Show Me The Money: Pay Transparency On The Rise

Welcome to another edition of the New Bridge. Here, I will break down the future of work topics that matter, open your mind to use cases, and keep you ahead of the curve.

My #1 goal is to be helpful, so please send me an email if you have any questions or feedback.

In today’s edition:

• Show me the money: Pay transparency on the rise

• Are resumes and degree requirements a thing of the past?

• Blockchain Technology: Tokenization of everything

🎨 This Week’s Spotlight: Botto

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Let’s dive in.

PAY TRANSPARENCY ON THE RISE

As different jurisdictions prepare to improve pay transparency, there is big news coming out of Ontario - they're gearing up to make wages and salary ranges mandatory on job postings. While this move is a step in the right direction, it is missing an important detail: Excluding those earning over $100,000. This can perpetuate pay disparities, missing out on a significant chunk of the workforce.

Ontario's plan is great, but let's look at British Columbia's playbook. The BC Pay Transparency Act, rolled out on November 1, ensures all job postings disclose wages. It's a broader approach, signaling a more committed stance on pay equity and serving as an example for other regions.

So, while Ontario's move to show salary ranges is exciting, they should avoid leaving out substantial parts of the working population. The BC model sets a solid precedent, pushing for transparency in all job listings and paving the way for a fairer job market. This kind of openness is a win-win. It compels employers to offer competitive wages, attract qualified candidates, avoid mismatches early in the hiring process and saves time and resources for both parties.

LUNCH & LEARN: RESUMES & DEGREE REQUIREMENTS OUT?

Resumes are the business cards of the job market – Intended to be concise, designed to impress, and sometimes leaves you wondering if the person is as good as their promotional material suggests. But just like with any product, it's only when you start using it that you find out if it lives up to the marketing or if it's more of a 'batteries not included' situation.

It is for good reason that companies are increasingly moving away from traditional job application requirements. Let’s look at some trends that are making waves:

✅ Skills-Based Assessments

According to a recent survey, nearly three-quarters of companies use skills-based assessments in hiring processes, up from 56% last year.

Skills-based hiring, involving role-specific assessments, has proven highly effective, reducing mis-hires by 88%, search time by 82%, and hiring costs by 74%. The survey also suggests that 92% of employers find it more effective than traditional CVs, and over 80% believe it predicts on-the-job success. Skills-based hiring is also noted for leveling the playing field, offering overlooked candidates more opportunities.

✅ Professional Portfolio

Professional portfolios or work samples are on the rise. They involve several key steps to effectively showcase your skills, experiences, and accomplishments. Here's a guide to help you get started:

Regularly update your portfolio with new and relevant work. Remove outdated or less relevant pieces to keep it fresh and focused. Remember, your portfolio is a living document that evolves with your career. It should reflect your growth, skills, and experiences while being tailored to impress and engage your target audience.

✅ Social Media

In the ever-evolving recruitment landscape, companies have embraced a dynamic approach to talent acquisition by harnessing the power of social media. Employers increasingly recognize that social media is an effective way to grab Gen Z’s attention. Ready to create that TikTok, Instagram, or Snapchat account? Probably not a bad idea.

✅ Scrapping Degree Requirements

Major companies like Google, Microsoft, IBM, and Apple are dropping degree requirements. The emphasis is now on skills and on-the-job experience, as we see some CEOs advocating for real-world experience over degrees.

TOKENIZATION OF EVERYTHING

In the newsletter’s second edition, I briefly introduced blockchain technology and its use case in HR. Blockchain has been growing at a tremendous pace and is on track to take over the world.

The success of past technologies was experienced by some centralized players - wealth in the hands of a few. Blockchain changes this and its potential is palpable. It can revolutionize industries by providing transparent and secure transactions, eliminating the need for intermediaries, and increasing efficiency and trust. Decentralization of payments and trust value flowing without intermediaries facilitates the liberation of trillions of dollars taken from people by banks, insurance companies, brokers, auditors, accountants, etc.

The above scratches the surface. Blockchain technology has the potential to impact every business in the world - voting, health care, finance, banking, HR, real estate, operations, environment, traveling, consumer goods, hospitality, education, art (take a look at our spotlight of the week 😉), etc. Let’s zoom into banking. Approximately 30-40% of people in the world don’t have bank accounts, but they have cell phones. Financial services can be delivered instantly through their phone with the help of blockchain.

Why not tokenize everything that can be titled and trade it digitally with proof of ownership? A tokenized economy, through blockchain, allows everyone to have true ownership and custody of their assets. It is not far fetched to believe that this will happen in due course. Everything that can be titled in the world will be a token on a blockchain, a line item on a ledger secured, immutable, and permanent. It is as inevitable as automobiles, electricity, and the internet.

What does this have to do with HR and the future of work? It will change how employees assign value to benefits, rewards, incentives, etc. Blockchain is also poised to transform HR by offering transparent equity ownership, automating incentives with smart contracts, ensuring traceable performance metrics, streamlining global talent acquisition, payroll efficiency, decentralized identity verification, enhancing employee benefits management and more.

Now imagine what a collab between blockchain and AI can do?

🎨 SPOTLIGHT OF THE WEEK:

My passion for art offers moments of serenity and reflection in the fast-paced world of HR. The fusion of these seemingly contrasting interests has propelled me to explore innovative ways to integrate both spaces. By combining my enthusiasm for digital art with my expertise in HR, I aim to foster creativity, diversity, and inclusion, leveraging blockchain technology’s potential and enhancing workplace culture and engagement.

In each edition of this newsletter, I shine a spotlight on a talented digital artist who's pushing the boundaries of creativity. Stay tuned for our featured weekly artist, where we'll explore their work, inspiration, and dedication to their craft.

This Week’s Spotlight: Botto

Botto is a decentralized autonomous AI artist that creates its own digital art pieces governed by the people. Botto creates works of art based on collective feedback from the community. It is this participation that completes Botto as an artist, defining a new genre of art.

Here are three of Botto’s works:

A Life in the Suburbs: Fragmentation Period. 2023 January #010. The evening sun, a distant hum of appliances in the home. A trip to the park, a camping spark, a life in the suburbs known. 55 degrees and sunny, upturned eyes so funny, a peaceful bliss to behold. Gardens growing, sidewalks flowing, the suburban dream of old.

I happen to be the proud owner of this piece 💥.

Checkmate in Surreal Display: Absurdism Period. 2023 September #000. In a world where tables soar with skies, stones, steadfast, whisper age-old ties. Colors clash, in absurdist ballet, amidst the clouds, they twist and splay. Balance teeters on the edge of the real, in this surreal board, emotions unseal. Checkmate looms, yet meanings stray, for in this realm, absurdity holds sway

Intensify Modeling: Genesis Period. 2022 Feb #015. Peel back the shaded surface to reveal the dragon. Half human, half beast. It coils in darkness until disturbed by the wind. Botto in conversation with GPT-3

IN CASE YOU MISSED IT

Big week for AI!

• Elon Musk’s Grok AI to rival ChatGPT

• Everything announced at OpenAI’s first developer event

• Humane AI Pin launches to replace smart phones

That’s all!

We’ll see you again next week. Email me if you think about any relevant topics you would like me to cover. Thoughts, feedback, and questions are welcome and appreciated.

You can read past The New Bridge newsletters on this site 🚀.

Cheers,

The New Bridge