A shortage of crypto talent is pushing up salaries at Indian companies engaged in the domestic and global blockchain industry, local media reported citing recent research data. The demand for professionals in the field has grown rapidly over the past year.
Crypto Experience can earn up to $ 100,000 in annual salary
Indian IT companies providing services to global clients, fintech startups and consulting firms have been fighting over experienced specialists in crypto technologies, resulting in what the Economic Times describes as a wage war. A report from the business daily indicates that the demand for this type of talent has increased dramatically in recent months.
The number of active vacancies this month, the newspaper wrote on Wednesday, stands at more than 12,000, a 50% increase over last year. The figures cited are from the latest report from the staffing services company 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 space and the positions available. The talent gap is putting upward pressure on the sector’s remuneration.
Salaries can reach up to 80 lakh Indian rupees per year, more than $ 106,000 at the time of writing, for specialists with eight to ten years of experience, the article notes. Commenting on the results, Xpheno co-founder Kamal Karanth said:
Despite the crypto field’s 12-year lifespan, its mainstream visibility and talent focus is less than ten years.
Another report, prepared by the Indian Technology Industry Association Nasscom and the Wazirx cryptocurrency exchange, reveals that the country’s crypto-tech industry employs around 50,000 professionals. Sangeeta Gupta, senior vice president of Nasscom, told The Economic Times that the organization expects 30% more jobs to be created in the coming months, if the sector maintains its current growth rate.
Companies in the industry are most often looking to hire people with skills in blockchain, machine learning, security, Ripplex solutions, data analytics, and front and back-end. According to Xpheno, there is a 30-60% talent shortage in these high-demand skill sets.
However, for some niche skills in crypto, cybersecurity, data science and other fields, the gap has already reached 50-70%. Kamal Karanth predicted that the competition for talent and the ongoing wage war will continue over the next two years.
Do you think India will be able to train enough talent over the next two years to close the gap between vacancies and the number of qualified applicants? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.