Russia’s Employee Compensation Within Crypto Market Falls, Demand for Expertise Still High
A recent documentation released by hh.ru shows that Russian employees within the crypto sphere have seen a drastic cut in their wages. As per Izvestia’s statement, the reduced compensation has been highly associated with the crypto market’s downward trend in the first two quarters of 2018.
To better understand the cut in wages, every statistic along with current and previous pays have been shared in the hh.ru’s report. By the looks of it, it seems that those who held the positions as security analysts, project managers and legal experts got 100,000 rubles (USD$1,600). By how much has their pay dropped? Hh.ru believes that compared to 2017, their current pay reflects a cut of 40 percent of their previous.
The report also revealed that despite the wage cuts, importance given to expertise remains high among PR specialists. Unfortunately, they too were faced with a cut of nearly 50 per cent, that is, from a large sum of 800,000 rubles (USD$12,000) to 400,000 rubles (USD$6,000).
2018 was unquestionably a difficult year for crypto investors, as its fluctuations and lack of new money coming in made the entire market plateau for the first half of the year. Regardless, hh.ru pointed out that at least 100 jobs have since been advertised – which could mean big things for the crypto market.
The pays are certainly not comparable to what such individuals had received in 2017, as the average salary near the end of 2017 was approximately 292,000 rubles (USD$4,600), making 2018’s 169,500 rubles (USD$2,700) close to under half of the original.
Those who hold the position of a Director typically get an affordable amount ranging between 200,000 and 800,000 rubles ($3,000 to USD$12,000), depending on the sectors and industry of interest within cryptocurrencies.
Even though there have been pay cuts within Russia’s crypto industry, demand for experts along with the interest for working for the space has been high. For instance, the Russian Association of Cryptocurrencies and Blockchain (RACIB) has noted that nearly 70,000 crypto jobs have been filled with their pay cheques given in traditional currency as opposed to that of the digital asset.
The Director of RACIB, Arseniy Shcheltsin, believes that salaries might go up by at least 10 percent – that is, if bitcoin’s price continues to strive and the volume continues to grow.
As for software developers’ and programmers’ compensation, their current salary is anywhere between 150,000 and 350,000 rubles (which is approximately between 2,400 and USD$5,500).
How do you see the salary trends in Russia and elsewhere going within the crypto sphere?