Highlights from the Plexus Annual Crypto Hiring Report 2024

If there’s a constant factor in the crypto market, it’s turmoil and constant change. 2023 was no exception – if anything, it proved to be a particularly challenging and dramatic year.

At Plexus, we have the privilege of working with leading companies and top talent in the space, giving us an unusual perspective on the entire market. Here’s what we learned about crypto, web3, and the broader sector in 2023.

Market Insights

The Rise of a Candidate-Driven Job Market:

The job market is increasingly becoming candidate-driven, especially for those with specialised technical expertise in fields such as blockchain development, cryptography, and programming languages like Rust and Solidity. These candidates are now in a powerful position, often receiving multiple job offers and having a stronger negotiating stance for higher salaries.

Balanced Demand Across Varied Technical Skills:

While there is a high demand for specialised technical skills, there is also a growing appreciation and demand for roles that require a broader range of technical abilities. This equilibrium highlights the industry’s recognition of the importance of diverse skill sets, with positions in DevOps, frontend development, and design becoming as sought after as more niche roles.

Trend Towards Cautious Optimism and Steady Growth:

The industry is navigating a recovery phase with a focus on cautious optimism and aiming for steady, sustainable growth. Companies are striving to offer competitive salaries while maintaining sustainable business practices. At the same time, professionals are seeking positions that offer not only immediate advantages but also the potential for long-term stability and career development. This approach suggests a balanced path forward, mindful of past hurdles while optimistic about future opportunities.

A Move Towards Alliances, Not Just Products:

Product-focused roles decreased in 2023, while business development and sales roles boomed. This trend follows a market that largely consolidated in 2023, with less focus on new offerings and more on strategic alliances and building out web3 ecosystems. Skilled BD experts proved invaluable for companies looking to build a foundation for the future and seeking to clarify their spot in an evolving market.

Developers Doing More:

On the language and development, languages shifted again in 2023. Solidity remains the leader, especially for Ethereum-based projects. But farther down the list of popular languages, the situation gets more complicated. Languages like Rust and Go are growing, while there’s a dual focus on both niche specialist skills and developers that can work across different projects.

Candidate Insights:

What are today’s crypto candidates looking for? Increasingly, top talent in the space prioritises positions that:

• Encourage professional growth. A strong career path, autonomy within the position, and the opportunity for a leadership role down the line are all growing points of emphasis.
• Foster personal development. Top talent looks for positions that provide chances to learn new skills and develop career networks. Research and development opportunities are an added benefit.
• Emphasise collaboration, not competition. Job seekers prefer working in innovative and collaborative company cultures. They seek environments that promote creativity, risk-taking, and teamwork, indicating a preference for dynamic, forward-thinking workplaces.
• Value open communication. Candidates repeatedly express a preference for workplaces with open and transparent communication within a flat organisational structure. They value settings where their opinions are respected and considered, and where decision-making processes are transparent and inclusive.

The Outlook

The year 2023 was a pivotal moment for the industry. As we move into 2024, the trend shifts towards a candidate-driven market, with experienced professionals gaining more control over their career paths, leading companies to offer more competitive packages and attractive work environments.

The year ahead is anticipated to be one of strategic growth and diversification, especially in the crypto and Web3 sectors, with emerging areas like gaming, AI, and new blockchain technologies driving innovation and job creation. Key developments, such as the approval of the Bitcoin spot ETF and significant regulatory milestones, have boosted investor confidence and regulatory acceptance, contributing to industry growth and increased hiring.

Plexus views 2024 as a crucial year, full of promising opportunities and advancements. If you’d like to learn more details about salary trends, promising programming languages, and deeper market analysis, you can find the full report here.