The use of cryptocurrencies has brought significant benefits since its introduction, from global events to transforming ordinary people into millionaires. However, the unpredictability of buying and selling digital assets, especially Bitcoin and other cryptocurrencies, remains a challenge. Businesses incorporating cryptocurrency are struggling to find high-quality expertise to meet the growing demand for roles in this sector. According to research by Indeed, blockchain job listings increased by 118% in July 2021 compared to the previous year.
The global job market rebounded after COVID-19, with companies ranging from small businesses to large corporations, including banks, competing fiercely for top talent. This competition not only makes it harder for companies to stay up-to-date with the latest trends but also complicates their ability to meet customer demands without crypto-specific candidates to fill key roles.
The demand in this sector has also led to shifts in the types of job roles needed. The share of management positions in crypto and blockchain has risen to 29.87% year-on-year. Similarly, human resource roles have seen a 200% annual increase. Conversely, software development jobs have declined, making up 29.7% of all blockchain and crypto roles, down from 34.8% the previous year, according to Crypto Parrot.
Blockchain roles often command higher salaries compared to other technology sectors. There is particularly high demand for skills in object-oriented programming, legal compliance, marketing, sales, and recruiting, especially those with experience in ledger economics, cryptography, and DeFi, as suggested by Korea IT Times.
Moreover, the rise of remote working offers businesses an advantage, such as the possibility of outsourcing. However, outsourcing can sometimes be counterproductive due to communication challenges. On the other hand, remote work aligns well with the blockchain industry's decentralised nature, fostering more collaboration between core developers, researchers, and clients.
Consequently, blockchain roles are becoming increasingly popular, though many existing developers are primarily self-taught. This highlights a gap in formal educational institutions that may pose problems in the future.
To address these challenges, companies have implemented strategies to attract top talent in the crypto sector, including monetary incentives, outsourcing, and offering salaries in cryptocurrencies. However, the race to secure quality candidates in cryptocurrency will continue until there is a substantial influx of skilled professionals in the field.
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