Connect with us

Uncategorized

How DAOs could cause the death of the CV

With the rise of remote work and a shift in attitudes towards work, DAOs provide an alternative approach to finding and participating in work opportunities.
…

Published

4 days ago

on

With the rise of remote work and a shift in attitudes towards work, DAOs provide an alternative approach to finding and participating in work opportunities.

Decentralized autonomous organizations (DAOs) are blockchain-based entities that are collectively owned by their members. These organizations have the potential to change the way we think about employment and recruitment in the future. With the rise of remote work and a shift in attitudes towards work, DAOs provide an alternative approach to finding and participating in work opportunities.

The decentralized and autonomous nature of DAOs allows for a more transparent and democratic system, where members can vote on the organization’s politics and direction, and work is shared through open-source forums. Additionally, the ability to earn tokens that can be exchanged for cash, and the lack of a traditional resume requirement, align with the demands of younger generations for more agency and ownership in their employment. With more and more companies beginning to explore the use of DAOs, 2023 is being dubbed “The Year of the DAO.”

The idea of democratization and globalization has been a driving force in the crypto era. DAOs, with their ability to build worldwide companies and communities, have been growing in popularity since their inception in 2016. 

DAOs are significant because they offer a new way of thinking about employment and recruitment. They provide a more democratic and transparent system, where members can vote on the organization’s politics and direction, and work is shared through open-source forums. This allows for a more collaborative and open system where members can contribute to the organization based on their skills and experience.

Winds of change in recruitment trends

The trend changes in recruitment are driven by advancements in communications technologies and global networking. Remote working has become significantly more feasible, and this has opened the minds of many companies to the idea of a globalized vision of the future. This has been further accelerated by the Covid-19 pandemic, which has forced companies to adopt remote working as a necessity rather than a preference.

Additionally, there has been a generational shift in attitudes toward work. Younger generations are demanding more agency and ownership of their own employment. This is reflected in the increasing popularity of short-term contracting, at-home working and freelance appointments. According to statistics released by the World Bank, nearly half of all workers worldwide are freelancers, and 70% of them are aged 35 and under.

Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today

The methods by which employees find work, and indeed companies find workers, are also becoming more digital. The company Undercover Recruiters predicts that AI will play a major role in recruitment processes in the near future. This can give employees the agency and ownership they desire.

Employees can be as involved with the company as they wish and garner certain benefits as they go. The more work they do for a specific DAO, the more tokens they earn. The more tokens they earn, the more they move up the company organically with more voting power on how it is managed. Companies are fully transparent with all of their policies, procedures, visions and code presented using open-source facilitation. This is the same for the experience and skill of the workers themselves. However, with DAOs, resumes are not required.

Goodbye to resumes

The open-source nature of DAOs means that all the experience and output created by professionals is available for all to see on the blockchain, effectively creating a digital portfolio. This could potentially render the traditional resume obsolete and mark the end of the CV. 

Candidates can also benefit from the transparency of DAOs, as they can see the organization’s mission, vision and reputation before applying for a position. This is particularly important as a company’s mission and purpose are becoming increasingly important to job seekers. A survey by Glassdoor in 2019 found that 79% of people consider a company’s mission and purpose before applying for a position, with half of them placing it above salary in terms of priority.

The rise of digital communication and online communities are also contributing to the popularity of DAOs. Many DAOs hold social events for their members, both online and offline, creating a sense of community and belonging. Well-established DAOs such as Cabin create a network and community of people who live and work together in various locations, holding social events where possible. Meanwhile, FWB (Friends with Benefits) often holds events in real life. This is becoming increasingly important as more and more people are working remotely and looking for ways to connect with others.

Hiring in Web3

The trend toward transparent organizations has had a significant impact on the way companies hire. No longer are hiring managers limited to a brief LinkedIn profile or a selective portfolio, as they can now gain a deeper understanding through their wallet activity. While LinkedIn provides an overview of a candidate’s professional experience and achievements, it may not always offer a complete understanding of their expertise in crypto.

On the other hand, examining a candidate’s wallet activity gives hiring managers a glimpse into the specific tokens and projects they have worked on, their level of investment in the industry and their overall familiarity with decentralized systems. Moreover, it can shed light on a candidate’s personal values, financial responsibility and spending habits, offering a well-rounded view of their qualifications. This information, in conjunction with traditional methods, can assist hiring managers in making more informed decisions.

