According to Culture Monkey; a staggering 80% of turnovers are due to bad hiring decisions.
Most successful companies still need to get it right when hiring new talents. Given the fact that so much money has to be invested in recruiting new employees, the hiring process, and the onboarding of these new hires, you need to make sure you don’t make costly mistakes.
Also, one of the biggest indications of the future success of a company is its team. This is especially true in Web3, where culture and connections can matter as much as technical knowledge and expertise. Even though hiring is a key part of building your project, it is often seen as a problem that can be easily solved by posting on a job board, or perhaps even a process that can become automated. But there’s a lot more to it that meets the eye.
In this article, we will share 6 pitfalls companies fall into during the hiring process and ways to avoid them.
1. Misidentifying Key Skills
One of the most significant pitfalls in Web3 hiring is misidentifying the key skills necessary for the job. Unlike traditional roles, Web3 positions often require a deep understanding of blockchain technology, and for tech roles– cryptography, decentralized finance (DeFi), and smart contracts. Hiring managers might not fully comprehend the technical intricacies of these roles, leading to the selection of candidates who lack critical expertise.
To avoid this pitfall, companies should:
Consult Experts: Engage with industry experts or advisors who have a profound understanding of Web3 technologies to help define the required skill set for each role.
Develop Comprehensive Job Descriptions: Clearly outline the technical skills and experience needed, including familiarity with specific blockchain platforms, programming languages (such as Solidity or Rust), and knowledge of decentralized application (dApp) development.
2. Overlooking Soft Skills
While technical skills are paramount, overlooking soft skills can be a costly mistake. The collaborative nature of Web3 projects, which often involve diverse, decentralized teams, requires excellent communication, problem-solving, and adaptability.
To ensure candidates have the necessary soft skills, do the following:
Behavioural Interviews: Conduct behavioural interviews to assess how candidates handle teamwork, conflict resolution, and adaptability to changing project requirements.
Scenario-Based Questions: Pose hypothetical scenarios related to Web3 challenges to gauge candidates' problem-solving abilities and their approach to collaboration.
Team Collaboration Simulations: Implement simulations or group exercises to observe candidates' interactions and teamwork in a controlled setting.
3. Manually Assessing and Verifying Applications
According to a study from HireRight, 85% of applicants lie on their resumes. It may be concerning, but don’t let that statistic keep you from finding the best employee possible. Also, manual verification can delay the hiring process and may lead to losing the right candidate.
To ensure candidates really have the experience, hasten the verification process by:
Leveraging on-chain credentials: By leveraging on-chain credentials, recruiters can quickly verify the authenticity of candidates' academic degrees, professional certifications, and work histories without requiring time-consuming background checks. This is why EkoLance is bridging this gap in credential verification by utilizing the power of Soulbound Tokens (SBTs) to transform how credentials are shared, verified, and valued in the Web3 ecosystem. Our unique SBT integration within EkoLance and our online hackathon platform, techFiesta, provide verifiable proof of educational and career achievements. By participating in our tailored training sessions, hackathons, developer challenges, and crowd tasks, professionals can earn SBTs that serve as irrefutable proof of their skills and career achievements.
Manage Resumes With Applicant Tracking Systems (ATS Tools): There are tools for receiving applications and resumes called Applicant Tracking Systems (ATS), like Greenhouse, Lever, BreezyHR, or Workable. You can use them to include knock-out questions in your applications to cut down on unqualified candidates, sort candidates by role, and categorize them by skill
4. Ignoring Company Values
In the rush to fill positions, companies might overlook the importance of cultural fit. Misalignment between a candidate's values and the company's ethos can lead to dissatisfaction, reduced productivity, and higher turnover rates.
To ensure cultural alignment:
Articulate Company Values: Clearly communicate the company's mission, vision, and values during the hiring process. Ensure candidates understand and resonate with these principles.
Cultural Fit Interviews: Incorporate cultural fit interviews to assess whether candidates share the same values and can thrive in the company's environment.
Involve Team Members: Involve existing team members in the interview process to gauge how well candidates align with the team dynamics and culture.
5. Overlooking Diversity and Inclusion
While cultural fit is essential, it should not come at the expense of diversity and inclusion. Homogeneous teams can suffer from groupthink, limiting creativity and innovation. In the context of Web3, where diverse perspectives can drive solutions, this pitfall can be particularly detrimental.
To promote diversity and inclusion, do these:
Diverse Candidate Pools: Proactively seek candidates from diverse backgrounds and underrepresented groups in the Web3 space.
Inclusive Hiring Practices: Implement unbiased hiring practices, such as blind resume reviews and structured interviews, to minimize unconscious biases.
