Sam Wellalage, recruitment expert at WorkInCryptoGlobal, explains the sentiment in the hiring industry in the crypto space.
Recruiting has always been a problem. This is also true in cryptocurrency because it is a new industry.
Even more challenging than that is retaining employees. Many companies take hiring very seriously, but it’s important not to forget to keep these new hires in the company. You need to know how to keep your employees happy.
According to research, a person will change jobs up to 12 times in their career. In blockchain, it is much higher. The reasons are various. Part of it is demand, and sometimes companies don’t know what they want. If you’re successful in keeping your people on the job, then you have to cut back on hiring.
As an employer, you must also have the right voice in the market to attract talent.
Recruiting: New Ways to Recruit
New industries bring new ways of recruiting. For example, in fintech, you can say you want to hire a marketing manager with 5 years of experience. But you can’t have the same job description for a crypto job because the industry is so new. It is necessary to change your mindset. Maybe someone has the right skills and personality for the job, but no experience in this particular industry.
The key is to really sell the employer brand. The better you treat your employees, the longer they will stay with you. And, when you need to grow your team, more other candidates will come to you than you have to go to them. The companies that do the best in the next few years are the ones that retain their employees. Only the best people can realize the best projects.
The challenge of retaining employees
The challenge is to do it…in the fragmented world of remote work. How to manage someone with an 8 hour jet lag? And come up with goals and strategies?
Before you start looking for new people, it’s relevant to develop a strategy for who you want to hire, how you want to hire them, how you’ll train them, and how you’ll keep them.
Mostly startups get distracted and they don’t have a clear plan. For example, someone would call and ask us to find a public relations executive for them. They hired them, and two days passed and they felt they didn’t hire the right people. This is very bad for everyone. This happens because there is no plan. Plan to help with this.
So ask yourself the right question, what kind of character do you want to create? What will the salary be? What about benchmarks? What is the recruitment process like? The first thing to do is make the plan. This is not a short-term thing.
Recruiting is a long-term strategy. Employer branding is key. Let’s take BeInCrypto as an example. I keep seeing this company on LinkedIn. So if you put me in your leadership, I will — because people buy from companies they’ve heard of. This is exactly the same as the psychology of the candidate. The best way to do this is to communicate on a daily basis what you are good at and what you have to offer candidates.
It’s always useful to have your name on it. Not just when you have jobs to fill right now.
If you know you will be offering the highest salary then you should mention it. But you need to be careful because if you don’t have a fair salary benchmark and employees see that, you’re going to be in trouble.
It doesn’t matter if the marketer’s job description is $60,000 and some of your existing employees are making $50,000 or $55,000. It’s in scope. When you have big gaps, things get different. But in most cases, if this is a very competitive salary in the industry, you should advertise it. You will get more candidates. Let’s say your budget is 100,000, but you can go higher. Say “competitive salary” rather than numbers.
Advertising this type of position helps your employer branding and brand awareness.
Remember, it’s not a good thing if the first question a candidate asks is about salary.
Aside from developers, marketing seems to be the most popular. Blockchain recruits more marketers than traditional industries. Operations also receive a lot of attention.
This could affect recruitment in a positive way. The more regulations, the more people you need to hire. Again, finding enough people in the DeFi world to fill these jobs can be challenging.
To overcome this, you don’t necessarily have to hire someone with crypto experience. Instead, you can hire people who have the skills but never had the opportunity to work on the blockchain. If they have a good background in law or finance and are interested in crypto, they can overcome their inexperience in a still very new industry. We need them anyway, because legal and compliance are labor-intensive.
Hiring and Optimism
According to a 2018 study by PwC, 46% of blockchain implementations take place in the financial sector. Only 1% in the media. Blockchain is increasingly seen as a technology that can be used in healthcare, media, FMCG (fast-moving consumer goods).
Besides encryption, blockchain has been embraced by many industries. NFT companies are still very small. For example, I would like to see a company specializing in NFTs become as big as Fireblocks.
We want to build a long-term trusting partnership with our customers. relationship of mutual respect. We don’t want our clients to use our services just because they need to hire someone. We need to have the same strategy and shared values to develop long-term relationships.
Our business model is 50% headhunting. Another very exciting thing is internal growth. When VCs have big money, suddenly some startups have significant recruiting budgets, but that’s not their job. We have expertise from HR to recruiting so we can put all these processes in place.
In addition to the time it takes (3 to 4 months for recruiters), it is also very costly. Our induction training only takes 2 weeks.
Will job boards be competitors?
Couldn’t find the person we were looking for on job boards. And what we do, cannot be automated and replaced by technology.
About the author
Sam Wellalage is a recruiting entrepreneur and former professional athlete. He has specialized recruiting knowledge in crypto, DeFi, blockchain and Web3. He is interested in building companies from the ground up and working closely with visionary leaders.
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