On-chain work platforms are pushing this concept to the next level by allowing companies to review a freelancer’s past experience, communication skills and even the number of attempts made before submitting the final work. This gives a more nuanced view of a candidate’s work history and experience, helping companies make more informed hiring decisions.

A digital future for employment

The future is digital, and the recruitment world is no exception. Social media, Web3 and the internet as a whole have created a demand for information and opportunities to be available with elements of transparency, security and accessibility. The traditional methods of recruitment are becoming obsolete, and DAOs are leading the way in creating open, free and democratic employment opportunities for everyone.

Moshe Lieberman, founder and CEO at Share.

This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.

Learn more about Cointelegraph Innovation Circle and see if you qualify to join

Read More

Related Topics:
Continue Reading

Uncategorized

Fed, central banks enhance ‘swap lines’ to combat banking crisis

Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.
…

Published

7 hours ago

on

March 19, 2023

By

Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.

The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the U.S. and in Europe.

The March 19 announcement from the U.S. Fed comes only a few hours after Swiss-based bank Credit Suisse was bought out by UBS for nearly $2 billion as part of an emergency plan led by Swiss authorities to preserve the country's financial stability.

According to the Federal Reserve Board, a plan to shore up liquidity conditions will be carried out through “swap lines” — an agreement between two central banks to exchange currencies.

Swap lines previously served as an emergency-like action for the Federal Reserve in the 2007-2008 global financial crisis and the 2020 response to the COVID-19 pandemic. Federal Reserve-initiated swap lines are designed to improve liquidity in dollar funding markets during tough economic conditions.

"To improve the swap lines’ effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily," the Fed said in a statement.

The swap line network will include the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and the Swiss National Bank. It will start on March 20 and continue at least until April 30.

The move also comes amid a negative outlook for the U.S. banking system, with Silvergate Bank and Silicon Valley Bank (SVB) collapsing and the New York District of Financial Services (NYDFS) takeover of Signature Bank.

The Federal Reserve however made no direct reference to the recent banking crisis in its statement. Instead, it explained that they implemented the swap line agreement to strengthen the supply of credit to households and businesses:

“The network of swap lines among these central banks is a set of available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses.”

The latest announcement from the Fed has sparked a debate about whether the arrangement constitutes quantitative easing.

U.S. economist Danielle DiMartino Booth argued however that the arrangements are unrelated to quantitative easing or inflation and that it does not "loosen" financial conditions:

The Federal Reserve has been working to prevent an escalation of the banking crisis.

Related: Banking crisis: What does it mean for crypto?

Last week, the Federal Reserve set up a $25 billion funding program to ensure banks have sufficient liquidity to cover customer needs amid tough market conditions.

A recent analysis by several economists on the SVB collapse found that up to 186 U.S. banks are at risk of insolvency:

“Even if only half of uninsured depositors decide to withdraw, almost 190 banks are at a potential risk of impairment to insured depositors, with potentially $300 billion of insured deposits at risk.”

Cointelegraph reached out to the Federal Reserve for comment but did not receive an immediate response.

Read More

Continue Reading

Uncategorized

MGM Shares Surprising Las Vegas Strip News

Two of the resort casino operator’s executives spoke at a recent event where they talked about Las Vegas’s covid comeback.

Published

2 days ago

on

March 18, 2023

By

Two of the resort casino operator's executives spoke at a recent event where they talked about Las Vegas's covid comeback.

The Las Vegas Strip suffered during the covid pandemic when lights on the iconic 4.2-mile stretch of road literally went dark due to a government-mandated closure. Recovery, however, has been not exactly a straight line because the lingering impact of the pandemic has been a drag on some key business areas.

The two biggest players on the Strip -- Caesars Entertainment (CZR) - Get Free Report and MGM Resorts International (MGM) - Get Free Report -- have both had to make decisions without being able to use the past as a guide. In most years, for example, you could make a reasonable guess as to how many people might visit the city during a major convention based on how many attendees that show had the past year.

DON'T MISS: Las Vegas Strip Faces a New Post-Pandemic Reality

Covid, however, changed that equation. Some companies have realized that maybe they don't need to spend the money on exhibiting or attending shows while others may have employees reticent to be in crowded spaces.

In addition, some major events -- like CES in 2022 -- saw attendance plummet at the last minute due to a spike in covid numbers. Add in that international travelers and some more-vulnerable populations have continued to be wary of travel and it makes planning a challenge for Caesars and MGM.

