According to the U.S. Bureau of Labor Statistics, over 4.1 million workers quit during October alone. The Great Resignation was in full effect throughout the year and as the employers are preparing for 2022, people are finding work elsewhere. Taking a look at the top three industries by quit rate per month paints a gloomy horizon for the American workforce and spells trouble for companies nationally.
From June through October, the largest number of quitters stemmed from the trade, transportation, and utility industry at an average of 957,000 per month. The leisure and hospitality industry saw an average of 871,000 quits per month, while the accommodation and food services industry saw over 790,000. But what does this mean for the blockchain job market? Does the poor weak market have any correlation with the blockchain jobs market?
Blockchain Jobs Amidst The Great Resignation
On the surface, it looks like the COVID pandemic has dealt a severe blow to the U.S. economic powertrain by crippling its labor market. The Delta variant kept people working from home and it appears that Omicron is further cementing the idea that this is the new norm. It isn’t all doom and gloom, however.
Indeed.com reported blockchain-related jobs increased 118% from September 2020 to July 2021. Though the drivers for this growth are unknown it did occur while both retail and institutional investors invested heavily into decentralized finance (DeFi), non-fungible assets (NFT) have been come mainstream, and Bitcoin hit all-time highs. Could it be that the American economy is warming up to blockchain-related careers?
The numbers don’t lie – the crypto industry is hiring more workers in the support sectors all across the board. Marketing, management, IT operations, and helpdesk saw the greatest increases during the one-year tracking period of July 2020 through July 2021. It is interesting to see that there was a -5.1% reduction in software development jobs during the same period. However, this sector still represents the lion’s share of crypto and blockchain-related job postings on Indeed at nearly 30%.
Software Development Remains The Strongest Crypto Job Opportunity
Software development seems to have peaked during the summer months of 2021 but by no means does this represent a declining blockchain or crypto industry. This shift towards the support sectors indicates a maturing industry that has progressed beyond the initial phases of establishing infrastructure in blockchain projects.
Indeed’s report shows that in June 2021, 36% of blockchain-related jobs were remote-based which is far more than the 7% of the other jobs that were remote-based. For software development blockchain jobs, 44% were listed as remote work while it was 31% for non-blockchain related work. The proof is in the numbers when it comes to the blockchain industry. Crypto and blockchain-related jobs are increasing in parallel with remote work opportunities.
The Future Outlook of Blockchain Related Jobs
According to Market And Market’s report, the current blockchain market is $4.9 billion and is projected to grow to $67.4 billion by 2026. Venture capital funding and continuous investments into blockchain technology will fuel the growth and propel the industry into new and unchartered territory while strengthening already existing technologies and infrastructure.
It is tough to forecast which sector will rise to the top in 2022 but we can say with confidence that blockchain-related jobs will continue to grow across the board. Taking a look at what’s happening in this sector gives us insight into which areas will need workforce attention. Expect software developers to be at the top of blockchain-related job demands. The industry is still considered nascent and there are still plenty of startups that are entering the market.
Sectors That Will Be High In Demand in 2022
NFTs, yield farming, and staking are becoming popular within the DeFi community but the tax, legal, and accounting part of the equation is still in the grey area. As central bank digital currencies (CBDC) are adopted by governments worldwide, regulations will be imposed as the taxation of crypto-based securities becomes clearer for the masses. Job opportunities in these areas where accounting, law, tax, and related services should increase in the next year.
As the whole blockchain industry grows and becomes more mainstream, retail investors will continue bringing in new money which will help further strengthen the already booming financial services industry. If the decline of software development jobs since last year is any indicator, it shows us that infrastructures are being ironed out while the focus is shifting towards the administrative, operational, and management jobs. We can expect the supporting roles to expand even further throughout 2022.