Listen to this articleVocaWorks is a new company that is deeply involved in the development of software and services for online hiring of technology contractors. Below is our interview with Miles Jennings, CEO of VocaWorks and industry insider in the exciting and growing market of innovative and next generation hiring and employment technologies.
Q: Could you tell us a little bit more about VocaWorks?
A: VocaWorks is early stage, publicly traded technology company (Truli Media Group, Inc: OTC: TRLI) that is launching a new kind of online hiring platform in 2018. The VocaWorks™ platform is a cloud and mobile based consultant recruiting and management software that brings top talent and exceptional employers together. With one-tap notifications, beautiful profiles, and full project tracking, VocaWorks brings a new level of engagement and simplicity to the recruitment and onboarding of talented consultants for project-based hiring needs.
We focus on specialized talent for technology projects, and are excited about positioning our brand within emerging skills such as cryptocurrencies, artificial intelligence, augmented reality, cybersecurity, and big data. For example, blockchain related job requirements tripled in 2017. Our software platform is meant to rapidly respond to new hiring trends such as this and allow employers to move quickly by bringing in project-based consultants.
Q: What’s the market opportunity for your company?
A: The whole economy is undergoing significant changes because of shifts in the style and nature of employment, due in large part to technology. Jobs are becoming increasingly flexible, immediate, and rapidly changing. 7.6 million Americans may be regularly working in this new on-demand economy by 2020, more than double the current 3.2 million. The contingent workforce has grown from 17% of the US workforce 25 years ago, to 26% today, and is expected to reach 43% by 2020. The change that these numbers represent to our society as a whole is genuinely staggering. Technology platforms like VocaWorks will become a significant way people find work and hire. We believe that we are still early in the trend, in particular to the procurement of niche in-house talent.
Q: Can you tell us about the overall industry?
A: With $428B in overall worldwide revenue, the staffing industry is highly successful at being the middle-man. Employers and HR still mostly don’t know what talent is available for their projects and they rely on outside service agencies to procure labor. The National Federation of Independent Business found that as of first-quarter 2017, 45 percent of small businesses reported that they were unable to find qualified applicants to fill job openings. So although the employment markets are mature and full of innovative companies, the skills gap is still very genuine and, in fact, growing due to the rapid pace of technology changes. Knowledge-based jobs such as computer programming are increasing approximately 12% faster than the market average. This may be why the US staffing industry, which provides specialized staffing, remains very healthy and is set to achieve 4% growth to reach a record $146B.
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Q: What makes VocaWorks different?
A: Most online marketplaces, which serve to connect employers to talent directly, are focused on low-end “gigs” and 1099 services. Many platforms address consumer to consumer demand, such as “around the house” style tasks like grocery pickup and home repair. These technology platforms facilitate much of the millions of workers taking on online assignments currently.
Though we have an environment where highly skilled labor needs are growing, and contingent work is increasing, current technology platforms are primarily positioned to solve a very different problem, that of non-specialized, shorter-term projects. The core problem is that specialized, project-based staffing needs a facilitating marketplace platform. As of yet, no company has emerged as a category leader in this area. We call ourselves the “No-gig” platform because of this, and will continue our focus on high-quality career opportunities involving technology projects with entrepreneurial and growing employers.
Q: What are your plans for 2018?
A: We are focused on product development right now, both for our web platform and our native iOS app. While we are developing our service, we are initializing our launch partners, for both talent and employers. We are forming a highly curated, if not exclusive, platform, and our partnerships will be an essential resource for tapping into exceptionally high-quality development talent.
Our initial market is New York City, and so we are initially concentrating our efforts there, including doing some sales and marketing related hiring. After successfully working with our beta employers, we are going to gauge demand in different local markets and begin regional market rollouts accordingly. Once we validate our product with employers and better understand demand and financial performance, we will focus on organic growth and organizational development, including internal hiring. In 2018, we will also launch an Enterprise SaaS-enabled version of the VocaWorks platform, and much of our ongoing product development will center around building this exciting new Enterprise version.
Overall, we aim to be the leading online platform for hiring in-house technology contractors at fast-growing companies. 2018 will lay the groundwork for this longer-term goal.
Disclaimer: The above interview should be used for informational purposes only and not as a solicitation for investment. The company may have an affiliate or paid relationship with our interviewees or contributors. Please consult your financial advisors before investing in any companies referenced herein.
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