All of this has led to low prices for tourists and business travelers -- especially those who booked far in advance. That has been slowly changing, especially for major non-business tourist events like March Madness, the NFL Draft, and November's Formula 1 race (a weekend where Caesars, MGM, and the other Strip operators may break pricing records).

Rising prices and a rebounding convention business don't mean the end of Las Vegas as a value destination for tourists, according to MGM COO Corey Sanders, who spoke at the recent J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum in Las Vegas. 

Shutterstock

MGM Expects a Convention Comeback (Just Not Yet)

Although Las Vegas has largely returned to normal after its covid disruptions, room rates at many Caesars and MGM properties remain below historic norms. That's at least partially because the convention business remained soft in 2022 and not having those huge blocks of rooms booked led to the casino operators generally keeping prices low.

That's expected to continue through 2023, according to Sanders, Casino.org reported.

"With regards to convention, in particular with MGM, we’re going to be down a little bit this year. Some of it is strategic. We have made a decision that on weekends, we’ll put less convention business in our buildings,” he shared.

Fewer rooms booked for conventions generally means lower rates across the Strip.

Sanders said he expected 2023 to be a "decent" year for MGM's Strip convention business, but he believes that 2024 and 2025 will be stronger.

MGM Sees the Value of an Affordable Las Vegas

A convention business bounceback, however, does not mean an end to affordable Las Vegas Strip hotel rooms, according to MGM Senior Vice President Sarah Rogers, who joined Sanders onstage. She made it clear that MGM understands that the Las Vegas Strip must maintain its status as an affordable vacation destination.

“We still offer a relative value. That gap has tightened a little bit,” said Rogers. “Some of those drivers that have allowed us to sustain that are things like continued programming, improved product, and the suite offering that we have. So we’re comfortable that we still offer relative value.”

Sanders also pointed out that "much of the increase in traffic at Harry Reid International Airport in Las Vegas is attributable to economy carriers, meaning the travel costs to get to the U.S. casino hub are, broadly speaking, tolerable for a broad swath of customers," Casino.org's Todd Shriber wrote. 

ALSO READ:

Read More

Continue Reading

Uncategorized

The Growing Auto Loan Problem Facing Young Americans

The Growing Auto Loan Problem Facing Young Americans

Since the COVID-19 pandemic, Americans have taken on significantly more debt to buy vehicles….

Published

2 days ago

on

March 18, 2023

By

The Growing Auto Loan Problem Facing Young Americans

Since the COVID-19 pandemic, Americans have taken on significantly more debt to buy vehicles. This is especially true for Gen Z and Millennials, who the Federal Reserve believes may have borrowed beyond their means.

In this infographic, Visual Capitalist's Marcu Lu visualizes data from the Fed’s most recent consumer debt update.

Aggressive Borrowing

The first chart in this graphic shows the growth in outstanding car loans between Q2 2020 (start of the pandemic) to Q4 2022 (latest available).

We can see that Americans under the age of 40 have grown their vehicle-related debt the most. It’s natural for Gen Z (ages 11-26) to have higher growth figures because many of them are buying their first car, but 31% is quite high relatively speaking.

Part of this can be attributed to today’s inflationary environment, which has pushed used car prices to new highs. Supply chain issues have also resulted in over 30% of new cars being sold above MSRP.

Because of these rising prices, the Fed reports that the average auto loan is now $24,000, up 41% from 2019’s value of $17,000.

Spiking Delinquencies

Interest rates on auto loans are typically fixed, meaning many young Americans were able to take advantage of the low rates seen during the pandemic.

Despite this, one in five Gen Zs say that their car payments account for over 20% of their after-tax income.

Shown in the second chart of this infographic, the amount of auto debt transitioning into serious delinquency is much higher for Gen Z and Millennials. Throughout 2022, these generations saw $20 billion in auto debt fall 90+ days behind.

The outlook for these struggling borrowers is bleak. First there’s inflation, which has pushed up the prices of most consumer goods. This eats into their ability to make car payments.

Second is rising interest rates, which make credit card debt—another pain point for young borrowers—even more costly. Finally, there’s student loans, which are expected to resume in summer 2023. Payments on student debt have been suspended since the beginning of the COVID-19 pandemic.

Tyler Durden Sat, 03/18/2023 - 14:30

Read More

Continue Reading

Trending