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In spite of a wave of significant crypto layoffs to begin the New Year, employees in engineering or technical positions, and senior leadership, It is likely that there will continue to be "strong demand" for their skills, recruiters believe inHowever, paone suggested that although crypto layoffs have been pioneering, it has not encouraged crypto professionals to turn away from the industry.
The early weeks of 2023 have been difficult for crypto companies and their personnel. In just two weeks, the market has already experienced over 1,600 job losses related to cryptography due to ongoing market volatility and uncertainty.
However, not every department was cut in the same way.
SAFU: Senior-level tech and engineering
Rob Paone, founder and CEO of crypto recruitment firm Proof of Talent, told Cointelegraph that technical and engineering roles are by a “wide margin” the most in-demand jobs, even during bear markets.
He stated that his company still sees "high demand" for these positions, adding that these wages are still "highly competitive" although "submission war scenarios" are no longer the case for these employees.
Johncy agregado, director of crypto recruitment capman consulting firm, said it is common for intermediate-level roles to be scaled down during a bearish market.
Says high-level functions have a tendency to "double or triple" during a bear market.
Says high-level functions have a tendency to "double or triple" during a bear market.
Agregado also indicated that the CTO and CISO positions are generally secure, because people in these positions have to keep the company fluid and keep "things in order" while the market corrects.
Non-EFAS: "Not Mission Essential"
Not safu: ‘critical non-mission'paone says though that the jobs that crypto companies tend to cut first are "usually around" internal recruitment, customer service, compliance, and everything that "does not generate revenue or products". Investor and podcaster Anthony Pompliano—who is also the founder of crypto recruitment firm inflection points—said as each firm approaches bear markets differently, he has always seen the "critical non-military jobs" most affected by dismissals.
These roles, in pompliano's opinion, are all roles outside of products, engineering, operations, customer service and management.
Commenting on the current bear market, Pompliano said he heard "many reports" about wage cuts in small businesses, while others froze annual increases and bonuses.
Related: Crypto layoffs trigger mixed responses from the community
Recent months have seen a string of crypto firms, particularly exchanges, cutting staff amid the market downturn.
Paone added this in some cases as well, even those who perform technical functions may not be in a position to entirely avoid job losses, explain that crypto companies forced to do "deeper cuts" had to cut back on their engineering and product teams as well.
Related: Crypto layoffs trigger mixed community responses100 months have seen a series of crypto companies, in particular exchanges, reduction of personnel in the context of the decline of the market. Kris Marszalek tweeted on Jan. 13 that the exchange had made the “difficult decision” to reduce its global workforce by “about 20%” because of the tough market conditions and recent industry events.
13 that the stock exchange had taken the "difficult decision" to reduce its world labour force "by about 20%" due to difficult market conditions and recent industry developments. 10 that the exchange would cut 950 jobs as part of a plan to reduce operating costs by around 25% amid the ongoing crypto winter.
10 that the scholarship would eliminate 950 jobs as part of a plan to reduce operating costs by approximately 25% in the context of the current crypto winter.
Crypto exchange BINANCE was one of the few to announce the contrary, hinting at plans for a "hiring orgy" in 2023 at a Swiss crypto conference.
