In the crypto industry, there have been more than 1,600 layoffs across the industry in the first two weeks of January.
Despite a wave of massive crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, will likely see “strong demand” for their skills, recruitment professionals believe
The first few weeks of 2023 have been tough for crypto businesses and their employees. This is the result of more than 1,600 activists involved in crypto as a result of continued volatility and uncertainty in the market in just two weeks
However, not all departments have seen the same level of cuts.
Safu: Senior level tech and engineering
Rob Paone, founder and CEO of crypto recruitment firm Proof of Talent, told Cointelgraph that technical and engineering roles are the most in-demand jobs “by a wide margin”, even during bear markets
He said his firm is still seeing “strong demand” for the job, and he said the salary is still “very competitive,” even if it’s not a “bidding war-type scenario” for employees
Jonsey Egregado, a director at crypto recruitment firm Capman Consulting, said pruning for mid-level roles is common during bear markets, but said senior jobs “double or triple” during bear markets
Agregado added that roles such as chief technology officer and chief information security officer are being protected because those in those positions have to maintain the liquidity of the business and keep “things in order” while the market itself corrects the characteristics.
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No. Safu is ‘non-mission critical’.
Paone did say, however, that the jobs crypto firms need to cut first are “often around” internal recruiting, customer service, compliance, and anything else that “generates non-revenue or product”. .
Investor and podcaster Anthony Pompliano — who is also the founder of crypto recruiting firm Inflection Point — said each company approaches a bear market differently, but historically they most from laying off “non-mission critical jobs”. have seen more affected
These roles, according to Pompliano, are any role outside of product, engineering, operations, customer service and management.
Commenting on the ongoing bear market, Pompliano said he has heard “several reports” of pay cuts at smaller companies, while others have put raises and annual bonuses on hold.
Paone also added that in some cases even those in technical roles cannot avoid job cuts entirely, explaining that crypto firms forced to make “deep cuts” have also reduced their engineering and product teams It falls
Related: Crypto shutdown elicits mixed reactions from the community
Amid the market slowdown in recent months, a string of crypto firms, especially exchanges, have cut staff.
Last week, both crypto exchanges Crypto.com and Coinbase announced cuts to their global workforce.
Crypto.com CEO Chris Marszalek tweeted on Jan. 13 that the exchange had made the “difficult decision” to reduce its global workforce by “approximately 20%” due to difficult market conditions and recent industry events
Meanwhile, Coinbase CEO Brian Armstrong announced on January 10 that the exchange would cut 950 jobs as part of a plan to reduce operating costs by about 25% amid the ongoing crypto winter
Crypto exchange Binance was one of the few to announce the opposite, hinting at plans for a “surge of recruits” in 2023 during a crypto conference in Switzerland.
But Paone pointed out that although crypto layoffs have been front and centre, it has not inspired crypto professionals to walk away from the industry.