Crypto Companies: Towards the end of the wave of resignations?

Since the start of the cryptocurrency winter, the topic of recruiting has been on everyone’s lips. The recession is imminent, while inflation is in full swing. However, a new survey reveals that suddenly most people working in cryptocurrency companies aren’t looking to quit their jobs.

Despite rising fuel prices, looming recession and inflation, executive research firm JMJ Phillip notes that sentiment from candidates looks more positive. The number of employees intending to leave their jobs has decreased compared to the previous 12 months. In fact, 77% of respondents do not plan to change jobs in the next 6-12 months.

“Inflation has reached an all-time high. Public markets are collapsing. The cryptocurrency market is in decline. The Federal Reserve raised interest rates. And there is a lot of uncertainty in the business environment, with relatively fragile prospects for the next 6-12 months. Despite all these signs, employee confidence remains high, ”notes Dennis Theodorou, CEO of JMJ Phillip.

JMJ Phillip believes that within the job market, technology is the first to suffer as troubled times approach.

“Tech companies often need access to relatively inexpensive liquidity to fund their ambitious growth plans and pay for a large workforce. In response to recent rate hikes, companies like Tesla, Coinbase, Redfin, Compass, BlockFi, Cazoo and Notarize have announced layoffs.

Recruiting and Web3

There are, however, areas where recruitment continues actively. “Everyone knows that some cryptocurrency projects, including Celsius and others, have failed. But as a recruiting company, we are busier than ever. We have many quality crypto companies contacting us and taking advantage of this time to build projects. Due to that. of layoffs, new talent is entering the market. So we use it as a positive, “says Neil Dundon, founder of CryptoRecruit, a recruiting agency specializing in cryptocurrencies, blockchain and Web3.

Dundon says that while the market isn’t as strong as it was in 2021, we all need to remember that we’ve already been through cycles like this.

“This slowdown doesn’t look that bad. It appears that many companies have managed to do it better this time around. They made better financial decisions to protect themselves. “

In fact, cryptocurrency companies aren’t suffering the wave of resignations as badly as other industries.

“Of course, people enter the cryptocurrency market to get paid. But also because they are passionate about the industry. They are increasingly interested in the Web3. They love it and want to work with it, unlike people who work in other companies, who only do the bare minimum, just to get their salary ”.

Fields they are recruiting

Dundon says his company works a lot with game and metaverse projects.

“With everything going on in the market, the decentralized finance industry has slowed down a bit. I think everyone wants to protect themselves right now. Decentralized Autonomous Organizations (DAOs) are a new growth area, which is starting to recruit. We work with several projects trying to create a DAO, as they are self-executed. However, these organizations are quite complicated to implement. We hire developers who have entrepreneurial skills, people who really understand blockchain technology and also have entrepreneurial skills. It’s a truly unique set of skills ”.

According to Dundon, smart contract developers are still highly sought after by cryptocurrency companies. “What companies want are people who can create controlled smart contracts that are not breached for $ 50 million. And here, experience gets the better of training. The best candidates are people who have learned for themselves Solidity, an advanced language for creating smart contracts. Like any self-respecting developer, they always learn new things in their free time, including the language of the Web3 ”.

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