Crypto companies: towards the end of the wave of resignations?

Since the start of crypto winter, the topic of recruitment has been on everyone’s lips. Recession is imminent while inflation is in full swing. However, a new study reveals that suddenly the majority of people working in crypto companies do not want to quit their jobs.

Despite rising fuel prices, the looming recession and inflation, executive search firm JMJ Phillip notes that candidate sentiment seems more positive. The number of employees who want to leave their position has decreased compared to the previous 12 months. In fact, 77% of respondents do not plan to change jobs in the next 6 to 12 months.

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

JMJ Phillip believes that in the labor market, technology is the first to suffer when troubled times approach.

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

Recruitment and Web3

However, there are areas where recruitment continues actively. “Everyone knows that some crypto projects, including Celsius and others, have gone bankrupt. But as a recruitment company, we are busier than ever. We have many quality crypto companies contacting us and using this time to build projects. Due to layoffs, new talent in the market. So we use that as a positive,” says Neil Dundon, founder of CryptoRecruit, a recruitment agency specializing in crypto, 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 been through cycles like this before.

“This slowdown doesn’t seem so bad. It seems like a lot of companies have gotten better this time around. They made better financial decisions to protect themselves.”

In fact, crypto companies do not suffer from the wave of resignations as intensely as other sectors.

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

Fields that recruit

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

“With everything that is going on in the market, the decentralized financial industry has slowed down a bit. I think everyone wants to protect themselves right now. Decentralized Autonomous Organizations (DAOs) are a new growth area that is starting to recruit. We are working on several projects that seek 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 business skills. It is a very unique skill set”.

According to Dundon, smart contract developers are still highly sought after by crypto companies. “What companies want are people who can create auditable smart contracts that won’t get hacked for $50 million. And here, experience trumps training. The best candidates are people who have taught themselves Solidity, an advanced language to create smart contracts. Like any self-respecting developer, they are always learning new things in their free time, including the language of Web3”.

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