The ideal balance between job opportunities and skilled workforce is often omitted in the contemporary business world. The present, rising mismatch between the supply and demand for blockchain developers, has winded up in many students and professionals registering for the online courses on blockchain technology and bitcoin. As of now, there are only a few universities offering core professional blockchain courses required for the blockchain developers in the industry and shortage of experienced blockchain specialists also surmount-ably hikes up the salaries for the ones available.
Researchers believe the only means to supplement the rising blockchain talent demand at present is to hire a true blockchain expert having an extensive experience who can lead a team of people who have recently graduated from a blockchain technology course program or a blockchain boot camp.
Mismatch Between Supply & Demand for Blockchain Developers
The shortage of supply against the demand is a result of increasing number of blockchain startups, with each looking for hiring the best blockchain talent.. The number of blockchain-based ads is known to be growing by more than 40 percent every quarter. The number of LinkdIn profiles with the key word ‘blockchain’ may not be as bad at a first glance, but they also account for the non-industry professionals like academicians, consultants, CFOs, CEOs and journalists, who are not directly hired by the blockchain.
The impact of the mismatch between supply and demand for blockchain developers is reflected on the pay scales. On average, an ordinary blockchain developer can easily make around $130,000 a year, while those having extensive experience and exposure in the blockchain industry, can make up to $650,000 a year, which may bear a lot of weight for the company.
Managing the Mismatch Between Demand & Supply
The most suited technology professionals for blockchain, are the ones in the machine learning and cryptography domains. The professionals in finance, technology and insurance industries would witness blockchain transform the face of operations, in terms of domain, within the next few years. As per LinkedIn data, more than 20 percent of the blockchain jobs are still vacant, and that is where the blockchain professionals should try to reduce the gap, by developing industry-specific blockchain skills.
If employers want to keep pace with the blockchain projects’ demands, they’ll need to polish their employees’ technical skills who are working on the blockchain. The best way is to let them work directly with the projects that interests them. Working on the exact skill sets and technology the industry is looking for and the employers are increasingly demanding, is the only way to reduce the mismatch between supply and demand for blockchain developers in the long run.