Blockchain and Crypto in the Labor Market: Overview of Salaries, Taxes and the Most In-Demand Jobs
(Source: cointelegraph.com)

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(Original link: cointelegraph.com)

Julia Magas Blockchain and Crypto in the Labor Market: Overview of Salaries, Taxes and the Most In-Demand Jobs Job seekers’ interest for positions related to blockchain and cryptocurrency has declined, while employers’ interest only rose in 2018. How do cryptocurrencies prices and blockchain technology development correlate with the changes in the labor market? “Half-a-million-dollar job” and “insane packages”: How much are blockchain specialists paid today and is the demand for their skills as high as before? 578 Total views 98 Total shares In depth Over the past months, the cryptocurrency market has been demonstrating bearish sentiment, with crypto prices falling to a yearly lows. This is making some blockchain companies rethink their business models and cut employees. However, the slump didn’t prevent the blockchain industry from experiencing a human resources boom, as evidenced by an active growth of vacancies associated with blockchain and digital assets, according to the latest study by recruiting site Glassdoor. Increase in demand for blockchain-related jobs As estimated by LinkedIn analysts, 645 vacancies tagged with the words “blockchain,”“Bitcoin,” or “cryptocurrency” were published on the site in 2016. By 2017, this value has surged to approximately 1,800 and to 4,500 vacancies by mid-May of this year. As of now, LinkedIn’s search system displays 13,816 records related to blockchain and 2,479 records related to cryptocurrency. These estimates are supported by recent data published by Glassdoor’s recruitment portal. As of August 2018, United States companies had posted 1,775 vacancies related to blockchain technology, which is three times more compared to the previous year. As noted in the Glassdoor report, 79 percent of the vacancies are concentrated in the 15 largest American cities, and the most saturated demand regions show that New York and San Francisco account for 24 percent and 21 percent of the total number of crypto-industry job openings. The current total number of blockchain and cryptocurrency vacancies worldwide has grown to around 3,000 and 900 correspondingly. Software developers are the highest demanded occupation, with 19 percent of vacancies published by employers seeking employees falling into this category. In addition to programmers and technical specialists in the crypto industry, there is a shortage of product managers, risk analysts and marketing specialists. Traders and investment analysts are not among the most sought-after professionals in the crypto industry. But there are more and more vacancies for specialists in new disciplines that have appeared in the wake of blockchain technology’s popularity —“Decentralized Finance,”“Decentralized Internet,” and “Security Hardware.” However, if taking into consideration the last three months, a fuller picture looks partially different. According to the extended analytics shared by job-search platform Indeed with Cointelegraph, from October 2017 to October 2018, job-seeker interest for roles related to Bitcoin, blockchain and cryptocurrency declined by 3 percent, while employer interest for roles related to the same terms only rose (25.49 percent), which was different than the interest levels from the year before by both parties. If looking at data from 2016 to 2017, job-seeker interest for roles related to Bitcoin, blockchain and cryptocurrency rose by 481.61 percent, while employer interest for roles related to the same terms rose by 325 percent. The following graph shows both the growth of job-seeker interest in jobs with these keywords and the growth of job postings for jobs with these keywords for that time period. Today, IBM , ConsenSys and Oracle have the greatest need for qualified personnel. Each of them has more than 200 corresponding vacancies, as Glassdoor reports. They became strong competitors of the industry leaders like crypto exchanges , among which Coinbase and Kraken have the greatest need for qualified personnel. The list of major employers for blockchain professionals has also been joined by larger consulting firms Accenture and KPMG . At the same time, the lack of vacancies related to blockchain from such giants as Facebook , Google and Apple could be noted. The need for crypto industry experts isn’t a uniquely American phenomenon. In August, Cointelegraph reported a 50 percent increase in the number of vacancies associated with blockchain and cryptocurrency in Australia , India , Singapore and Malaysia compared with 2017. At the same time, developers who are proficient in the Python programming language are among the most desirable candidates. “Half-a-million-dollar” jobs and “insane” packages The lack of qualified personnel means higher salaries for blockchain specialists. As estimated by Glassdoor, the average base salary for such employees is $84,884 a year. This is 62 percent higher than the average wage in the United States ($52,461 per year). At the same time, the variation in salaries ranges from $36,...

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