With the development of the digital economy, Web3 has become a new outlet, and major manufacturers and investors have focused their attention on it. In the eyes of some people, Web3 can reshape the digital financial transaction system, change the global competition pattern, and achieve overtaking on the Internet in the future. Among them, there are many top investment institutions Sequoia and A16Z, the former even changed its profile to DAO at one point.
However, the occasional layoff news has made Web3 daunting for those outside the industry. For example, Coinbase previously announced layoffs of 18%, with a scale of up to 1,000 people. Of course, Web3 also has companies like OKX that are constantly opening up recruitment positions.
It is said that Web3, which can be distributed across the world, is full of elites or overgrown with grass-roots, and what kind of talents are currently needed by Web3 enterprises has become the information that most users want to know. To this end, OKX and LinkedIn spent nearly 3 months, surveyed nearly 180 countries, and wrote the “2022 Global Blockchain Talent Report – Web3.0 Direction” report.
Based on this report, BlockBeats will interpret the Web3 industry for everyone.
China’s talent growth rate is low, but demand is strong
From a macro point of view, as of June 2022, the total number of blockchain talents has increased by 76% year-on-year. Among them, India, Singapore and the United States have the highest growth rates of 122%, 92%, and 62%, respectively. China is relatively low. Only 12%.
While the total number of talents has increased, the demand for talents has shown a growth that far exceeds the supply. According to the data obtained from LinkedIn Talent Big Data Insights, the demand for talent in 2021 will increase exponentially compared to 2020. Among them, Canada has the highest growth rate, reaching 560%. The growth rates of India, Singapore, the United States, and China were 145%, 180%, 82%, and 78%, respectively.
Although there is a large gap between supply and demand, in fact, in addition to technology and financial companies, most blockchain talents are mainly based on internal flow. LinkedIn Talent Big Data Insights shows that from 2021 to the present, talents have mainly cross-flowed among blockchain companies such as Coinbase, Crypto.com, Gemeni, and Ripple e. The external inflow of talents mainly comes from well-known giants such as Wall Street and Silicon Valley, such as Goldman Sachs, JPMorgan, HSBS, Google, Microsoft, Facebook and so on.
From the perspective of the demand side and supply side of talents, blockchain talents are less restricted by regions, and there is a trend of increasing demand all over the world. However, in terms of absolute numbers, developed countries such as the United States, France, and the United Kingdom still dominate. For countries with relatively prosperous financial and IT industries, there are no small industrial advantages to enter the blockchain and Web3.
Specific to China’s blockchain industry, according to IDC research forecasts, the compound annual growth rate of China’s blockchain market scale from 2020 to 2025 will reach 54.6%, ranking first in the world in terms of growth rate. The compound annual growth rate of the global blockchain market will reach 48%.
In other words, China’s current blockchain industry has a large demand for talents, but few talents enter the industry. At the same time, the subsequent growth of China’s blockchain industry is strong. From the report, it may be a good choice for personal development to change direction to work in the Web3 industry.
Core talent needs are mainly finance and R&D
Web3 is more broadly defined than Web1 and Web2. At present, there is no strict definition of Web3 in the industry, but it has several obvious features, such as data confirmation and authorization, privacy protection, decentralized operation and so on. And these obvious characteristics determine the composition of the main talents in the industry.
From the analysis of the talent composition in the global blockchain field, finance, R&D, business development, information technology, and sales talents are the top five talent types in the global blockchain.
Among the top five talent types in the global blockchain field, the most popular sub-occupations are cryptocurrency traders, software engineers, analysts, support analysts and account managers.
In terms of talent growth, test engineers, cryptologic technologists, compliance analysts, designers, and support analysts ranked in the top five, among which, the growth rate of test engineers was as high as 713%.
From the perspective of talent composition and demand, it can be found that the development of the blockchain industry is still at an early stage, and a large amount of infrastructure is being built. The composition of blockchain talents mainly depends on the development of the industry. In the early stages of industry development, a large number of basic jobs are often required, such as R&D, development, and product construction. If you want to wait for the development of the blockchain industry to become more mature before participating in this industry, you may be able to exercise your capabilities in operations, marketing, and marketing.
At the same time, it should be noted that there are obvious differences in the demand for talents in different countries and regions, and talents are prone to agglomeration effect in regions, such as a large number of engineers gathered in Silicon Valley. While considering the city and career direction, you may also have to think about the fit between the city and the career. For example, in the field of blockchain, Singapore focuses on the recruitment of product managers and software engineers, while Hong Kong, China focuses more on product designers and user experience authors.
At the beginning of talent competition, the number of master’s degree practitioners accounted for 40%
As the market demand for blockchain talents far exceeds the supply, the average salary of blockchain practitioners has exceeded most industries.
According to a Glassdoor report, the average annual base salary for a blockchain developer in the United States is $91,000. The 2020 US Social Security Administration data shows that the average annual salary of Americans is $53,000, and the median is $34,000. Similarly, in the “2021 Beijing Human Resources Market Salary Big Data Report” released by the Beijing Human Resources and Social Security Bureau in November 2021, among the 30 new occupation salary rankings, blockchain engineering and technical personnel have the highest and the annual median salary amounted to RMB 487,000. The average annual salary level of blockchain industry talents in key cities such as Beijing, Shanghai, Guangzhou and Shenzhen is significantly ahead of the average annual salary level of the overall industrial talents in the city.
High salaries have prompted outstanding talents to gather in the blockchain industry. At present, the global blockchain field accounts for 59% of bachelors and 40% of masters, and the overall education is relatively high. At the same time, the data shows that the top ten schools in the global blockchain talent ranking are all world-renowned institutions, including top universities such as the University of California, Berkeley, Stanford University, and Harvard University.
At the same time, many double-first-class universities in China, including Central University of Finance and Economics, Tongji University, and Zhejiang University, have also opened blockchain courses.
On the whole, the blockchain industry is still in its infancy, the policy support of various countries is increasing, the flow of talents is frequent, and the demand is huge. As a practitioner, in addition to hard indicators such as academic qualifications, it is also necessary to continue to expand and extend one’s own capabilities, so as to continue to build core competitiveness. In the view of OKX, the enthusiasm for industry construction is a more scarce resource than the knowledge and skills of the blockchain.
This report not only guides the talents who want to enter the blockchain industry and the industry, but also sets the tone for OKX’s recruitment. OKX CMO Haider Rafique said, “OKX’s research results reflect our continued expansion of our expectations. OKX’s determination to continuously innovate and improve users, along with blockchain and Web3 at its best, allows us to continue to attract talent.” In the bear market, OKX still adheres to the policy of attracting talents from inside and outside the industry. Linda Tse, head of global talent recruitment, said that OKX still has 19,000 job applications open.
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