Author: Franklin
Compiled by: Felix, PANews
On the first Friday of each month, the US Department of Labor releases the employment report for the previous month, focusing on wage data from various sources reported by companies. However, there is currently a lack of in-depth analysis of the employment market within the Web3 industry. This report will focus on the latest employment market trends in the United States and then carefully examine what is happening in Web3.
Highlights of the US Employment Market
Over the past 12 months, there has been continuous speculation about the Federal Reserve's interest rate hikes and whether they would affect inflation, employment, and other economic indicators. After several quarters of rate hikes, the market has been waiting to see if the rate hikes have achieved the expected effect of slowing economic growth. Overall, the report for August is positive.
A soft landing means avoiding a full recession or a period of economic activity slowdown after a period of high growth. The report shows:
- Moderate wage growth
- 187,000 new job positions added
- More people entering the labor market, which helps balance the supply and demand for job vacancies
- Unemployment rate remains low at 3.8%
Web3 Employment Market
Although the Web3 industry is part of the above statistical data, Web3 is unique and deserves further analysis. The report below analyzes the types of positions offered by Web3 companies, work locations, compensation, and types of recruiting companies.
Positions
The report collected hundreds of vacant positions from multiple job search websites to determine the most urgently needed skill sets. The details are as follows:
Software Engineers (160 job postings)
- Required specialized skills: Solidity and Rust
- Cross-platform development: Companies are looking for software engineers who can build applications that seamlessly link multiple decentralized platforms, thereby achieving interoperability within the Web3 ecosystem.
- Scalability and performance optimization: Web3 projects prioritize scalability and performance enhancement, increasing the demand for software engineers with experience in optimizing decentralized systems to cope with the growing user activity.
Product Managers (78 job postings)
- DeFi and dApp innovation: Focused on advancing decentralized finance (DeFi) protocols, dApps, and other Web3 applications to enhance user experience and drive industry innovation.
- Interdisciplinary: Product managers in Web3 typically require a range of skills, including blockchain technology knowledge, user-centered design, market analysis, and understanding regulatory factors to navigate the evolving decentralized environment.
- Strategic partnerships and integrations: Recruiting business development managers alongside product managers indicates a focus on establishing strategic partnerships with other Web3 projects and integration opportunities to expand the product's coverage and utility.
Business Development (61 job postings)
- Driving adoption and growth: The demand for business development managers highlights the industry's emphasis on exploring new markets, building industry relationships, and identifying growth opportunities to drive the adoption and expansion of Web3 platforms and protocols.
- Familiarity with regulatory environment: Business development managers in Web3 may be responsible for understanding the latest developments in regulation and formulating partnership relationships and business strategies that comply with the constantly changing legal and compliance requirements of decentralized technology.
- Building ecosystem collaborations: The large number of job postings indicates a growing focus on promoting collaboration between different Web3 projects, interoperability solutions, and cross-chain initiatives to create a more interconnected and cohesive decentralized ecosystem.
Work Locations
In the analyzed recruitment information, at least 93% of the positions to some extent offer remote work as an option. So far, fully remote work is the most popular choice for companies.
While many technology and financial services companies are striving to bring employees back to the office, the opposite trend is seen in Web3. Companies are choosing to recruit globally to attract the best talent with competitive salaries.
Based on public data, after remote work, the United States is the primary employment market. Despite the current uncertainty in cryptocurrency regulation, the importance of the United States in the industry can still be seen. The recruitment numbers in the UK and Canada regions closely follow.
Compensation
Compensation varies with job requirements. The average annual salary for blockchain developers is slightly higher at $136,000, while the average annual salary for Solidity developers is $125,000.
What types of companies make up the Web3 industry?
Early-stage companies dominate the recruitment market, with seed round/pre-seed companies advertising the most vacant positions. Despite a decrease in venture capital in the mid-2023, early-stage companies still have a large number of vacant positions.
Considering the dynamics of freelance "contributors" rather than formal employees and contractors, the formal vacancies of DAOs (decentralized autonomous organizations) may be underestimated.
Disclaimer
These data are only from multiple cryptocurrency employment committees and may not fully represent the employment opportunities in the blockchain, cryptocurrency, and Bitcoin fields. There is potential geographic bias as these websites may be more popular in certain countries/regions.
The data does not reflect positions after July 2023 or outside the listed websites. Compensation is only listed in public cases and should not be considered as factual sources. Limitations of keyword restrictions, subjectivity in job classification, and exclusions of external factors such as economic changes or regulations also constrain the data.
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