As the cryptocurrency and blockchain sectors continue to experience impressive growth, many firms have struggled to find qualified cryptocurrency staff to fill top positions. But it’s not just about talent; it’s about finding those that are a good fit with the company’s ethos.
Recent reports in the media have shed light on this issue. As the demand for blockchain solutions and crypto apps surges, getting the right team on board has proved a herculean task. Big names like Binance have around 370 open positions, while Crypto.com seeks to fill more than 200 roles.
Other sectors enter the competition
Companies in other sectors like BNY Mellon, Goldman Sachs, and CitiGroup are also looking for qualified cryptocurrency staff, creating more competition in the industry. This means it’s not just crypto and blockchain companies fighting amongst themselves; it’s some of the world’s biggest names as well.
Earlier this year, tech giant Apple posted a business development manager for crypto payments with a requirement of five years of experience. Some say that five years is too much to hope for and that recruiters should settle for one or two years instead.
Binance CEO Changpeng Zhao said that hiring practices are more aggressive due to the higher demand for suitable staff that can produce results.
The growth of the industry, combined with the demand for skilled workers, means some universities have started offering cryptocurrency courses. These institutions include some of the world’s most prestigious like Massachusetts Institute of Technology, Cornell University, Harvard University, The University of Oxford, and the University of California-Berkeley.
Getting staff with an excellent working ethos, the motivation to work, and the right skills and experience is increasingly challenging. As a result, many companies are casting the net wider. Remote working, less knowledge, more incentives, and higher salaries are just some of the carrots being dangled in front of prospective employees.
As a blockchain entrepreneur, what can you do to entice skilled staff to your business?
Be flexible with requirements.
It’s ok to have a wish list when looking for qualified cryptocurrency staff, but you should be prepared to compromise. If you want someone with five years of experience and a degree in a blockchain-related subject, but you find someone with the right degree and three years of experience, you may want to consider hiring them.
Look at the candidate’s overall skill set and other attributes rather than being rigid in your requirements. What they lack in one area, they could make up for in another. Similarly, they may have excellent growth potential but just need the right opportunity. Remember, blockchain is a developing sector, so pick staff that can grow with it and you as a company.
Be open about your business plan
In such a new and dynamic sector, you might struggle to entice qualified cryptocurrency staff from positions in established companies. People may be hesitant to switch to a startup or a department using innovative technology. Some may fear blockchain and crypto is just a fad; others may be unsure if the company will succeed. The key to mitigating these issues is open about your business and your future plan.
Discuss your roadmap, including measurable goals, and discuss your contingency plans. Explain your product or idea thoroughly, ensuring they fully understand its potential. You can also assure them regarding investments, terms and conditions should their employment end, and where you see the company in one, three, and five years. Transparency will lead to greater confidence in your candidates.
Networking is a great way to get to know the talent that’s out there. Even if someone isn’t quite right for you now or cannot be persuaded to move, they might come in the future. Have an understanding of potential employees, where they are now, and what they are working on. The more you network now, the easier it will be to expand your team in the future.
If you can build up a database of contacts that trust you, this is a considerable investment in your company. Then when the time comes, you will already have an idea of who you want to approach. Don’t wait for people to come to you, headhunt and negotiate with the people that are the best fit.
Offer a package
When making an offer to qualified cryptocurrency staff, the key is presenting a package. Ask them what they want, find out what they have now, and seek to better it. On top of their salary, you should consider offering bonuses, insurance, perks, holiday, and even shares in your business. Additionally, consider things like company culture.
If you’re working remotely, consider a budget for improving their working space or getting faster internet. You could pay gym memberships or offer flexible working hours. The possibilities are endless. Create an environment where employees feel valued and where you exceed their expectations. Then you will be able to employ the best and retain them.
As a blockchain entrepreneur, getting the right qualified cryptocurrency staff is essential to your success. Don’t be put off by a competitive recruitment market. Instead, see it as confirmation that you’re doing the right thing and that this sector is destined for greatness.
For all matters, including company incorporation, licensing, payments, tax, and compliance, Fast Offshore can help. We will take care of all the admin while you focus on building your dream team! Contact us today to find out more about getting your blockchain or cryptocurrency business off the ground!
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