As a Web3 company, your team is the cornerstone of your success. Regardless of how innovative your project is or how ambitious your future plans are, growth and scalability hinge on hiring a skilled, dedicated, and trustworthy team. Investing in competent professionals is essential for achieving your business goals.
In practice, this means that hiring in the Web3 world requires a different approach compared to Web2. Traditional hiring practices may not directly apply to Web3. Keep reading to understand the key factors to consider when hiring in the Web3 space.
We covered;
The Importance of Hiring the Right Talent in Web3
4 Reasons Why Hiring the Right Talent is Crucial in Web3
4 Factors to Consider When Hiring in Web3
How to Update Your Recruiting Playbooks in Web3
The Importance of Hiring the Right Talent in Web3
Web3, the new generation of the internet, is built on blockchain and distributed ledger technology (DLT), and has caught the attention of businesses across various industries. As such, hiring in Web3 has become a top priority for many organizations looking to leverage this promising technology and stay ahead of the curve.
If you want to transform your company into a great one, you must understand these three things:
Starting with the right team, rather than figuring everything out by yourself.
If you have the right team, the problem of motivating and managing them disappears.
If you have the wrong team, it’s very hard to become a great company, even if you have set a good direction.
4 Reasons Why Hiring the Right Talent is Crucial in Web3
Hiring the right talent is fundamental to the success of any company, and the Web3 space is no exception. Here are several reasons why building a competent, dedicated team is vital in a Web3 company.
1. It Enhances Innovation and Creativity
In the fast-paced world of Web3, innovation and creativity are key. A team that includes diverse professionals—whether in marketing, design, business development, or customer support—brings varied perspectives and ideas. This diversity fuels creative solutions and innovative strategies, keeping your project at the cutting edge of the industry.
2. Ensures Effective Communication and Collaboration
A well-rounded team with strong communication skills can bridge the gap between technical and non-technical aspects of a project. Effective collaboration between developers, marketers, product managers, and other roles ensures that the project's vision is clearly understood and executed. This synergy leads to smoother project workflows and better overall outcomes.
3. Builds Trust and Credibility
Trust and credibility are crucial in the Web3 space. A competent team enhances the project's reputation and instills confidence in investors, partners, and users. When stakeholders see that you have a well-rounded team of experts in various fields, they are more likely to believe in the project's potential and commit to long-term involvement.
4. Drives Growth and Scalability
As your Web3 project grows, having the right talent in place ensures that your company can scale effectively. Experienced professionals across all departments can design and implement systems that handle increased demand without compromising quality. This scalability is essential for sustaining long-term growth and success.
5. Helps in Navigating Regulatory and Compliance Challenges
The Web3 industry is subject to evolving regulations and compliance requirements. A team that includes legal and compliance experts can navigate these challenges, ensuring that your project adheres to all necessary laws and regulations. This reduces the risk of legal issues and enhances your company's stability and reputation.
6. Improves Customer Experience
A strong team in customer support, user experience design, and community management is vital for delivering exceptional customer experiences. These professionals ensure that users have a positive interaction with your product, which is crucial for building a loyal user base and fostering long-term engagement.
7. Secures Financial Stability
Having skilled professionals in finance and business development ensures that your company manages its resources effectively. They can secure funding, manage budgets, and develop sustainable business models that keep your project financially stable and viable.
A well-rounded, skilled, and dedicated team is the backbone of any successful Web3 project, providing the foundation needed for long-term success.
4 Factors to Consider When Hiring in Web3
“In 2023, the number of open blockchain positions has increased by 340% year-over-year, while the number of qualified hopefuls has only grown by 120%”. – BSV Blockchain
Given the 340% increase in job openings, the demand for blockchain talent far outstrips the supply, which has only grown by 120%. This discrepancy indicates a highly competitive job market where attracting and retaining top talent is challenging. Companies need to be strategic in their hiring practices to secure the best candidates. Here are 4 factors to consider to get qualified talents when hiring;
1. Search for Potential Employees
Before you can identify the best candidate to hire, you should clarify your needs. Think about what kind of work you’ll assign to your employees. Define the role’s responsibilities clearly so it’s easier to hone in on the kind of professional you need. The more specific your job description is, the greater chance you have of finding a perfect match.
