The blockchain industry is dealing with a massive talent deficit and there are winners and losers, as expected. Of course, the few talents available are mostly the winners as their skills are in high demand and this drives up their relevance. This means more money and other benefits.
On the whole, there are more losers than winners and this is not good. For example, some businesses are struggling to stay afloat because of the shortage of skilled hands. Understanding the cause of this problem is the first step towards solving it and this article intends to do a bit of that.
Possible Explanations for Talent Deficit in the Blockchain Industry
Several related and unrelated reasons explain the shortage of professional and experienced talents that can carry out blockchain-related tasks. Some of them include:
Using the Wrong Recruitment Tactics
There is a “how” to recruiting even in this tricky market. No one does this better than recruitment experts with a specialty in this field. It is why a lot of companies known to have success recruiting these talents work with these experts. You can see theblockchain recruiter.com to find out how these experts do this.
Massive Incorporation of Blockchain Technology
This technology is becoming a huge part of the operations of various industries more than ever before. Gone are the days when the cryptocurrency market only had the exclusive need for these talents. Some of the industries that scramble for these talents include:
- Finance – This includes commercial banks and fintech corporations
- Software Development Industry – Video game makers are a good example
- Healthcare – This includes healthcare insurance companies and even core medical service providers
- Supply Chain Businesses
- Logistic Companies
- Law Enforcement Agencies
- Real Estate Companies
These are just some of the industries as the list is a lot more than this. Understanding the reason for the talent deficit considering the many industries that need these talents on board is not a hard thing to do.
The talent deficit margin has gotten so bad that just one of these industries engages the services of 6 out of every 10 talent available. That industry is the banking sector that increasingly sees the need to incorporate this technology more than ever before. The fact that many businesses in the banking and finance sector are financial powerhouses gives them a huge advantage over other industries in need of these talents as well.
The Emergence of New Cryptocurrencies
The relationship between blockchain technology and cryptocurrency precedes this technology’s involvement in any other industry. There was even a point when the cryptocurrency market had exclusive use of this technology as mentioned above.
But even the cryptocurrency market has an ever-growing need for this technology. One of the reasons is because new cryptocurrencies keep emerging and we have not even seen the end of it.
There are well over 20,000 cryptocurrencies as of the time of writing this article. This is according to a CoinMarketCap report, which can be considered credible. You can check this link for more information on the available cryptocurrencies.
Insufficient Orientation about Blockchain
Many cannot resist the urge to say that this talent shortage is because few people are interested in making a career out of blockchain. This is not true as there are no reasonable facts to prove this.
On the other hand, a few stats are suggesting that not enough is being done to orientate people about the benefits of a career in this field. For example, there is a lot of news about companies laying off workers because of the incorporation of AI (Artificial Intelligence). Sadly, not enough is being said about the rising need for professionals in this important technological field.
The Unwillingness of Employers to Invest in Comprehensive Training
There is a price to be paid if more talents will be groomed to meet the massive demand for blockchain talents. Employers are supposed to be at the heart of this. They are supposed to invest in the training of prospects.
Sadly, there are not many employers willing to do this. More pathetic is the fact that the banking sector which has taken a chunk of the available talents is also guilty.
Insufficient Amount of Training Programs
There are colleges that have incorporated blockchain programs and there are a growing number of them within and outside the country. Despite this, the massive demand for blockchain talents far outweighs how much these institutions can contribute to the supply of blockchain talent.
This is in the short term at least. There is a need for more blockchain programs aimed at supplying the general market with skilled blockchain talents.
Figuring out the cause of any problem is not often a pleasurable experience. However, it is a necessity because it is the first step toward finding a fitting solution. With this in view, we have discussed some of the causes of the shortage of blockchain professionals and hope that the suggestions are considered.