A temperature check on Web3 talent

Stay up to date with the latest news and trends in the web3 and blockchain talent ecosystems!

I hope this latest edition of The Talent Edit finds you good spirits! It’s been another eventful month for Web3 enthusiasts with all sorts of spicy headlines following the recent actions of the SEC.?One of the more interesting assertions: Did the SEC sue Binance and Coinbase so that Wall Street could catch up??Curious timing given that some of the major players applied for Bitcoin ETFs and Spot exchanges just a few days after the SEC lawsuits.

?With all the market turbulence, it feels like a good time to understand just exactly how this is impacting hiring in Web3.??

?? Current State of Hiring across Web3 ??

Irrespective of the sentiment toward Crypto the world of blockchain is experiencing a growth spurt, and it's happening everywhere you look. This surge brings along an escalating need for experts in blockchain technology and Web3.

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Now, it's no surprise to see this job boom in countries that have a positive outlook on cryptocurrencies and blockchain, like Singapore, Switzerland, Germany, and many others. But here's the kicker: even countries with partial or full bans on crypto trading are riding the same wave.

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Take China and Russia, for instance. They may have their restrictions, but their blockchain communities are flourishing. In fact, China is making bold moves by introducing a Central Bank Digital Currency (CBDC), even though it hasn't exactly won over the hearts of its workforce.

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But if you want to know where the real action is, look no further than Europe. It's a hotbed of blockchain job opportunities, and the rising number of registered Crypto Banking and Virtual Asset Service Providers speaks volumes.

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?? What it Looks Like Worldwide ??

Europe takes the lead in the global blockchain job market in 2023, accounting for a whopping 67.8% of all blockchain jobs. North America and Asia trail behind, albeit not as closely, each representing around 14% of the world's blockchain employment. In terms of numbers, Europe boasts approximately 60,000 blockchain jobs, while North America and Asia each have around 13,000.

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These figures become even more impressive considering the previous decline in blockchain job opportunities during 2022. Both Germany and the US, for instance, experienced a loss of around 9,000 jobs each. This downward trend was noticeable in other crypto-friendly countries like Poland, France, and the Netherlands, which saw declines of 8,000, 6,000, and 5,000 jobs respectively in 2022.

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Globally, most regions witnessed a significant drop of around 40% in blockchain jobs between 2022 and 2023, except for Asia, which experienced a 20% decrease. Interestingly, Australia saw a slight increase in blockchain employment during this period.

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On the whole, blockchain jobs have fared slightly better than the overall tech and engineering job market, which witnessed a decline of approximately 50% since 2022. This decline mirrors the decreasing popularity of technology and Fintech shares in global stock markets.

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In summary, despite a steep drop off in 2022 the overall growth and sentiment around Blockchain is strong. There is continued global expansion of blockchain-related industries and the demand for blockchain-savvy professionals is still red hot.?

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A huge credit for the data goes to Coincub , Jon Lea and a superb article that can be found here:

https://coincub.com/europe-the-epicenter-of-the-blockchain-job-market/

?? The secret formula: 8 Steps to Elevating Your Web3 Employer Brand in Today’s Market ??

Despite today's employer-centric market with a wealth of candidates to choose from, why should we concern ourselves with employer branding?

Being a leading talent partner in the Web3 space, we've witnessed a broad spectrum of approaches to talent in the Web3 market. Unquestionably, the organizations coming out on top are those maintaining a long-term perspective on talent attraction and management.

Yes, there's an abundance of talent available, and it's certainly easier to secure candidates now than it was a year ago. However, to stress the point, candidates still have options and consistently choose from multiple offers while fielding counter offers from their current employers.

Keep in mind that the market can turn on a dime. A year ago, talent was hard to come by, and those companies with robust brands snagged the best talent. It's a more favorable market for finding talent now—capitalize on that and hire when the market favors you. Also, remember that every interaction with the market is an opportunity to build your employer brand. Invest in your market equity for the future!

