Searches for Remote Crypto Jobs See Massive Surge Amid Market Rout
- Internet searches for "remote crypto jobs" have never been higher globally
- Current layoffs in the crypto industry seem to affect this search trend
With employee preferences tilting towards a WFH model of working in a post-pandemic world, there has been a massive increase in interest for remote jobs or at least those that promote a hybrid working model, especially amongst tech professionals across the world.
This trend is however particularly strong for the crypto space where interest in remote crypto jobs is booming and supplemented by increased hiring by industry constituents over the past few years.
A Google Trends (GT) study on internet searches for the term ‘remote crypto jobs’ over the past five years indicates that the search index has reached a score of 100 through the period June 12-18, 2022, representing a 614% jump over the same corresponding period in 2021 when it stood at just 14.
Interestingly, with the cryptocurrency and blockchain industry being flooded with record levels of venture funding, hiring has not ebbed despite the current bear cycle in the crypto markets and is indicative of the developmental work being undertaken across many segments by industry participants.
Benefits of increased remote working acting as a tailwind
When the COVID-19 pandemic forced employers into introducing the WFH concept, it has the most preferred working model for a bulk of the white-collared workforce in major economies across the globe.
Raj Kapoor, Chief Advisor at Acryptoverse, says that despite a tight labor market that is still affected by the after-shocks of the pandemic, demand for remote jobs is booming and blockchain technology continues to attract the maximum interest amongst sectors in the technology space.
Job listings on FlexJobs, a site for individuals interested in remote flexible work, corroborate the same trend and even salary data from compensation platforms like PayScale deliver a clear verdict- remote crypto jobs top the charts.
Blockchain topped LinkedIn’s most in-demand hard skills and with the pandemic demonstrating that white-collar work can be done from anywhere, there has been an allied boom in interest from companies and potential employees for remote crypto jobs. For employees, remote working provides for a better work-life balance on account of reduced or negligible commute time, and cities or countries with lower taxes, good infrastructure, and quick access to an international airport are attracting the maximum interest for fully remote work.Raj Kapoor, Chief Advisor at Acryptoverse
Companies in the technology space can tap into an international talent pool by employing remote tech professionals and maintaining 24X7 operations by allocating human resources across the different time zones.
Additionally, they can go away with cross-border visa protocols and bring down hiring costs by optimizing resources from different countries, ultimately contributing to a lower carbon footprint and improving the sustainability of operations.
Crypto firms pioneered remote working even before the pandemic
Sharat Chandra, Vice President - Research & Strategy, EarthID said that even before the world was besieged by the COVID-19 pandemic, crypto, and blockchain-based technology firms were the first to adopt a completely decentralized model of working.
Emphasis on this remote-first hiring strategy has gained even more prominence since the pandemic and has, in turn, accelerated the mainstreaming of remote jobs.
The future of work is being reimagined and human resource professionals across the world have acknowledged the significance of leveraging remote hiring to cater to changing client and business requirements. Remote jobs are here to stay and will augment the adoption of hybrid work models across sectors, especially the technology-heavy crypto and blockchain industries.Sharat Chandra, Vice President - Research & Strategy, EarthID
He believes that businesses are only just opening up to the reality of employing a "global workforce" where remuneration is dependent on the individual's skill-set and problem-solving aptitude rather than geographical factors.
Another likely reason for the faster adoption of remote working is due to companies looking at remote hiring to support gender inclusion and improve diversity in their respective organizations.
Recent announcements of layoffs mere red herrings
The month of June 2022 has been particularly gloomy for crypto investors and those employed in this burgeoning space. While cryptocurrencies continue to trend downwards, crypto firms such as Coinbase, Crypto.com, BlockFi, and Bitpanda have announced layoffs to counter rising operation costs, brought upon by inflationary pressures and stagnant GDP growth worries that are pointing towards a looming recession.
However, this has acted as a mere distraction for those looking to join the crypto industry, as displayed by the highest ever search index value for the term ‘remote crypto jobs’ in the month of June 2022.
Notably, even as crypto exchange Gemini announced reducing its headcount by 10% on June 2, the search index value surged to 90 in the next few days.
Likewise, when Coinbase announced its plans to cut 18 percent of its total staff on June 13, the search index value peaked to 100 on that same day.
These statistics signal that despite signs of certain industry participants tempering their expansion drive, the crypto industry as a whole continues to attract interest from established and budding tech professionals, as reflected in GT statistics.
As the industry matures and more innovative products are brought to market by new entities, the overall interest, and supply of remote crypto jobs could be well poised to move in tandem, potentially surpassing even previously witnessed interest levels amongst employees and companies alike.