A Report Says Blockchain Employees Salary Drop By 37% in 2019 in China!
Notwithstanding the growing value of blockchain skills in the global job market, some countries such as China decreased salaries provided to blockchain employees in 2019, a new report states.
According to the “2020 China Blockchain Professional Development Report,” the average salary contributed to blockchain industry professionals in China sank 37% since 2018.
The imbalance between supply and demand in blockchain talent is increasing
Issued on March 19, the report was assembled under the direction of the Internet Industry Research Institute of Tsinghua University. As stated by local publication Sina Finance, the joint report was presented by blockchain professional information service platform Interchain Pulse and Beijing-based headhunting agency Liepin.
Although blockchain job salaries in China significantly diminished throughout 2019, the report yet describes the growing demand for blockchain professionals in different industries. Nonetheless, the surging demand is followed by the ever-increasing imbalance in supply and demand in the field of blockchain talent, the report stated.
Professional skills of blockchain-focused job seekers are too weak
Despite the accelerated development in job seekers, very few talents indeed match the job requirements of hiring companies, the study says. Additionally, the vital shortage of high-end professional skills is reportedly becoming one of the most significant obstacles for the development and adoption of the industry.
The report continues, “In the supply-side market, a large number of practitioners blindly follow the trend, their professional skills are weak, and there is a serious shortage of practical compound talents.”
China’s President headed for blockchain in late 2019
Bringing into account that China has been encouraging its blockchain engagement after its President announced the country to expedite blockchain adoption in late October 2019, the reduction in the average sum of blockchain job salaries is completely unexpected. Nevertheless, the current professional study still connects with some reports published earlier this year.
As reported in January 2020, Chinese blockchain spending in areas of investment and financing deals fell more than 40% in 2019. The data was provided by China’s government-run financial data and media firm Xinhua and financial data platform Rhino Data. In mid-January, professional social network LinkedIn issued a report predicting that blockchain will be the most required hard skill in 2020 adjacent analytical reasoning, cloud computing, and artificial intelligence.