Blockchain Employment: Trends and Challenges (Part II)

This section focuses on the intricate landscape of compensation and benefits within the cryptocurrency industry, highlighting the unique challenges and trends that define this domain.

"Data is King"

💥 Data is King: Data is of utmost importance in the organizational landscape! This holds especially true within Crypto, where companies refrain from partaking in salary surveys conducted by local or global providers. The absence of such data presents a substantial challenge in setting standardized salary benchmarks within the industry. The lack of comprehensive data analytics on salaries complicates recruiting and planning for compensation in these specialized roles.

Conventional Tech salary standards presently determine crypto salaries. To illustrate, a specialist in the blockchain domain would anticipate receiving remuneration at the upper echelons of the salary range, commonly falling within the 75th or 90th percentiles within the broader technology job market.

Many crypto enterprises adopt a remote work model, emphasizing expertise over location due to the industry's niche nature. Employees are frequently mobile, having become accustomed to remote work practices.

Consequently, implementing a regional payroll approach becomes exceedingly challenging because employees don't confine their job searches to specific locations but explore opportunities worldwide. This situation leads to fierce global competition for available roles within the sector.

Regarding experts involved in Decentralised Autonomous Organization (DAO) projects, where maintaining anonymity is often crucial, the challenge arises in determining benchmark salaries for different regions. The project management team may be unaware of the location of their employees or consultants, making it difficult to establish appropriate salary standards for specific areas. Consequently, attracting and retaining such expertise across diverse regions becomes a complex task. Setting a low salary cap might not be conducive to securing the required knowledge, especially in more expensive areas like North America and Western Europe, that would potentially disrupt your financial planning.

Additionally, the prevalent practice of compensating in cryptocurrencies further complicates the calculation of gross and net salaries.

Contact Us:

Please read our previous HR Guide on onboarding here or click Blockchain Employment: Trends and Challenges (Part I).

We also wrote other articles on crypto recruitment and compensation. Please find it here:  Navigating the Landscape of Crypto Compensation and Benefits (Part 1) & Navigating the Landscape of Crypto Compensation and Benefits (Part 2). You will discover our practical tips and recommendations based on our experience, mistakes, and successes in our journey, from 35 employees in 2021 to 145 people across 37 countries in 2023.

Do not hesitate to ask questions in our Telegram chat or check our career page at https://p2p.org/careers.

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