Here are our top tips for attracting talent and bolstering your employer brand:

1.?????Transparent Communication: Maintain openness and transparency throughout the hiring process. Clearly convey your company's values, mission, and expectations to potential candidates. Keep them informed with timely updates and feedback to ensure a respectful, positive candidate experience.

Pro tip: Be prepared to discuss your funding strategy! For obvious reasons, stability is a 'hot button' for candidates right now, and vague assurances won't cut it.

2.?????Prioritize a Positive Candidate Experience: Prioritize the creation of a positive candidate experience. Treat candidates with respect and professionalism at all stages of the process. Streamline the application process, provide clear instructions, and respond promptly to candidate inquiries.

A word of caution: Bad news travels fast in a small world. Don't gain notoriety as the employer who ghosts people or is merely 'fishing'.

3.?????Develop a Compelling Employer Brand: Create an engaging employer brand that authentically showcases your company culture, vision, and values. Highlight the exciting opportunities and impacts your projects offer. Utilize social media, your company website, and online platforms to communicate your culture effectively and attract top talent.

It’s a great time to encourage your employees to share their positive experiences at your company through testimonials or reviews. Feature these testimonials on your website, social media channels, and professional networking platforms to provide valuable insights to potential candidates.

Pro Tip: Culture is STILL crucial; candidates are STILL interviewing you too. They're interested in who you are beyond the interview process.

4.?????Encourage Employee Referrals: Tap into your employees by encouraging them to refer qualified candidates for open positions. Implement an employee referral program, and recognize and reward successful referrals. Satisfied employees who believe in your company make excellent ambassadors and contribute to a positive hiring reputation.

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A word of caution: While employee referrals are beneficial, ensure they don't unintentionally create a homogenous workforce, which creates unique risk points and stifles diversity of thought.

5.?????Embrace Diversity and Inclusion: Foster an inclusive environment that celebrates diversity and empowers everyone. Promote diversity and inclusion actively in your hiring practices and ensure fair and impartial candidate evaluation. By creating a diverse and inclusive workforce, you will attract top talent and enhance your company's reputation.

Pro Tip: Despite tighter market conditions, don't slack on your DEIB strategy. The representation of women in tech roles in Web3 is less than 25%, and other forms of diversity are even lower. This is your opportunity to boost representation in your organization with a thoughtful strategy.

6.?????Extend a Fair Offer: Let's face it, salaries in 2022 escalated somewhat irrationally, so employers are relieved to avoid sticker shock. However, paying people their worth remains crucial. Resist the temptation to low-ball candidates caught up in layoffs. This isn't the time to scoop up talent 'on the cheap'—that mentality will cost you more in the long run. If a candidate accepts an offer below their market worth, it won't engender long-term loyalty. As soon as the market rebounds, that candidate will be gone before you get any real ROI and replacing them will cost more.

Pay people fairly and use this opportunity to foster genuine employee loyalty.

7.?????Invest in Professional Development: Demonstrate your commitment to employee growth and development. Offer training programs, mentorship opportunities, and clear paths for career advancement. By investing in your employees' professional development, you attract individuals who value continuous learning.

In the current climate, many employers devalue professional development, providing a clear opportunity for you to differentiate yourself.

8.?????Leverage a Hybrid Work Model: The pandemic has shown us that the future of work may not look like it did in the past. Leverage the hybrid work model, allowing for both in-office and remote work options. This flexibility can increase job satisfaction and work-life balance for your employees, and also broaden your talent pool. Recent research suggests that there are still more openings than candidates for roles that are fully in-office.

Pro Tip: The key here is to ensure that there are no ‘second class citizens’. If you have a part of your workforce that is always in the office and another part that is always remote – that can create a challenging dynamic.

We hope these tips will help you strengthen your talent strategy for H2 2023! Given the current trends in the Blockchain market, we predict you may need to consider them sooner than later.

We wish you a fantastic end to June, and we'll see you in the next Talent Edit!?