Techies with Blockchain experience in India have seen their salaries skyrocket in recent months, due to the shallow knowledge pool in the Blockchain field in India.
Banks and Non-Banking Financial Corporations (NBFCs) alike have joined the race to hire potential employees with experience in the Blockchain field. This comes as no surprise as the advent of cheap and fast internet access to Indians has resulted in a huge increase in demand for Blockchain applications, especially cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
The Managing Director of Randstad India, one of the major placement agencies in India, Paul Dupuis says that at present, a techie with a minimum three years of experience in the Blockchain field can easily get a job offer of up to Rs. 45 Lakh. This is almost two to three times higher than the annual salary of a techie with no Blockchain experience but five years of relevant work experience.
“Salaries for ready-to-be deployed techies with blockchain experience are twice that of a techie without blockchain expertise. We believe the number of Blockchain practitioners has increased by a factor of 100% over last year, with demand increasing equally.”
According to Monica Agarwal, Senior Client Partner at Korn Ferry, the salaries for senior tech roles without Blockchain expertise used to be in the range of Rs 1.5 to Rs 2.5 crores, but with the growing need for additional layers of financial security, the annual salaries have touched Rs 4 crores in some cases. The executive search firm is currently running four searches for top tech talent with expertise in Blockchain.
Banks are not far behind, with ICICI Bank already using Blockchain tech for both domestic trade and remittance transactions, which are in the process of being scaled up. TK Srirang, the Head of Human Resources, said
“Since Blockchain is an emerging area both in terms of practice and availability of skill, capability and skilling are largely being developed in-house through continuous training and global exposure in this space,”
As of now, there are only 2,000 Blockchain techies in NBFCs across India and 2,400 in the public sector companies, according to data by TeamLease. As of now, only 5,000 (0.25%) of the total 2 million active techies in India have the necessary Blockchain skills, which explains the high wages and acute shortage.