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 “high 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 still sees “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 positions to be cut during a bear market, but said higher-level roles tend to “double or triple” during a bear market. a bear market.
Agregado added that roles such as chief technology officer and chief information security officer tend to be secure, as people in these roles need to keep the business flowing and keep “things in order” during the market corrects itself.
Not SAFU: ‘Not mission critical’
Paone said, however, that the jobs crypto firms tend to cut first are “usually” in internal recruiting, customer service, compliance, and anything that “does not generate revenue or product.”
Investor and podcaster Anthony Pompliano – who is also the founder of crypto recruitment company Inflection Points – said that although every company approaches bear markets differently, he has always seen the “non-critical jobs” most affected by it. 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 “numerous 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 might not be able to avoid job cuts entirely, explaining that crypto companies forced to make “deeper cuts” have also had to reduce their engineering and product teams.
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 January 13 that the exchange had made the “tough decision” reduce its global workforce of “approximately 20%” due to difficult 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% amid the ongoing crypto winter.
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 the focus, it hasn’t swayed crypto pros away from the industry.