During the crypto winter, people talk about recruitment as the recession looms and inflation thrives. However, a new survey shows most citizens consulted are not trying to resign.
According to executive search firm JMJ Phillip, people seem more optimistic about their jobs despite high fuel prices, a looming recession, and inflation. In contrast to the previous year, fewer employees want to change careers in the next 6 to 12 months.
Dennis Theodorou, the CEO of JMJ Phillip, this inflation is the highest in recent history as public and cryptocurrency markets are declining. Besides, the Federal Reserve (Fed) has raised interest rates, creating uncertainty in the economic environment for the next 6 to 12 months. However, employee confidence remains significantly high despite all these pessimistic signs.
Concerning the job market, JMJ Phillip considers that technology is the canary in the coal mine. They say that tech companies often need relatively cheap liquidity to fund ambitious growth plans and massive human resources. Companies like Tesla, Coinbase, Redfin, Compass, BlockFi, Cazoo, and Notarize to announce layoffs due to recent rate hikes.
There Are Fewer Resignations in the Cryptocurrency Industry
Neil Dundon, the founder of CryptoRecruit, says that failing cryptocurrency projects have been quite common among companies like Celsius. However, he believes that many talented people have found the opportunity to create quality projects amid the massive layoffs in the market.
Dundon points out that there have been similar cycles before, although the market is not as active as in 2021. He considers that many companies have absorbed recession a little better this time, making better business decisions to protect themselves.
The entrepreneur comments that there have not been as many resignations in the cryptocurrency industry as in other areas. He explains that people enter this field to get paid and for the passion of working in the crypto space.
Many are enthusiastic about working on Web3, as they do not feel the restrictions imposed in other industries. In the latter, employees only do their jobs to earn a salary.
Decentralized Autonomous Organizations Offer Developers Opportunities for Growth
Dundon thinks that decentralized finance has slowed down due to the collapse of the overall crypto market, as people are seeking to protect themselves. However, he says that Decentralized Autonomous Organizations (DAOs) offer opportunities for developers who understand blockchain technology and have business skills.
The CEO of JMJ Phillip notes that there is always a need for developers who can create smart contracts. He highlights that companies want people who can devise controlled smart contracts that prevent hacks for USD 50 million.
They choose those people who did it by themselves while receiving training in Solidity, the high-level language for implementing smart contracts. Good software developers always learn in their spare time, which is not different from the Web3 language.
Bitcoin is trading at around USD 23,738 and has accumulated an 8.0% gain over the last 24 hours. Its daily trading volume is above USD 50.48 billion, while its market capitalization is about USD 453.37 billion, according to CoinGecko.
By Alexander Salazar
