - daniel@workpi.com

Location - Zug, Switzerland

References:

[1] Holtz, Gitis & Rinehart, 2017.

The information provided in this release is not investment advice, financial advice or trading advice. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.

There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.

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