Once you’ve narrowed down the specifics of the role you’re looking to fill, it’s time to build your job listing.
Your job listing should explain:
What potential employees can expect from the position
What kind of experience is required
What kind of skills are needed
What level of education is ideal
A clear description limits confusion, prevents under or overqualified individuals from applying, and saves time for everyone involved.
Finally, when you’re satisfied with your job posting, it’s time to send it out. To get the highest-quality leads when hiring, take your listing to websites where experienced professionals look for work. Major Web3 recruiting websites like techFiesta, Web3 Jobs, CryptoJobsList, Remote3 Jobs, LinkedIn, Indeed, and Well Found make it easy for talents to find job openings based on their experience, work history, and skills.
2. Perform a Background Check
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.
Understandably, most job-seekers will spotlight their best qualities while conveniently glossing over their less-than-ideal habits.
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.
By leveraging these on-chain credentials, recruiters can quickly verify the authenticity of candidates' academic degrees, professional certifications, and work histories without requiring time-consuming background checks.
3. Conduct Effective Interviews
You’ve already identified a few potential employees and double-checked their credentials. Now, it’s time to see which candidate is the best match for your business. The interview is an excellent time to set expectations. You can choose to keep the interview fun and loose or straightforward and professional — as long as it reflects your personality and work style.
Come prepared with a series of pertinent questions for each potential hire.
Ask each candidate about anything you found interesting or concerning on their resume or application. Take some time to go over the job description again to make sure they understand what they’ll be asked to do. It’s also essential to clarify expectations regarding salary, scheduling, vacation days, benefits, and other job-related specifics.
Depending on the type of work you’ll be asking the employee to do, it can also be a good idea to get an example of their work. You can request a sample with the initial application, or give them a test assignment after the interview. If you use their work in any practical way or are asking for a lot of their time to complete a test, you should compensate them for their efforts so they aren’t being taken advantage of.
4. Onboard Your New Employee
The process of hiring an employee doesn’t end when you choose the ideal candidate. Once that person accepts the job offer, you need to begin the legally-intensive and document-heavy employee onboarding process.
It’s also a good idea to put together an employment contract. Getting your employment terms in writing will protect you and your new employee. Exactly what goes into your contract will vary depending on your business, but they commonly include a non-disclosure agreement (NDA) and a non-compete agreement.
Once legal matters are out of the way, there will still be quite a bit of onboarding left. You’ll need to get your new employee acquainted with your company. Also, highlight the company value, you must emphasize what makes working with your company an attractive place to work. Candidates need to feel welcomed and see the opportunities for growth and development within our company. This aspect is particularly important in Web3 as it is a remote setting where the personal touch is minimized.
How to Update Your Recruiting Playbooks in Web3
Money and resources for recruiting used to be focused solely on LinkedIn, job websites, and college recruiting fairs. However, talent isn't found only in those places anymore. Nowadays, recruiting also happens on platforms like Discord and Twitter, as well as at hackathons and conferences.
For example, hosting hackathons can be an effective way to identify top talent, particularly in technical fields. These events allow recruiters to observe candidates in action, assessing their technical skills, teamwork, and problem-solving abilities in real time. According to Draft Dev, organizing hackathons allows you to tap into a pool of talents eager to build your product with you.
techFiesta is a platform that you can use to launch hackathons, developer challenges, and crowd tasks. Over 9,000 users 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.
Recruiters often find it challenging to engage top talent in Web3 communities because they can't simply pay for access to these spaces. It's not effective to approach these communities as an outsider with a corporate mindset. Instead, you need to genuinely engage and contribute to the community. This approach is essential for updating your recruiting playbooks and sourcing strategies in Web3.
Conclusion
Hiring a talent that’s a great fit in terms of qualifications and attitude can launch your project to new heights. An incompetent employee can drag your organization into the mud.
When it comes to hiring, there’s a learning curve to master over time. The key to landing the perfect employee is a well-developed hiring process.
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 9,000 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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