ChronoBank - 6 benefits of using LaborX

  • ChronoBank’s decentralised recruitment system has a number of advantages over traditional
    alternatives. Here is a summary of some of the main benefits to workers
    and clients.

    Low fees. One of the biggest advantages for both clients and workers are the low fees that a decentralised system enables. With no recruitment office — with its physical premises, staff costs, business rates, company cars and other expenses — the whole system is more efficient. Fees are just 1% of each job. That means the savings can be split between worker and client. The worker gets paid more, the client pays less for the same job, and both are happy.

    24/7 global labour markets. Regular recruitment agencies are limited by time and geography. If you don’t have a job by 5pm one day, the odds are you’re not going to have a chance to get one until the office opens again the next day, 16 hours later. They are open for a third of every working day, and closed at the weekends — perhaps just a quarter of the whole week. Because LaborX is a global system, there are no such constraints. Users can access work whenever they want, regardless of their location or the time of day: it’s always ‘office hours’ somewhere in the world.

    A truly free market. If you work hard, are talented and gain experience that sets you apart from other workers, you should be paid more. Whilst that’s nice in theory, in practice it’s not always the case. Your pay is determined by the opportunities to which you have access. These are limited by geography and various other factors. LaborX’s code-driven system rewards talent fairly. Successful workers gain reputation and opportunities that lower-rated individuals do not.

    No gatekeepers. Unfortunately, securing the best jobs isn’t just about what you know. It’s about who you know. Family connections count for a lot. There must be countless examples of a lower-quality candidate getting a job because they happened to know the right people, whilst smarter, more experienced, harder-working candidates were passed over. By design, LaborX doesn’t have these kinds of gatekeepers.

    No delays. Smart contracts mean instant payments. There is no waiting around for the office to open, invoices to be processed, no requirement to wait until the end of the month or for 30 working days. If a job is done, payment is made. That’s a huge deal for freelancers who live hand-to-mouth, or who don’t have the financial security of a monthly paycheck. Smart contract escrow systems allow payment to be locked and released as the job is completed — or even on an hour-by-hour basis. That’s a big advantage for people who are used to waiting weeks to get paid, and who will often have to call or email the company several times to get them to process their invoice.

    Cross-border payments. Lastly, cryptocurrency payments avoid the problems of transferring money across borders using the legacy banking system. It’s fast, low-cost and secure. Send money abroad using a bank and you’ll likely be hit with a combination of flat fees, horrendous exchange rates (the rates banks use for customers are significantly less favourable than the headline exchange rates) and long delays. Crypto sidesteps all of that.

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