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Cryptocurrency Market: Recruitment and More for Success

NBS Human Resources

NBS Human Resources is a technology industry focused HR Consultancy Company which provides global recruitment services

发布日期: 2023年1月23日

As the Web 3 era slowly takes the place of the Web 2 era, the cryptocurrency industry has been on a rapid rise and has been trending for the last few years, and it doesn't seem like it will lose its influence anytime soon. As the sector grows, existing corporate companies are starting to enter the sector and the establishment of start-up companies is increasing rapidly. The growth of the industry, of course, brings along the need for talent and competencies suitable for the industry. So, what should be kept in mind when recruiting in the cryptocurrency industry?

Let's start with the definition of cryptocurrency.?

???????????Cryptocurrency is a currency that we can concisely define as digital currency or electronic money. After the first introduction of crypto money into our lives with Bitcoin, it started to spread with great drive and numerous cryptocurrencies emerged. It became so widespread that it is now being recognized as one of the official currencies in some countries. Access to and circulation of cryptocurrencies is very easy today, you can even make donations with crypto.

???????????People who have significant knowledge about global markets and macroeconomic indicators can adapt more quickly to the cryptocurrency sector. Although it may sound like a very specific and restrictive field, there is actually a place for everyone in this industry, especially in the IT sector. There are many active teams; such as software teams that deal with the production of cryptocurrencies, operations teams that deal with customers' transactions, and marketing teams that create and maintain the brand images of crypto companies.

???????????Data scientists, financial analysts, journalists, machine learning engineers, marketing managers, research analysts, security architects, technical writers, and web developers all have roles in the industry. Apart from the technology sector, many different positions such as marketing specialist, brand designer, human resources specialist, and legal advisor also have important places in the crypto money sector.

???????????Hard skills that are generally sought in the crypto money industry are Java, machine learning, Python, Artificial Intelligence (AI), and C/C++. For those who do not have experience in the technology sector, soft skills such as communication, creativity, problem-solving skills, entrepreneurship, and being a team player are also important in the crypto money sector.

???????????Recruiting talent and prioritizing competencies that fit in the sector is critical in sustaining and strengthening the cryptocurrency industry, which consists mostly of startups. So how should the most suitable candidates for the sector be selected, and what should be considered in the recruitment and interview processes?

???????????If we may refer to NBS HR' s own experiences, we can say that the most important point is correctly understanding why the candidates want to get into the crypto money industry. An above-market salary like most start-ups offer can be a motivation. Since the sector is brand new, it has fewer experienced people compared to sectors, therefore the probability of having a higher salary and getting promoted quicker is higher, especially compared to other IT companies. For these reasons, it is very critical to understand the motivations of the candidates to get into the crypto money sector, to convey the realities of the sector correctly, and to learn about the candidates’ career plans.

So, what are the features, talents, and competencies we need to look for?

???????????Initially, we can say that interest in technology and digital literacy are essential. Since the crypto industry is rapidly advancing, there is a great need for a lot of technology knowledge in specific areas such as blockchain technology, and motivation to improve in this regard.

???????????The cryptocurrency market is a market with rapid ups and downs and a lot of bends. For this reason, it is very important to have analytical thinking and result orientation as competencies. Seeing the big picture but finding a way through without getting lost in the details is quite important.

???????????Agility, which we can define as the ability to quickly adapt to internal and external changes without losing drive, is one of the necessary competencies of the crypto money industry, which is a sector with high dynamic variables. Non-agile candidates or companies can be eliminated by natural selection in the system.

???????????Another important point in recruitment interviews in the cryptocurrency industry is, in addition to competency-based interviews, to ask different questions from the questions candidates are familiar with, such as questions about what they do outside of work. As long as you are careful not to step out of boundaries, such questions will allow you to gain a holistic view of the candidates and will help you draw their profiles more clearly. Apart from the standard answers given to the competency-based interview questions known by heart, your partially-improvised talk will also give you many clues about the candidates’ creativity, stress management, openness to innovation, and risk management.

What about the companies that want to survive?

???????????Of course, finding the right talent and the right competencies for the cryptocurrency industry is not enough. In this risky sector you don't know where the wind will blow from, it is necessary to be more attentive to protect and maintain internal balances, compared to other sectors.

???????????The fact that the sector and companies are still in the establishment and beginning stages brings with it the need to pay attention to the employees' understanding of the meaning of their work, their relations with each other and the structure of the companies. Understanding that the blockchain era makes information and data accessible, reliable, and transparent to everyone, and knowing that the work of companies and employees serves to improve life and prevent exploitation, of course, will make a difference. Workshops on values and missions, which can be supported by team coaching and mentoring, will support building strong teams that understand the meaning of their work.