Crypto hiring managers reveal safest jobs during layoff season

[ad_1]

Despite a wave of massive crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, are likely to continue to see strong demand for their skills, recruiting professionals believe.

The first weeks of 2023 have been tough for crypto businesses and their staff. In just two weeks, the market has already seen over 1,600 crypto-related job cuts due to continued market volatility and uncertainty.

However, not all departments have experienced the same level of cuts.

SAFU: high-level technology and engineering

Rob Paone, founder and CEO of crypto recruitment firm Proof of Talent, told Cointelegraph that technical and engineering roles are by far the most in-demand jobs, even during bear markets.

He said his company is still seeing high demand for these roles, adding that these salaries are still very competitive despite the bidding war type scenarios no longer being the case for these employees.

Johncy Agregado, director of crypto recruitment firm CapMan Consulting, said it’s common for mid-level roles to be reduced during a bear market, but said higher-level roles tend to double or triple during a market. bearish.

Agregado added that roles such as chief technology officer and chief information security officer tend to be secure, as people in these positions need to keep the business flowing and keep things tidy while the market corrects itself.

Not SAFU: not critical

Paone said, however, that the jobs crypto firms tend to cut first are usually in internal recruiting, customer service, compliance, and anything that doesn’t generate revenue or revenue.

Investor and podcaster Anthony Pompliano, who is also the founder of crypto recruitment firm Inflection Points, said while every company approaches bear markets differently, he has always seen non-mission-critical jobs hit the hardest. by layoffs.

These roles, according to Pompliano, are all roles outside of product, engineering, operations, customer service, and management.

Commenting on the ongoing bear market, Pompliano said he’s heard many reports of pay cuts at small businesses, while others have frozen 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, explaining that crypto companies forced to make deeper cuts have also had to cut back. their engineering and product teams.

Related:Crypto Layoffs Trigger Mixed Community Responses

In recent months, a series of crypto firms, especially exchanges, have cut staff amid the market downturn.

Last week, crypto exchanges Crypto.com and Coinbase both announced cuts to their global workforces.

Crypto.com CEO Kris Marszalek tweeted on Jan. 13 that the exchange had made the difficult decision to cut its global workforce by around 20% due to tough market conditions and recent industry events.

Meanwhile, Coinbase CEO Brian Armstrong announced on Jan. 10 that the exchange would cut 950 jobs as part of a plan to cut operating costs by around 25% in mid-winter. current crypto.

Crypto exchange Binance was one of the few to announce otherwise, hinting at plans for a hiring spree in 2023 at a crypto conference in Switzerland.

However, Paone suggested that while crypto layoffs have been at the forefront, it hasn’t caused crypto pros to walk away from the industry.

[ad_2]