For many employers, the metaverse, blockchain and AI might seem like another world but Web 3.0 will have an impact on how we work. The organisations which start adapting to these changes now will see a slow shift towards new ways of working.
Those who hang on might face another short, sharp shock in adopting new technologies to their business operations, much like in the first lockdown. It is only two years since many companies were getting their heads around how to hold remote meetings and maintain communications between their teams.
We think companies in the UK have done a pretty good job at the adjustment. Yet, it is the businesses who were already using the new technology in working practices that had the lower learning curve.
By looking now at how Web 3.0 might impact future working models, we can start to see how they might work for our businesses now.
What is Web 3.0?
Web 3.0 is the next evolution of the internet. The internet structure – a transfer of information online – was invented in 1983. The internet as we know it today came out of the 2001 dot com bubble. We are used to websites being created to help make our lives easier.
What we do and don’t use on the internet helps shape it to how it looks and works. The next stage of internet development is based on AI and machine learning. Instead of reacting to our changing needs, it can use the data to anticipate them.
For workplaces, this can mean changes in hiring practices, ways of working and even the way in which we secure data and sensitive information.
Blockchain technology enables secure ownership of products online. That can mean the ways in which we are compensated for our work, such as the use of cryptocurrency. In fact, there are several American Football Players already accepting crypto for their full fee from their NFL teams.
Although this may not seem relevant for the average employee right now, we may be at the start of a slow shift in payment changes. As more people start to understand how we can use cryptocurrency as remuneration methods, the more we may see increases in employers paying staff in this way.
The potential for blockchain within finance departments to increase productivity and reduce the risk of data theft is significant. While at the moment, blockchain technology might be out of budget for many businesses, it’s good to know what the future might hold when it does become more affordable.
Remote working is becoming more common. How we replicate those water-cooler moments, spontaneous meetings or relationships with our co-workers is problematic for any remote work setting.
This is one of the problems that the metaverse is aiming to resolve. Right now, “metaverse” may be synonymous with Facebook. Or rather the business formally-known as Facebook. Yet, this only virtual space is already in existence to some extent.
Children are already building worlds on games like Roblox and Fortnite. They are using these platforms to build communities with their school friends.
Taking this one stage further can help embed remote working for many people while also maintaining some of that office atmosphere. Those chance meetings grabbing a coffee, or getting to know the person sat at the next desk.
Again, the technology to implement this in today’s workplace is either still in development or comes at a cost that is hard to justify for the current benefits. Yet, thinking of how you might adapt working practices to these different ways of working can help set up the changes ready for when they do become more familiar (and budget-friendly).
AI in Hiring Practices
One of the ways that Web 3.0 impacts how we work in the near future, is the implementation of artificial intelligence in the hiring process. Applying machine learning to the skills you need in a role, you can see the potential for this technology to help attract the right candidates.
Only 14% of departments have dared to invest in artificial intelligence in recent years. A total of 88% of them believe it has been worth it. Among recruiters, 76% believe that artificial intelligence will play a fundamental role in the coming years.
AI can help reduce the risk of subconscious bias in the hiring process. This has the potential to address issues like pay gaps, diversity, and accessibility. When you include a remote interview option into this process, it’s possible to reach talent that you might otherwise miss through traditional hiring practices.
How Will Web 3.0 Impact How We Work?
While much of this may seem like science fiction at the moment, we can be sure that Web 3.0 will impact how we work as much as earlier developments of the internet. Some of this technology may not ever come to fruition but the businesses that start to look at how they could apply AI, the metaverse and blockchain in their companies, are the ones that will be innovating new ways of working.
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