Web3 technology initiates the next internet evolution, from the user-enabled interactive protocol we’ve grown accustomed to in Web2 to a decentralized Web3 platform where users fully own their data.
Web3 is emerging increasingly rapidly with blockchain technology and the benefits of peer-to-peer transactions or added security and privacy without intermediaries, a wholly distinct era in internet history. Surely, Web3 enables web services for more social communicative uses, but being a multi-disciplinary ecosystem, it offers many opportunities for top professionals in the Web3 job market.
In this article, we will articulate some Web3 recruitment strategies for future Web3 employers who wish to be competitive and offer Web3 salaries.
Understanding the Web3 Talent
What is Web3?
Web 1 emerged when open protocols were introduced in the early 2000s because commerce and scientific/academic work based on it began to develop. Once Web2 and later Web3 took hold, it was merely a step away from a new world of the Internet based on non-centered, community-held networks.
Web3’s technology stack involves layered technologies such as blockchain, smart contracts, and cryptocurrency or digital assets of significant value.
Demand for Web3 Talent
The rising demand for Web3 tech has also pushed up the demand for Web3 professionals in the following verticals: online surfing, scientific articles, equities, and, by 2018, job and employment advertisements.
Skills in High Demand
The need for Web3-related professionals is trending, but there is a huge gap between the demand and supply of Web3 professionals. There is a high demand for base-level skills, including cryptographic development, blockchain engineering, or smart contract development.
Challenges Employers Face in Competing for Web3 Talent
Salaries Expectations: In Web3 hiring, it can sometimes prove challenging and expensive for a firm to identify a potential candidate with the required Web3 skills. Again, as mentioned above, there remains an enormous demand for Web3 specialists.Hence, as more demand exists for this specialized ability, the high demand and cost of hiring go proportionately if we are talking about Web3 abilities being sold. Therefore, with a high demand for specialized skills within a small pool of talented candidates, the Web3 compensation and salaries also increase.
Market Competitiveness: Through blockchain talent acquisition, businesses can recruit the best Web3 talent and discover the greatest potential and most innovative minds to work asynchronously or remotely. This opens up the talent market for Web3 professionals, and with this, there are more people in the Web3 job market since the Web3 world has now become global. Also, more individuals are seeking positions in this market, which leads to significant hikes in Web3 salaries for positions in a decentralized start-up or company specializing in Web3.
Global Competition: With the opportunity to work remotely and have global talent pools, there are tremendous new opportunities and challenges when allocating the best Web3 talent. For example, real-time collaboration becomes more difficult when you have many time zones; coordinating time zones becomes a big challenge, and even the best-allocated Web3 professionals want to create a strong culture within the decentralized ecosystem.
How to Stay Competitive in Web3 Salary Compensation
Researching Industry Salary Benchmark
The first of the best Web3 compensation strategies is to research industry role pay benchmarks, such as for a Smart Contract Engineer or a DeFi Specialist, and compare the markets. Regardless of any given data on Web3 salary trends, the pay will still range widely depending upon the geographics of the company posting the position; be sure to research the local market rates. Take advantage of the online salary data tools to keep updated about the trending markets and pay scales.
Providing Flexible Benefits
One way to make wages competitive is to provide flexible benefits such as crypto compensations, revenue sharing, or stock option benefits to keep employees relevant. Since there is an escalating demand for or desire for employees to work within web3 new talent, the demand for work-life balance through flexible benefits of working remotely follows. A few compensation options exist, i.e., token purchase agreements, restricted token units, or restricted award tokens, to incentivize employed Web3 candidates with vested interests in Web3 projects.
Highlight Non-Monetary Benefits
As stated above, another one of the top web3 compensation strategies to retain top talent is the possibility of offering non-monetary benefits, which means companies should provide flexible work hours, a good work-life balance, a remote work opportunity, and non-monetary perks like mental health resources, well-being programs, and other initiatives specifically for prioritizing health for employees. A reputable Web3 recruitment agency looking for a sustainable company culture or decentralized decision-making environment can attract the best Web3 sector and industry talent.
Explore Remote Work & Global Teams
Recruiting Web3 professionals from global talent pools allows a company to retain its agility. Remote working opportunities can expand a company’s talent pool while minimizing operating costs and creating increased service times, thus allowing companies to offer competitive salaries.
A global team can minimize geographical salary disparities while fostering an inclusive, richer workplace diversity where people from different cultures and backgrounds maintain respect.
How Web3 Employers Can Retain Top Talent
Career Growth Enhancements: Global Web3 employers can retain top Web3 talent by providing grants, educational program investments, and open-source Web3 project opportunities. These career growth enhancements allow for continuous learning and assist companies in retaining their most talented individuals.
Culture of Innovation: Web3 is at the forefront of technology innovation. The workforce has many voices, experiences, and backgrounds to help generate products. Companies should develop a culture of innovation and creativity that keeps their top talent engaged and wanting to be with their company year after year.
Employee Engagement: Other items that lead to employee satisfaction and retention are ongoing feedback, open communication, and recognition so that employees know and understand their strengths and areas for improvement. Communication can lead to long-term employee satisfaction, as it can limit anxiety and uncertainty and lead to the completion of work more efficiently.
Conclusion
Flexible Web3 recruitment and compensation strategies have proved valuable tools for organizations that want to attract and retain top talent. We have discussed the many possible strategies that lead to employee well-being and satisfaction and create a more motivated workforce. Work with a leading Web3 recruitment agency to align the employee benefits and steer clear of the challenges that employers face in competing for Web3 talent in the long run.