- Jun 08, 22
- Shawn Cole
- Best Practices
- 0 comment
Cryptocurrency, Web3, NFTs, Blockchain and the metaverse have dominated financial news over the past few years. We saw the value of a single Bitcoin rise to a staggering $67K in November 2021 before crashing to $30K in June 2022. NFTs have earned endorsement from numerous commercial brands and celebrities, including Paris Hilton.
Those familiar with the metaverse say that it will be a new way to live, allowing us to create avatars and conduct everyday activities, such as shopping and meeting with friends, from the comfort of our couches.
The excitement surrounding cryptocurrency and its counterparts has driven a hiring frenzy in companies that want to be the next big thing. Loads of money are being shoveled into companies with big ideas and strategies, and many of these companies are looking to hire people who can support them in their lofty goals. In some cases, companies are looking to fill hundreds of open roles.
Table of Contents
- 1 How to Hire in the Crypto & Blockchain Industry: 5 Tips
- 2 1. Look for Excitement
- 3 2. Understand the Need for Training
- 4 3. Hire Quickly
- 5 4. Seek Out Transferable Skills
- 6 5. Realize Your Team May Not Stay on for the Long Term
- 7 The Influence of Crypto
- 8 National Crypto & Blockchain Executive Search Firm
How to Hire in the Crypto & Blockchain Industry: 5 Tips
Since crypto is a relatively new industry, it’s challenging to find people with a deep understanding of how crypto works and what it can be used for in the future. Consequently, recruiters are best served by identifying critical skills for future success in a crypto-based role.
Some highly effective tips for hiring in the crypto industry are to:
- Look for Excitement
- Understand the Need for Training
- Hire Quickly
- Seek Out Transferable Skills
- Realize Your Team May Not Stay on for the Long Term
Here is a closer look at each of these crypto industry hiring tips, why they matter, and how to make them work for you.
1. Look for Excitement
Someone who is genuinely excited and optimistic about the future of crypto may be more likely to succeed in a crypto role than someone who is lukewarm on the subject. Someone who is fascinated by the opportunities that crypto presents may:
- Show their interest to hiring managers by asking questions about the crypto company.
- Not have all of their facts right but are ready to step in and learn
In most cases, people with a strong interest in crypto will have invested some money in cryptocurrencies. They may even be exploring NFTs or gaming in the crypto universe. Someone simply looking for a job won’t show nearly the level of excitement that a crypto-enthusiast does.
2. Understand the Need for Training
Unless an employee has a crypto background, they will need comprehensive training. Hiring managers need to expect this and plan for it. Since crypto is a relatively new industry, most people haven’t fully grasped what it can do or how it works. It’s a hybrid of finance and technology, and people without significant exposure to both skill sets will need training assistance to make a difference in their roles.
Companies should develop a thorough training program explaining:
- The history of cryptocurrency
- How the business fits into the crypto industry,
- The company’s goals
- The job functions that the individual would be expected to take on in a particular role
People on the leadership team who are most familiar with the goals of the company and what their product or service can do within the crypto world are the best people to develop the training programs. As the business scales, other individuals can step in to improve training for specific roles.
3. Hire Quickly
When you’re looking for someone to fill a role in the cryptocurrency business, understand that candidates are in high demand. Companies that are slow in their hiring process should seek to speed it up. Finding the perfect fit for the role is likely impossible.
Instead, the company should look for enthusiastic and trainable people. These individuals should bring basic skills associated with similar positions in more traditional industries.
Let go of the notion that you should take the time to find the best person to fill the role. Instead, go with someone who can meet the basic requirements, and move on from there.
4. Seek Out Transferable Skills
Transferable skills include experience working in similar functions but in more traditional industries. For example:
- Stock traders may not have experience trading cryptocurrency, but their knowledge of economics, finance, and regulatory requirements applies to a crypto-trading position.
- Software developers who have worked for companies like Google or Meta may not have specific experience working on a crypto platform. Still, they’ll be able to use their talents as they learn crypto-specific development methods.
- Product marketers with experience in fintech are usually great hires for crypto companies because they already have a solid understanding of technology. In general, marketing is one of the most challenging areas for cryptocurrency companies to hire, as advertisers will need a solid understanding of the inner workings of crypto to design effective marketing strategies.
5. Realize Your Team May Not Stay on for the Long Term
Crypto is a constantly evolving industry. New ideas lead to new developments, and the number of roles available will continue to expand as the industry makes its mark around the globe. Once a crypto employee has gained a few years of experience in the industry, they’ll likely be a target for other companies in crypto.
The crypto industry has lots of investment from private equity and individuals, so most companies can offer robust salaries and benefits to their employees. However, the most attractive employees can be easily led away by other businesses providing more money, perks, or benefits. Thus, most crypto companies should plan for lots of turnover in their company until the industry finds its footing.
In order to reduce the risk of losing key employees, excellent salaries should be offered from the start. This can make it more difficult for competitors who attempt to sway an employee through higher wages and even better perks.
The Influence of Crypto
Read more: 7 Crypto Companies that Are Still Hiring
As the crypto industry takes the world by storm, hiring managers will need to broaden their expectations when seeking to fill roles. A conscious effort should be made to find candidates who are genuinely interested and excited by the idea of crypto and what it means for the future. Crypto is quite complex, and it will require the employee to develop knowledge of the company’s services and plans for the future that may not be intuitive to the average individual.
Since crypto is so new, it’s unlikely that candidates will have much experience in the industry. Thus, rather than making industry experience a requirement, hiring managers should look for transferable skills in finance, tech, or investments when bringing new employees on board.
Finally, companies should make sure to offer their employees a robust salary. As they gain experience in the crypto industry, their talents will be sought after by other similar companies. An outstanding compensation package can help to retain employees and prevent excessive turnover.
National Crypto & Blockchain Executive Search Firm
Our hands-on crypto and blockchain executive recruiters have vast experience working with companies in the Blockchain, Crypto, DeFi, NFT, Metaverse, and Web3 spaces. Our clients include startups, establish exchanges, venture capital, private equity funds, and more.
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Learn how we deliver top talent, no matter the need, with our industry-leading research and resources. Discover the strategy that made Cowen Partners the top retained executive search firm in St. Louis, Milwaukee, Anchorage, New York City, Chicago, Seattle, Atlanta, Dallas, Los Angeles, and beyond.
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