The current hiring landscape in Web3
In the episode of The Scoop, Frank Chaparro is joined by Rob Paone, the founder and CEO of Proof Of Talent to talk about how the crypto hiring landscape has changed during the bear market.
Read our notes below to learn more.
Rob’s professional history so far
Worked in sales for Oracle.
Made his own YouTube channel and ran a podcast.
Worked at AirSwap and then founded Proof Of Talent.
Underwent an acquisition in the summer of this year.
What the recent layoffs mean for a recruiter
Having a crypto-specific skill set is valuable.
There are firms that are still hiring.
Unsure if all the laid off people can get hired in Web3 or will have to look elsewhere.
Is there a shift of people from bigger firms to newer projects?
The companies that grew the fastest in the last cycle had the biggest layoffs.
A lot of newer projects and some that didn’t hire much previously are now.
The bull run was much easier to find jobs and it is relatively harder now but not impossible.
Advice for individuals looking to get hired in Web3
Individuals need to know what they want to do in crypto.
If they’re already hired in crypto it is very easy to transfer to new roles.
Relevant experience is necessary to transition easily, technical roles are the easiest to transition from Web2 to Web3.
Huge demand for engineering talent.
Non-technical positions are harder to transition but there are a lot of options for these roles.
Non-technical teams tend to get laid off before the technical teams.
How to negotiate in the current market conditions
Compensation is still strong for job seekers, especially for those with experience.
Try and stick to a number one likes which is reasonable as well.
Be clear about the structure, more base or less base+equity/tokens.
How companies convince employees to join crypto
Companies have to talk about their plan of action and be transparent with the candidate on all fronts including runway and finances.
People know things are not great right now so companies should address their positions.
Candidates should look at management levels and how they have dealt with the situation thus far.
TODAY’S EDITION IS BROUGHT TO YOU BY LEDGER NANO POD
If we have learned anything lately, it’s that controlling the crypto in your custody is of utmost importance. The Ledger Nano Pod helps secure your Ledger hardware wallet on the go.
Keep your hardware wallet accessible and in perfect condition.
Act now, click the link below and secure your crypto.
Scenario of salaries currently
The average compensation for a candidate hired via Proof Of Talent in 2022 is $197k.
Focusing more C level employees or senior engineers.
Senior level engineers and marketers are getting packages between $150k-$250k.
Compensation is still not as high as top silicon valley firms.
Thoughts on token compensations in the current market
Tokens have similar vesting to equity, 4 years vesting with 1 year cliff.
Tokens are liquid, and can be sold instantly upon receiving unlike equity.
Apart from Coinbase, people that took equity haven't had many chances to exit.
Thoughts on culture in crypto companies
Some companies are totally remote post-covid, some are partially remote, and some are in-office; the culture is drastically different in all of these.
Candidates should know the type of job they want, location-wise.
Crypto companies can be fully remote more efficiently.
Advice for people wanting get into crypto right after college
Relatively harder for recent grads to get into crypto as companies look to hire people with experience.
Look for medium-large size companies that have training infrastructure in place.
Thoughts on current hiring scenario and impact of prices on it
Late May, June, July was a tough time to get hired and a lot of companies were laying off or freezing hiring.
August, September, October have been better months.
Hiring continues to lag in accordance to the prices as the space’s liquidity and revenue have been impacted.
Advice for companies on how they can lay off the right way
Leadership is the key, being human and transparent is important.
Offer generous severances and packages.
Dos and Don'ts for companies and candidates in the process of hiring
Be respectful and don’t burn bridges.
Be fully transparent on the current scenario, if you have other opportunities on the table say so.
In the middle to later stages in the process especially it is important to clarify if one is looking at other opportunities too.
Companies move slowly through the process, if they really want to hire good talent they should do it faster and give them an accurate timeline.
Candidates should avoid dragging and wasting time if they get an offer letter and like it.
Things candidates have to know to get hired in crypto
People do not need to be an expert for the position they want to be hired for.
Candidates should be able to speak well on at least one area of crypto.
Talk in-depth about what candidates like in the space.
Check out these important links
TODAY’S EDITION IS BROUGHT TO YOU BY LEDGER NANO POD
If we have learned anything lately, it’s that controlling the crypto in your custody is of utmost importance. The Ledger Nano Pod helps secure your Ledger hardware wallet on the go.
Keep your hardware wallet accessible and in perfect condition.
Act now, click the link below and secure your crypto.