How to Build/Leverage Workforce Communities around your Next Project
According to a 2018 report on Talent Shortage’s Impact on Employers, 45% of organizations can’t find the skills they need.
The current strata of web2 platforms, which are compact siloes operating in a highly centralized interface, inhibit community building and contribute to the workforce imbalance. This imbalance in the geographical distribution and skill set of the current workforce is one of the major issues organizations face across the globe. There is an impertinent need to remold the dynamics of community-building efforts to benefit the current workforce and employers. The answer to this problem statement lies in the essence of web3 practices, such as gamification of work, and networking.
What if we combine gamification and networking and a host of other utilities into a platform fueled by cryptocurrencies?
We get a DAO! (Decentralized Autonomous Organization)
DAOs or decentralized platforms are set to disrupt traditional business structures by bringing together users under a single ecosystem of amenities, where they can interact and transact with businesses without any intermediary. Billionaire investor Mark Cuban has something to say on this,
“The future of corporations could be very different as DAOs take on legacy businesses. Entrepreneurs that enable DAOs can make money. If the community excels at governance, everyone shares in the upside.”
We already know the upcoming web3 edifice will be remodeled as a decentralized arena, where every user will have the power to control who uses their data and to what extent. In the Web3 era of digital networking, online communities will play a significant role in impacting performance indicators vital for the health of businesses. These decentralized communities serve several purposes:
- Serve as a management tool
- Help in building customer relationships
- Boost operational efficiency
- Assist in revenue generation and
- Provide cost-effective ways to foster community growth and satisfaction
How can a Project Build its own Workforce Community?
A workforce community is an extension of the organization’s product strategy. By leveraging the community power, the organization assists all stakeholders to achieve their goals and, in turn, paves the way for realizing its vision. The project team can communicate its vision and interact with its target audience using social media platforms. Community engagement and user loyalty are two prerequisites to building a community that believes in the project and acts as a growth accelerator.
For projects emerging in the crypto and dApps space, community building is as vital as building the actual product. Projects should seek sustainable competitive advantage to develop long-standing relationships with their communities. They allow them a share in the ownership of the project via a token sale and having a task-based rewards system in place.
When the project community has ‘skin’ in the project, the highly motivated community can unleash the potent network effect that would lend further scalability to the project. Projects can focus on building a cryptocurrency community of users who stake in the governance of projects.
Cryptocurrencies and DAO communities thrive on networking. The more vast the network, the better is the decentralization achieved. Projects should distribute their native tokens to a maximum number of people. Remember, the early adopters later become the most staunch supporters.
Transparent and healthy discussions about the technical aspects, governance, growth prospects, and future roadmap of the project with the community members on platforms, such as Slack and Discord, can not only help in forging a robust community bond but also provide valuable insights.
DAOs like xHashtag are working towards developing such workforce communities via which the projects can unlock potential growth.
Building Leveraged Communities with xHashtag
awareness and access to the right kind of ecosystem. xHashtag DAO is designed on the #FutureofWork paradigm, where projects will connect with micro task workers in a borderless digitized interface.
xHashtag aims at providing a robust infrastructure to Web3 projects where they can:
- Grow their user base and convert them into long-standing customers
- Increase on-chain and off-chain activities around the project
- Get tasks done and verified at minimal costs as no middlemen or third-party is involved
- Build a loyal user community
- Accelerate the growth of their user token by adding staking capabilities within the DAO environment
- Create an infinite number of projects on xHashtag to achieve specific goals
The DAO governance model gives scope for raising a dispute or slashing rewards in case there is any rare discrepancy in the output.
At xHashtag, a project that has its campaign objectives in place can leverage the community power via a reward system that incentivizes work broken into specific tasks. All they need is to deposit the required funds that would constitute the planned incentives and rewards into the smart contract on the xHashtag platform. The smart contract would also include the reward structure, guidelines, and eligibility written immutably, such that each time a task gets completed, automatic distribution of rewards would be set in.
The projects are free to choose the magnitude and frequency of their rewards. Of course, higher and frequent rewards would ensure maximum community participation. The platform also offers reward multiplier options to the projects, which they can use to incentivize community staking into their projects. Under this arrangement, when a user stakes the native token of any project, the user becomes eligible for higher rewards. The reward multiplier mechanism would ensure maximum on-chain participation of the user community in the project, thereby enhancing the off-chain buzz concerning the project on other social media platforms or anywhere on the digital sphere.
As a DAO focussed on Work 4.0, xHashtag intends to be the on-demand marketplace for skills and talent where entrepreneurs can seek people to do their tasks from within its decentralized community of people.