Despite the phase of crypto layoffs at this year’s beginning, employees related to technical and engineering roles, along with senior management, expect continuation of “strong demand” for their skills, as per recruitment professionals, according to Cointelegraph.
As reported by Cointelegraph, within two weeks of 2023 saw around 1,600 crypto-based job cuts on account of implications over market volatility and uncertainty. It is believed that not every department has witnessed the same level of job resignations.
On the basis of information by Cointelegraph, Rob Paone, founder and CEO, Proof of Talent, a crypto recruitment firm, stated that technical and engineering responsibilities are considered to be the most in-demand jobs, despite presence of bear markets. Reportedly, Paone’s firm is still seeing “strong demand” for these roles. Johncy Agregado, director, CapMan Consulting, a crypto recruitment firm, highlighted that it’s common for mid-level roles to be cut down during a bear market. Furthermore, Agregado said that senior duties tend to “double or triple” during a bear market.
Moreover, Cointelegraph noted that Paone emphasised on the jobs which are cut first by crypto firms include in-house recruiting, customer service, compliance, and anything “non-revenue or product generating.” Anthony Pompliano, founder, Inflection Points, a crypto recruitment firm, has claimed about witnessing “non-mission critical jobs” being affected the most by layoffs. Insights from Pompliano stated that the mentioned roles exclude product, engineering operations, customer service and management. In the previous week, crypto exchanges Crypto.com and Coinbase both made announcements of job cuts to their global workforces.
(With insights from Cointelegraph)