Talent Focus: The State of the Blockchain and Cryptocurrency Job Market

Blockchain, Education, News, Opinion | September 15, 2021 By:

In the past several years, there has been no shortage of job opportunities in the cryptocurrency sector, both in India and around the world. However, in the last few months, we are definitely witnessing an uptick in demand for skilled professionals, developers, and entrepreneurs across the industry, along with the surge of interest in crypto. The increased institutional interest has also added further credibility to the industry, sparking greater mainstream interest in learning about cryptocurrencies and pursuing a career in the fast-growing sector.

As the crypto industry continues to grow, jobs such as Exchange Funds Managers, Blockchain Engineers, Wallet Engineers, Community Managers, and Crypto Economists will continue to be in high demand. With a limited pool of skilled technical candidates available, the crypto industry should look at ways to attract and retain this talent pool in the face of fierce competition from other tech firms, who are after the very same talent.

Demand Rising

With crypto going mainstream, the job market is exploding with demand from major banks, investment banks, hedge funds, and various other financial institutions. This competition for talent is now fiercer than ever — for this reason, we’ve seen a heightened emphasis on recruitment and retention within the blockchain and crypto industry. With employer demand skyrocketing and the sector expanding rapidly, the required skills for blockchain and crypto-related jobs have become highly sought after in the industry. However, firms are finding it tough to identify appropriately skilled candidates for the thousands of open roles within the sector.

As an emerging industry, candidates with strong crypto knowledge are scarce to find. With the cryptocurrency industry still in its infancy and crypto regulations still in the process of being defined, prospective candidates may be less willing to take a chance and dive into the unknown. With all these factors in play, the industry faces the challenge of recruiting people with the relevant experience for the specific nature of most of the job openings. However, in spite of the uncertainty, we are also seeing a huge uptick in candidate interest; this is an indicator that the promise of the industry and the interest in crypto extends beyond traders and investors, but to jobseekers as well. 

To ensure that they have an equal opportunity at securing the best talents in the space, companies can explore various policies and remuneration strategies to reward and retain top talent as the demand for skilled candidates continues to rise. In addition, companies should look at creating an ecosystem where employees are nurtured, and they feel valued. For instance, understanding what the employees really need and value as benefits, taking care of their needs, making work convenient for them, and heavily investing in their growth is what can differentiate one employer from another.

Prioritising Education and Upskilling

Having disrupted whole industries and accelerated the shift to digital, the uncertainty of the pandemic has served as a driving force for many to upgrade their professional skills and future-proof their careers. In response, organisations should take a serious stance on spotting learning potential over ready skills. Providing adequate opportunities for professionals to upskill at work can meet the rising demand. In addition, forging partnerships and tie-ups with higher institutions of learning and universities could allow young professionals and fresh graduates to gain exposure before they step out into the working world. Internships and on-the-job courses provide a risk-free space for prospective talents to explore viable career possibilities within the emerging industry, without being tied-down by any long-term contractual obligations. 

As gateways to industry knowledge, companies are in a great position to contribute a wealth of information. This can help to build trust and enhance the reputation of companies, which could make a big difference when it comes to attracting talent. For the uninitiated, learning about the cryptocurrencies and blockchain can seem daunting, and most people generally have no idea where to begin their research or knowledge-gathering. In such cases, having a course that outlines a curriculum and charts a learning journey can serve a useful guide. For instance, CoinDCX strongly believes in education as a means of democratising access to the crypto industry — a key pillar of the education initiative, DCX Learn is a free-for-all online platform where individuals can gain access to a plethora of resources to navigate the crypto economy. At the same time, the platform is also a valuable resource for potential job-seekers looking to explore the different kinds of opportunities in the industry. 

Culture and Clarity

Besides facilitating the knowledge and skills gap with relevant training and on-the-job learning opportunities, companies should also continue to work closely with regulators and stakeholders to define smart, forward-looking regulations, which will be critical for the maturation of the space. This, in turn, would help encourage more jobseekers to consider pursuing a career in crypto and blockchain by providing them with more certainty and security when it comes to their job prospects in the crypto field. With greater regulatory clarity, the crypto and blockchain job market is bound to grow even bigger in the times ahead.

As we navigate through unprecedented times globally — with the increased emphasis on remote working and businesses offering roles to talents based overseas in a bid to widen the skills pool — there is a heightened need for companies to ensure that employees feel empowered enough to contribute, with an emphasis on every individual’s well-being. After all, employees are each company’s most valuable asset, and major contributors to the success of any company. To this end, companies should invest heavily in enriching the work culture. This entails a top-down approach to instilling confidence in each individual, where team leaders are instrumental in encouraging ownership and commitment to transparency in all aspects of communication. While a majority of workforces globally are adjusting to different styles of work during this time, it is important to ensure that team morale continues to be at a high. At the end of the day, there is no greater brand ambassador than an employee who is proud of their work and their company.