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The skills shortage among crypto’s specialized workforce is causing significant competition among businesses to secure the right talent for their organizations.
According to Bloomberg, crypto firms are finding it somewhat difficult to find the right candidates to fill job openings as these firms look to expand their operations across the globe.
The competition for skilled and experienced candidates is not alone among crypto-natives but also with legacy financial institutions that are establishing cryptocurrency-focused departments.
Even the broader fintech and technology services industry are also entering crypto, contributing to even greater competition for the limited workforce available. Back in May, tech giant Apple posted a job opening for a business development manager for alternative payments including cryptocurrency.
Neil Dundon, the founder of cryptocurrency-focused job agency Crypto Recruit, said that companies are experiencing difficulties matching applicants to roles. Despite the increase in interest for employment opportunities in the industry, skill shortage is reportedly a significant problem.
The Apple job, for instance, called for 10 years of experience, with at least a five-year track record with alternative payment services such as cryptocurrency.
According to Dundon, some firms are lowering the expectation in terms of skills and experience, adding:
“In terms of length of experience, one or two years is good enough these days […] The skills shortage is so bad at the moment that companies are casting a wider net.”
Related: Specialized workforce needed as crypto and blockchain courses enter colleges
Candidates with “strong crypto knowledge” are reportedly a scarce commodity. Universities and colleges are now offering cryptocurrency and blockchain courses to bridge the skills gap in the $1.4-trillion industry.
Companies are also making internal adjustments to their hiring policies to make certain roles available for remote working conditions. With geographical constraints often restricting companies to a limited skills pool, some businesses are now offering roles to more skilled talents based overseas.
Competing with these established organizations also brings up issues with remuneration, with crypto firms needing to match or offer even greater benefits and incentives to attract skilled workers.
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