The main issue in the global labor market is how to evenly distribute jobs by matching skills to potential candidates.
There may be employment opportunities in developed countries, but employers may have difficulty recruiting individuals to fill those positions. Emerging and developing economies, such as India, on the other hand, have large populations of qualified employees but often discover that there aren’t enough employers in these sectors.
Global economic imbalances within institutions struggle to keep up with globalization, which has resulted in the global labor market’s distributional problems.
Many recruitments job boards have emerged as a result of the growth of technology and digital platforms, attempting to match employers and employees. However, these job boards and platforms frequently lack an effective and reliable system for matching these potential employees and workers from all over the world. Employers struggle to distribute human resources efficiently because they lack a reliable method of evaluating experiences, competencies, and skills.
Another issue with these platforms is their centralized nature. Highly sensitive personal and financial data is gathered and controlled by a single entity, posing numerous risks such as data breaches, identity theft, or just unethical behavior on the part of recruiters.
Another issue in the modern global labor market is assuring timely salary payments and meeting deadlines of tasks. Many of the platforms that have arisen in the previous decade demand significant commissions and platform fees that range from 2.5 % to 20%. Traditional recruiting firms and headhunters often charge between 15% and 25% or more to place a candidate. Furthermore, there are sometimes disputed situations that cannot be resolved between two parties, necessitating the intervention of a third party in the dispute resolution process.
Seems quite depressive, doesn’t it? But it’s not all doom and gloom! The concerns outlined above will be solved by decentralized platforms based on safe and transparent blockchain technology (such as WorkQuest!).
WorkQuest: integrating DeFi and Recruitment.
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