Foster an Inclusive Environment: Create an inclusive workplace culture where all team members feel valued, respected, and empowered to contribute their unique perspectives.
6. Failing to Adapt to Decentralized Work Cultures
Web3 companies often operate in decentralized, remote-first environments. Hiring individuals who struggle to adapt to this work culture can lead to inefficiencies and communication breakdowns.
To ensure compatibility with decentralized work cultures:
Assess Remote Work Experience: Evaluate candidates' experience with remote work and their ability to thrive in a decentralized environment.
Communication Skills: Prioritize candidates with strong communication skills and the ability to collaborate effectively across different time zones and cultural backgrounds.
Test Adaptability: Include tasks or projects that simulate remote work conditions during the hiring process to gauge candidates' adaptability and self-motivation.
Effective Strategies for Hiring Blockchain Professionals
Actively Seeking Talent
Top companies like OKX understand that attracting top talent requires proactive effort. Rather than waiting for applications to come in, these organizations actively seek out the best candidates. They utilize a variety of methods, such as:
Networking and Organizing: Attending and hosting events is a great method to network and seek talents. These gatherings can take various forms, such as hackathons, developer challenges, workshops, in-person meetups, conferences, virtual seminars, or webinars. techFiesta is a platform that you can use to launch hackathons, developer challenges, and crowd tasks. Over 10,000 developers are building projects for blockchain protocols and infrastructure companies, 350 projects have been built, and $280K+ has been paid in bounties. techFiesta currently utilizes blockchain for transparent bounty distribution and identification of IDs and credentials during hackathons and developer challenges.
Social Media Outreach: Leverage platforms like LinkedIn, Twitter, and specialized blockchain forums to identify and approach potential candidates.
Talent Scouts: Employ dedicated recruiters or headhunters who specialize in blockchain technology to find and engage top talent.
Collaborating with Educational Institutions
Organizations can partner with Web3 educational institutions such as EkoLance to identify and nurture emerging talent. EkoLance revolutionizes the future of work by empowering professionals in Web2 and the blockchain industry. EkoLance boasts 3000+ trained Web3 developers, and a community of over 10,000 talent pools.
These collaborations can involve:
Internship Programs: Offering internships that provide talents with hands-on experience in blockchain technology and real-world projects.
Research Partnerships: Collaborating on research initiatives that allow talents to work on cutting-edge blockchain applications.
Workshops and training: Conduct workshops, record courses, and training to educate talents about the latest trends and developments in the blockchain space.
Engaging with Web3 Communities
Web3 communities often recruit key members from within their talent pool. For example, the EkoLance developer community is undeniably a strong one. We are building a strong talent community through techFiesta; our talent platform for work distribution and online hackathon. Communities provide a fertile ground for discovering passionate and skilled individuals and you discover talents easily.
Conclusion
Navigating the hiring process in Web3 requires knowing the challenges and opportunities it presents. By avoiding common pitfalls related to understanding the required skill set, navigating cultural fit, and managing remote work dynamics, companies can build a reliable team capable of driving innovation and success in this exciting frontier.
Are you looking to hire the right talents through hackathons? Then, you should partner with techFiesta.
techFiesta can serve as the infrastructure platform for your next developer event. Companies that organize hackathons on techFiesta connect with a community of skilled talents, enhancing their visibility among potential future employees or collaborators, have the opportunity to get brand visibility and save time with the use of blockchain technology to ensure secure, prompt, and transparent payment to participants, eliminating delays and disputes over compensation.
We provide a payment processing option for the hackathon bounties on-chain and bring expertise to handle the day-to-day management of your event, allowing you to focus on other priorities for your company's growth. Also, we assist with marketing efforts by tapping into a developer community of thousands of users, ensuring your hackathon reaches a broad and engaged audience.
Reach out to us today to host your next online developer event.
About EkoLance
EkoLance revolutionizes the future of work by empowering Web2 and blockchain professionals through its dual offerings. The first is an educational platform that provides quality and comprehensive training programs for upskilling in the blockchain space, ensuring that professionals are equipped with the latest industry knowledge and practical experience. We currently have a diverse community of over 10,000 blockchain professionals, including over 5000 Web3 developers proficient in Solidity and Rust.
The second offering is our talent platform, techFiesta. It enables companies to launch hackathons, jobs, bounties, and onboard top-tier talent into their ecosystems, fostering innovation and growth. techFiesta has successfully organized over 30 online hackathons and developer challenges for major blockchain networks such as Gnosis chain, Celo, Solana, Concordium, etc.
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