The changing landscape of global recruitment is characterized by the main stakeholders such as careers sites like LinkedIn, job portals such as Monster, and a new wave of AI-led matching platforms. It’s been a long time since IT recruitment was heralded as one of the most lucrative sectors for recruitment companies. This has been the case since before the turn of the millennium. But today the most talented technology professionals are already looking at NFTs and the Metaverse. And the dynamic is changing. Tech savvy recruiters need to embrace digital assets too.
Every day lots of technology outsourcing and recruitment companies reach out to our team at #DisruptionBanking. Some of them have a great webinar series with leading tech professionals. Others have large swathes of followers on platforms such as Twitter and LinkedIn. Still others have branded themselves as Fintech specialists and have extremely good sales people reaching out to customers. Ultimately, though, it really depends on the skills of the candidates that these companies are representing. And those skills can be very hard to verify.
Last year things changed. Tech Giants and Banks started to hire blockchain and digital assets specialists:
Recruitment suppliers have responded. Because it’s not just the banks and the tech giants who will be growing their teams with crypto specialists. The entire supplier network will need to keep up with demand by also embellishing their teams with people who some call ‘crypto native’.
How the rise of crypto adoption has changed the way the future of recruitment will look
One of the companies looking to make use of opportunities arising due to the Metaverse is TrustRecruit based out of Estonia. TrustRecruit’s AI matching engine provides access to a pool of qualified talents. Candidates with a desire to work in the digital assets space, and not only. Candidates who can easily mint their resume as an NFT through TrustRecruit’s platform.
We spoke to Anurag Yadav, Co-Founder & Chief Business Development Officer of TrustRecruit about some of the reasons that the platform was built.
“1.4 million daily unique visitors looked at NFT topics in March this year. And at the same time there was $1.2 billion in sales in the sector in the same month,” Anurag explained. He added how the size of the market shows the demand for NFTs amongst users online. A demand for NFTs not just to use to promote artwork, but a rising demand for better use-cases for the technology too. Especially in the Metaverse.
“Our focus is on candidates who are ‘digital natives’ as well as those who are involved in crypto who already understand how NFTs work.” Anurag continued. “First, we would want to onboard crypto friendly specialists, and then eventually the digital natives.”
He continued by explaining how “Our story is almost two years old. We were thinking about this concept and when the technology was in place, and we started to see how NFTs could become an angle. We then added an artificial intelligence angle and went to market.”
At first glance, then, what TrustRecruit are offering seems to service the Fintech ecosystem well. Anurag agreed that this was a good target for the company but shared how they also must build an ecosystem for fintech recruiters so that the candidates who are attracted feel that they are receiving value. Because of this, and because of the rise of the Metaverse. He explained that the initial focus for the new platform will be the Web3 ecosystem. All of it.
In fact, so far Synvance, Reactive Executive, and SFR-Énergétique have all become strategic partners with TrustRecruit. As early adopters of TrustRecruit, they will gain exclusive access, and help enhance the TrustRecruit ecosystem, Anurag explained. Sharing how there were more companies already being signed up.
The team at TrustRecruit have put a lot of thought into the resume NFTs that will be minted on the site. Going forward Anurag elaborated about how there will also be background checks included in the NFT to help candidates have better exposure to companies searching for talent. “The incentive for jobseekers is that they can get paid each time a recruiter sees their resume.”
How to incentivize Web3 candidates by paying them for sharing their resume NFT
The incentive is the basis of the business model explained Lila Benhammou, Co-Founder and CEO of TrustRecruit. An incentive that is, of course, based on a digital asset called TRT tokens. Owners of resume NFTs will find the process far more interesting than just being on LinkedIn, Lila explained. Mainly because they are going to be paid every time that their resume is viewed by any potential employers if they keep their resume uptodate.
Pointing to the types of rewards that users can get from games like Dustland and others, Lila shared how far more people are familiar with getting rewards through NFTs than one might initially think. Especially when it comes to the popularity of ‘Burn’ gaming. The Dustland App, one of the companies in the space, has already been downloaded 10,000+ times. There are many more examples that are even more popular.
“This is basically what TrustRecruit is about,” Lila explained. “We monetize the fact that we are going to get the money from the employers on a subscription basis. And we will give back 80% of the fees to the jobseekers as an incentive for keeping their CVs uptodate.”
Pointing to the surge in demand for all things Web3, Lila highlighted how in the future TalentRecruit will be ahead of platforms such as LinkedIn’s Web2 solution. “Which is why we are called the LinkedIn for Web3,” Lila concluded.
Anurag added that the opportunities that Web3 has highlighted were visible even before COVID happened. Now that companies have accepted employees working from home, they are also accepting talent from all over the world. “If you are in Silicon Valley you don’t need to find someone who lives within a 5-mile radius anymore. Your ideal candidate could be in Miami or Mumbai.” Another reason that prompted the founders of TrustRecruit to go live with the project.
Although TRT tokens are not available to use now. Once the TrustRecruit platform goes live then these tokens will also go live. “Once the token generation event takes place [in about two months] then the tokens will go live across several cryptocurrency exchanges,” explained Anurag.
Keep your eyes peeled. Especially if your firm has big ambitions to get into Web3. You may just have found your trusted recruitment partner. Or at least the platform that they will be using.
Author: Andy Samu
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