A crypto talent shortage is driving salaries at Indian companies engaged in the domestic and global blockchain industries, local media reported, citing data from recent studies. The demand for skilled workers in this area has risen rapidly in the past year.
Crypto experience can earn up to $ 100,000 in annual salaries
Indian IT companies serving global clients, fintech startups, and consulting firms all compete for specialists with experience in crypto technologies, leading to what the Economic Times calls the wage war. A report in the business newspaper shows that the demand for this type of talent has increased significantly in recent months.
The number of active vacancies this month, the newspaper wrote on Wednesday, is over 12,000, an increase of 50% over last year. The figures mentioned come from the current report by the personnel service provider Xpheno.
The relatively young age of cryptocurrency technology, just over a decade old, is arguably the main reason for the gap between the limited number of experts in the field and the jobs available. The shortage of skilled workers is putting upward pressure on wages in the industry.
According to the article, salaries for specialists with eight to ten years of experience can reach up to 80 lakh Indian rupees annually, more than $ 106,000 at the time of writing. Commenting on the results, Kamal Karanth, co-founder of Xpheno said:
Despite the crypto-domain’s 12-year lifespan, its mainstream visibility and talent-related attention is less than a decade.
Another report produced by India’s technology industry association Nasscom and cryptocurrency exchange Wazirx shows that the country’s crypto technology industry employs around 50,000 people. Sangeeta Gupta, senior vice president at Nasscom, told the Economic Times that the organization expects 30% more job creation over the next few months if the sector maintains its current rate of growth.
Companies in the industry are most often looking for people with blockchain, machine learning, security solutions, Ripplex solutions, data analytics, and front and back end skills. According to Xpheno, there is a skills shortage of 30 to 60% in these highly sought-after skills.
However, for some niche competencies in crypto, cybersecurity, data science and other areas, the gap is already 50 to 70%. Kamal Karanth predicted that the competition for talent and the ongoing wage war will continue for the next two years.
Do you think India can develop enough talent in the next two years to fill the gap between vacancies and the number of qualified candidates? Let us know in the comment section below.
Tags in this story
Blockchain, company, competition, crypto, crypto-tech, crypto currencies, crypto currency, data, deficit, employees, experts, fintech, fintech companies, fintech startups, gap, India, Indians, Indians, IT companies, professionals, remuneration, Report, reports, salaries, skilled workers, personnel, recruitment, startups, studies, talents, wages
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.