How Works Made Its Move to a Better Talent Model
Freelancing has been around for quite some time, and it is increasingly becoming a new normal while people are ditching the so-called ‘9 to 6 jobs’. The freelance economy, especially in the Asia Pacific region, has constantly been thriving. Singapore is leading the way as Asia’s top market for freelance talent hire and is one of the top ten markets worldwide for independent workers.
This new way of work has become more viable due to the growth of startups and millennials and their desire for a more flexible work schedule, enhanced by the global economic recession and the continued growth of technology. With a growing number of millennials and Gen Z seeking more contracts and remote job opportunities, freelancers are expected to make up the majority of the workforce in the future.
We created Gigworks in 2019 to do our part and make a difference in people’s lives by promoting financial inclusion and bridging the gap between corporation clients and freelance talent displaced due to language hurdles and the lack of local markets. We set out on a mission to connect talented individuals with fair work opportunities that were a good fit for their skills and abilities.
We received a positive response from our users, and we saw steady growth in Gigworks transactions. However, we noticed substantial disparities in quality, turnaround time, and pricing efficiency as our platform evolved.
Like many others on the market, our freelancers cut their service pricing to compete for extra clients. We observed how one freelancer struggles to earn $30 for a graphic design assignment as others charge $5 for the same work.
As a result of unmotivated freelancers earning pennies from their projects, clients receive low-quality work and delayed work delivery time. It was a lose-lose situation that jeopardised Gigworks’ initial mission and purpose.
Therefore, we decided to transform our business model to Works, an Asia-first blockchain-driven talent network, redefining how we could work to serve our talent and enterprise clients better.
Works’ rebrand aligns with our ambitions to profoundly disrupt the current talent marketplace industry by pursuing a fairer and interest-sharing business model unlike most traditional platforms today.
The fact that traditional platforms take a cut from both freelancers and clients shows that the client-network-freelancer triangle is characterised by inequality. Furthermore, talent marketplaces enable nearly anyone searching for freelance work to join their platform, which leads to clients sifting through thousands of unskilled candidates to identify a few qualified talents.
We redesigned a network where clients and freelancers can work together significantly more fairly, legitimately, and transparently to prevent going down the same path.
Our innovative platform strives to innovate by pre-vetting and accepting only the top 3% of talent through our rigorous screening processes, guaranteeing that our clients are connected with the most qualified talent within 48 hours. Furthermore, the top-tier talent that joins the Works platform is assured of landing high-quality job opportunities from leading enterprises that genuinely pay without needing to undercut pricing.
We significantly decrease client’s time-to-hire and talent’s time-to-first-project with the help of our specialised talent specialists and AI matching. By eliminating the costly middleman fees and markups charged to the users, talents can keep 100% of their earnings and access long-term community benefits.
In other words, Works’ economic model ensures that all users have access to the most equitable talent network because we believe that a network’s true worth is determined by its users.
Why Web 3.0 and Blockchain?
It is undeniable that the traditional web 2.0 freelance platforms’ primary flaw is that their business models are never meant to be fair to their users. They collect hefty commission fees ranging from 10% to 30% and markups from talents and organisations. It is apparent that the web 2.0 wealth allocation paradigm favoured the founders and investors rather than the individuals who created the actual value.
Users are no longer willing to stay on platforms that do not serve their needs. As a result, we’ve chosen to leverage blockchain and web 3.0 technology to strengthen our network and build a new system that benefits everyone equitably.
Web 3.0 (also known as web3) is the third iteration of the Internet, which integrates data in a decentralised manner to deliver a faster and more personalised user experience without centralised authority and intermediaries. It’s built with AI, machine learning, and the semantic web, and it uses the blockchain security system to keep users’ data safe.
The most talked-about Web 3.0 technologies are blockchain and cryptocurrency, which are currently used in Works. They are intended to encourage users to work together to build the network, resulting in a positive network effect. The cryptocurrencies or so-called tokens enable online democracy, while blockchain technology allows our network to distribute value to its users, or everyone, in a programmable way.
Works connects businesses directly to top tech talent and eliminates all middlemen, allowing the network to charge no fees to talent and only a 10% fee to clients to cover operational costs. Web 3.0 networks will develop more significantly and faster as users on equitable and interest-sharing networks are encouraged to expand the network together. Importantly, user prices will never increase as the network grows.
Works overcomes the flaws of centralised systems and reduces costs while retaining quality and price transparency using blockchain and web 3.0 technology.
What is WORKS?
WORKS, our native token, is a crucial innovation that drives the network to create the fairest network with aligned user incentives. Rather than, as in Web 2.0 antecedents which impose exorbitant fees and intermediaries on expense of the users, it serves better as a permanent, shared database of both value and the individual who creates it.
Our native token represents ownership of interest in the Works network, with 5% to 20% of the network’s annual profits delivered as dividends to token holders. Contributing to the growth of the network allows users to earn WORKS. It is used to reward community members for building our network by inviting talents and onboarding clients. This mechanism naturally encourages the community members to participate in growing the network together as they share its success.
WORKS can also be used to upgrade membership, redeem connects, and access exclusive community perks such as free career resources and other community benefits.
The adoption of our native token aligns with the talent network’s incentives, and we are encouraged to operate in the long-term best interests of our users. This is a critical feature that will allow Works to expand quickly.
Top 3% Talent
The high-end talent pool is another important step forward in our rebranding. Works has become a one-of-a-kind talent network specialised in the engineering, design, and business realm.
Works employs the most rigorous screening procedure to onboard the top 3% talents with the ability and expertise to match the client’s requirements. Each applicant must undergo a thorough screening procedure which evaluates their skillsets, relevant expertise, personality attributes, and communication skills.
The effect of this process is proven by our 98% success rate. We value outstanding talent and high-profile clients, and this mindset pervades every engagement and project completed within the Works network.
Furthermore, clients can avoid the time-consuming process of finding the right talent while still receiving the greatest quality of work. This is the core reason why the world-leading enterprises and startups entrust us with their most critical projects, and will continue to be so.
Change for the better
We rebranded from Gigworks to Works in an effort to steer the talent marketplace in the right direction. We’re building a talent network that benefits everyone involved equally.
Works is committed to improving the labour market by breaking the long-overdue traditional recruiting practices and developing the world’s most collaborative talent network, removing language barriers, aligning incentives, redistributing economic value, and promoting long-term benefits to all our users.
We have only taken the first step towards realising our vision, and we hope you will join us on our new chapter.
Keep an eye on the Works blog and social media channels for updates as we plan to share our network’s progress and accomplishments openly.
The Works Team.