Tech, engineering and senior management employees are likely to continue to see “strong demand” for their skills, hiring experts say, despite a flurry of crypto layoffs heading into the new year. is thinking
The first few weeks of 2023 have been tough for crypto businesses and their staff. In just two weeks, the market has already seen more than 1,600 crypto-related job cuts as a result of continued market volatility and uncertainty.
However, not all departments saw the same level of reduction.
SAFU: advanced level technology and engineering
Rob Paone, Founder and CEO of Crypto Recruitment Firm Proof of Talent, Tells Cointelegraph Tech and Engineering Jobs Are “Widely Different” and Most in-Demand Jobs, Even in a Bear Market rice field.
He said his company still sees “strong demand” for these capabilities, and even though the “bidding war-like scenario” no longer applies to these employees, these salaries remain “very high.” “We are very competitive,” he added.
Johnsy Aggregado, director of crypto recruitment firm CapMan Consulting, said mid-level roles are typically cut in bear markets, but senior roles “double or triple” in bear markets. said to have a tendency to
Agregado added that roles such as chief technology officer and chief information security officer tend to be secure. This is because the people holding these positions need to maintain business liquidity and “keep order” while the market corrects itself.
Not SAFU: “Not Mission Critical”
However, Paone said the jobs crypto companies tend to cut first are “usually” internal recruitment, customer service, compliance and anything that “doesn’t generate revenue or product.” .
Investor and podcaster Anthony Pompliano, founder of crypto-recruitment firm Inflection Point, says that while companies approach the bear market differently, the ones most affected by job cuts are: “It’s not mission-critical work,” he said.
According to Pompliano, these roles are product, engineering, operations, customer service, and non-management roles.
Talking about the ongoing bear market, Pompliano said he’s heard “numerous reports” of small business pay cuts, while other companies have frozen pay raises and annual bonuses.
Paone also added that in some cases, even those in technical roles may not be able to avoid job cuts entirely, adding that crypto companies forced to make “deeper cuts” would be more focused on engineering and I explained that the product team had to be cut as well.
Related: Cryptocurrency layoffs provoke mixed reactions from the community
In recent months, cryptocurrency companies, especially exchanges, have cut staff amid the market downturn.
Last week, both crypto exchanges Crypto.com and Coinbase announced global job cuts.
Crypto.com CEO Kris Marszalek tweeted on Jan. 13 that due to the challenging market conditions and recent industry events, the exchange has made a “difficult decision” to cut its global workforce by “approximately 20%.” said he dropped the
Meanwhile, Coinbase CEO Brian Armstrong announced on Jan. 10 that the exchange will employ 950 people as part of a plan to reduce operating costs by about 25% amid the ongoing crypto winter. announced to reduce
Crypto exchange Binance is one of the few exchanges to announce the opposite at a crypto conference in Switzerland, hinting at plans for “mass hiring” in 2023.
However, Paone suggests that while crypto layoffs are coming to the fore, they are not encouraging crypto experts to leave the industry.