There is a need for an innovative ecosystem uniquely designed to connect participants in this value-driven economy (including employers with employees, training platforms with experts and colleges and schools with tutors) to promote lifelong learning and skill development. These connections also help organizations improve workforce efficiency and ROI while developing employee skills for future work opportunities.
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Connecting and tracking value data
For the tracking of value to be effective, such an ecosystem must help to connect employers and employees across platforms in the workplace, allowing the latter group to learn while simultaneously enjoying rewarding careers. Integrated partners can, for example, refresh their workforce to the latest and best industrial practices using an incentivized model, and new employees can be equipped with job skills needed for today’s most in-demand and well-paying positions.
Major players in a Web 3.0 upskilling ecosystem
- Online training platforms
- Universities, colleges and schools
- Platforms and applications
- Course and tutor marketplaces
- Employers, businesses, corporations, and non-profits (fulfilling corporate and social responsibility criteria and head-hunting future company employees)
- Students or other future employees
A scenario of a prospective employee work-learning journey
Consider the following scenario: a qualified student is headhunted by a prospective company and invited to participate in its scholarship or internship program, with acceptance contingent on successful completion of a school certification exams. Students accepted into the program will create a user ID profile that will allow them to securely keep digital certificates and accreditations throughout their learning experience. This will be accomplished through the use of a proof of ownership (PoO) smart contract. This information can be shared with businesses as appropriate while yet allowing students to protect their privacy.
Exams, too, can be written on an integrated platform, allowing future employers to reward successful candidates upon certification. These rewards can be detailed and guaranteed through the use of a Proof of Value Delivered (PovD) smart contract, which is a type of smart contract that verifies that value has been delivered. The use of blockchain technology in educational materials and tools ensures that the resulting record-keeping is secure and transparent. A typical reward message would be something like this: “If you pass your examinations, you will receive $200.” According to the agreement, an employer may even pay for a student’s tuition fees as part of the arrangement.
For example, a structure such as one year of tuition or one year of employment may be included in an internship. Depending on the learning goals established by the organization and included into the smart contracts, the intern may be invited to apply for a full-time post after completing his or her internship. A Proof of Value Delivered (PovD) smart contract can be used to specify the conditions for both learning results and later employment.
An example of a job offer incorporated within a smart contract is as follows: “If the intern successfully completes their course/certification/diploma and receives an 80 percent mark on their examination, the intern will get a $500 prize as well as a full-time employment offer, with a probationary term of three months beginning on the day of completion…”
Companies that incorporate this type of ecosystem and Web 3.0 toolkits into their employee onboarding and training programs can track value throughout an individual’s career, maximize potential, and save training expenses. Through the use of smart contracts, a company can track the skill value it receives from its employees. As a result, each employee is held accountable for their own development, as the associated benefits are contingent and predetermined, and each employee is held accountable for their own development.