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Decentralised matchmaking for businesses

Unemployment rates around the world are looking pretty good as a whole. To be sure, some countries are lagging. But in the U.S, for example, the headline unemployment rate is at one of its lowest points in almost two decades. The Euro area is also faring well, according to Trading Economics, who recently noted that the current unemployment rate is the lowest since the last quarter of 2008. The Davos summit earlier this year echoed 2017 calls for "global synchronised growth" in 2018 and going forward. Long story short, world economies are looking good, and labor markets are getting tighter.

Nonetheless, it is still a challenge for some workers to find jobs. The irony of it all is that in an increasingly online/digital world, online job applications are still largely a moot point. A 2017 Forbes article, for example, notes that “online job applications are typically read by keyword-searching algorithms rather than human beings. That's why countless job-search articles advise job-seekers to smash as many keywords into their resumes as possible.” In addition, businesses still would rather hire someone they get along with, rather than the objectively “most qualified” applicant. The old mantra still holds true: “it’s not what you know, it’s who you know”.

At the same time, it’s also true that it’s difficult for businesses to find the right workers. Skilled labor in a low unemployment environment may mean companies have to pay up to acquire top talent. Some companies just can’t swing this financially. What’s more, many are bemoaning the fact that they can’t find qualified candidates for their open positions. This is happening all over the place; it’s definitely not a local problem.

These hiring difficulties aren’t caused by a single, isolated reason--for example, the opioid crisis alone isn’t why there’s a growing talent vacuum. Yet at the same, the fundamental struggle is not being able to curate the right talent. This is where blockchain companies like Ponder are able to help. Utilising the powers of blockchain technolog and decentralisation, Ponder is developing a decentralis
ed matchmaking platform that allows for people to be introduced at scale. For businesses, this could be a hiring game changer.

How does the Ponder platform help businesses

The genius of the Ponder platform is that it decentralises matchmaking. Rather than have a central party - whether it’s an algorithm, hiring team, or company program--make matches between seeking parties, the Ponder protocol enables independent parties to play matchmaker. In essence, it takes the comfortable, informal side of networking between friends and family to the professional sphere. On the platform, human judgment and perception, as well as social capital, play a large role in helping businesses hire employees.

As an example, a Ponder matchmaker with a strong network in the finance industry can create a group related to this industry. Based on his knowledge of the industry as well as the dynamics of the group, he can set financial companies up with matches he think best suit their needs. The matchmaker is able to receive crypto compensation for his match, monetarily incentivising him to do the best job possible. In addition, this setup allows for sets of decentralised matchmaking subcommittees with unique niches and objectives.

How does this differ from a traditional headhunter, or a company’s internal hiring team? First, the Ponder platform is decentralised, meaning that searches aren’t limited to just one, authoritative party. This gives companies a tremendous amount of flexibility in addition to lower costs overall. Second, the use of a blockchain allows the platform to implement smart contracts, which are the most secure and efficient way of facilitating transactions between communities. Third, it gives companies a social element to their hiring process, rather than relying on online resumes and applications, which are mostly sorted out by a computer algorithm anyways. This allows a company, through the Ponder platform and its decentralised matchmakers, to find top talent based on a variety of criteria that can’t be measured through a traditional yet efficient process.

Monetary Library's press office

Monetary Library
If you are looking for business or financial advice you are at the right place! Monetary Library's team is following up the everyday trends and we hope you find the information here useful for your needs.
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