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Talent Shortage in the Blockchain and Crypto Industry

It is no surprise, there is a growing shortage of effective talent with the crypto industry. With more companies using cryptocurrency, the need for businesses to adapt grows equally as strong.

The use of cryptocurrencies has seen great benefits since its initial introduction, from events that take place globally to turning ordinary people into millionaires. There has also been unpredictability when buying and selling digital assets specifically bitcoin and other cryptocurrencies.

Businesses that are incorporating the use of cryptocurrency are suffering to get high quality expertise to cater to the demand in job roles being offered daily. According to research by Indeed, in July 2021 the blockchain job listings increased by 118% compared to the year before.

The global job market economy came back to life after COVID. Companies ranging from small businesses to larger corporations such as banks have all been in competition for high quality talent. Not only does this create a problem for companies for staying abreast on latest trends but making it more challenging to meet customer demands without crypto-specific candidates to do the job.

The growth in demand in this sector has also shifted job roles needed. The share of management posts in crypto and blockchain has increased yearly to 29.87%. In regards to human resource accounts, there has been a 200% increase yearly. Contrastingly, software development jobs fell to 29.7% from 34.8% the previous year of all blockchain and crypto posts.

This solid growth has also come with a shift in the roles being sought after, with the share of management posts in crypto and blockchain increasing 29.87% year-on-year as of July 16, 2021. Human resource accounts have risen 200% over the same time frame, whereas software development jobs have dropped down to 29.7% of all crypto and blockchain posts compared with 34.8% the previous year according to Crypto Parrot.

Blockchain roles often do come with typically higher salaries, compared to any other sector in technology. Specifically, there is a high demand for object-oriented programming, legal, compliance, marketing, sales and recruiting with experience in ledger economics with the knowledge of cryptography and DeFi. suggested by Korea IT Times.

Furthermore, the reliance on remote working can be used at an advantage to businesses for example, outsourcing is an option however, at times, this can be counteractive due to poor communication. On the other hand, remote working does work in favour of the blockchain industry with decentralisation and more collaboration with core developers, researchers, and clients.

Consequently, these blockchain roles are becoming more popular, however, already existing developers have been mainly self-taught suggesting the lack of integration into educational institutions which may be problematic in years to come.

As a result, companies have already taken measures to help attract top talent for crypto firms such as monetary incentives, outsourcing (getting work for people in other countries) and other measures such as receiving pay in cryptocurrencies. But the chase is still on and will continue until there has been a massive influx of quality candidates in cryptocurrencies.

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