The Safest Jobs According To Crypto Pros Amid Layoff Season

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Even though the crypto market is seeing a wave of job cuts to start the new year, recruitment professionals believe that people in engineering and technical roles, as well as senior management, will continue to see strong demand. for their skills. 2023 has had a rocky start for crypto businesses and their staff, with over 1,600 crypto-related job cuts in the first two weeks of 2023 due to continued market volatility and uncertainty. However, not all departments were affected in the same way. Johncy Agregado, director of a crypto recruitment firm called CapMan Consulting, said it’s typical for mid-level positions to be cut during a bear market, but senior positions tend to rise during these times. According to Rob Paone, the CEO of a crypto recruitment company called Proof of Talent, technical and engineering roles are always in high demand, even during bear markets. Paone said his company is still seeing high demand for these roles and salaries for these roles are still very competitive, despite the impact of an impending recession. Paone added that the jobs that crypto companies often cut first are usually those not directly related to revenue or product development, such as internal recruiting, customer service, compliance and non-generating positions. of income. have no choice but to make bigger cuts have also been forced to cut their engineering and product teams. Recently, several crypto firms, especially exchanges, have reduced their workforces due to the market downturn. Crypto.com and Coinbase, two major exchanges, both announced staff cuts last week. Crypto.com CEO Kris Marszalek said their company made the difficult decision to cut its workforce by around 20% due to tough market conditions and recent industry events. Coinbase CEO Brian Armstrong also announced that the company would cut 950 jobs to reduce operating costs by around 25% due to the current market downturn. Binance, however, announced plans for a hiring spree in 2023 at a conference in Switzerland, which is a rare move as most companies lay off employees. Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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