OKX, the cryptocurrency platform and LinkedIn, the professional network, have co-authored a report that highlights the imbalance between the supply and demand of qualified talent in the global blockchain industry.
The in-depth research, based on LinkedIn’s exclusive big data analysis, took data from 180 countries in the period between January 2019 and June 2022. It covers the blockchain sector, as well as sub-industries that include the cryptography, quantum computing and distributed ledger sectors, as well as more than 15 other related sub-industries.
The report reveals that, as of June 2022, the supply and demand of talent in the global blockchain field are out of balance, with qualified candidates in short supply. The total number of LinkedIn members working in the blockchain field has increased by 76 per cent year-on-year, but the major countries that blockchain sector candidates have traditionally come from are experiencing negative talent growth. China, where growth is stable, is the exception to this trend.
Haider Rafique, chief marketing officer, OKX, said: “The results of the study we have conducted with LinkedIn reflect our own ongoing search for great talent at OKX. We announced previously that we were going to increase our headcount by 30 per cent by the end of next year and this remains true. I am confident that OKX’s leadership among crypto exchanges, our determination to constantly innovate and improve the user experience, and our certainty that blockchain and Web 3.0 is the future will allow us to continue to attract the best talent.”
The research also shows that the demand for core talent has shifted from financial-oriented to candidates with technical skills. In terms of the number of job postings, R&D specialists top the global demand, followed by information technology. Product management, marketing and human resources job offerings are not far behind. From the perspective of recruitment demand, financial candidates are now ranked in the sixth position.
Another challenge highlighted by the report involves the short tenure of candidates and the high turnover rate. The LinkedIn Global Talent Big Data Insights report shows that the average tenure of global blockchain talent is 1.2 years. The report also shows that in addition to the influx of talent from traditional financial and technology companies, talent movement in the global blockchain industry is mainly based on intra-industry flow.
Linda Tse, global talent acquisition lead, OKX said: “As a booming frontier industry that is affected by the talent trends of the entire blockchain sector, the competition for high-quality candidates and the frequent movement of talent is somewhat inevitable. That being said, OKX’s strong focus on innovation, professional development, work-life balance and our mission-driven mindset are supporting our talent growth strategy. We received almost 19,000 job applications in May of 2022, and this number has only kept on increasing”