Those working in the crypto industry today are much more likely to receive job compensation in the form of equity than crypto tokens, unlike only a few years ago.
According to survey results published by Variant and Union Square Ventures on Dec. 21, new crypto industry hires were three times more likely to receive equity than tokens in 2023, unlike in the past, when crypto companies tended to compensate employees with tokens instead of equity.
The report states that between 2013 and 2018 none of the Web3 firms were offering equity compensation, while token-based compensations were a norm. Before 2023, less than 40% of surveyed employees received equity, while about 50% received tokens. However, this year, the trend reversed.
As of now, startups are experimenting with new incentive mechanisms, with new hires three times more likely to receive equity than tokens.
The survey also revealed other talent-hiring trends within the crypto space.
Approximately 50% of survey respondents claim they compete for new hires almost entirely with other crypto startups, while 25% compete primarily with web2 companies. Other 25% recruit equally from both types of businesses.
In addition, the survey suggests that during a bear market recruiting in Web3 may be more accessible than attracting newcomers to the crypto industry.
As for the composition of crypto teams, almost half of the headcount across web3 companies surveyed are engineers who specialize in smart contracts, solidity, protocol, web3, ZK, or cryptography. Web3 engineers are paid 23%-27% more than their counterparts in the general market.
Those who want to develop a meaningful and prosperous career in Web3 and earn decent compensation in either crypto or fiat should also consider blockchain development training and becoming a blockchain developer. Due to rising demand and the transition to Web3 technology, blockchain developers are currently among the highest-paid professionals globally.