A recent analysis of employee satisfaction in the cryptocurrency industry has revealed that crypto exchanges such as Binance, Coinbase, and Gemini have some of the least happy staff members. However, caution is advised when interpreting these results, as recruiters highlight potential biases in the data. The findings were derived from Glassdoor reviews and presented in a quadrant chart by tech recruitment firm TrueUp.
The chart mapped out the happiness levels of employees against the growth of various crypto firms. Among the companies with the least satisfied employees were defunct crypto lender Celsius, crypto exchange Gemini, and crypto trading firm Amber Group, based on 80, 139, and 42 reviews, respectively. Notably, Binance and Coinbase also appeared on the lower side of the chart, with a combined total of 1,257 reviews.
While Glassdoor does not provide a specific happiness metric, it does consider factors such as whether reviewers would recommend the company to a friend, their approval of the CEO, and their positive outlook for the company. In response to the results, a spokesperson from Binance explained that the firm’s ‘hardcore’ work culture might contribute to negative reviews, emphasizing the need for candidates who can excel in a high-performance environment.
Glassdoor reviews, however, raise concerns about reliability due to their user-submitted nature, potentially allowing for manipulation or fake reviews. Despite this, Glassdoor claims that all reviews go through a moderation process before publication. Neil Dundon, the founder of CryptoRecruit, noted that employees involved in building blockchain infrastructure tend to be more satisfied compared to those working directly at exchanges or in speculative roles.
Dundon suggested that the industry’s recent wave of layoffs may have influenced the reported dissatisfaction among employees, attributing it to underlying job insecurity. However, he also expressed optimism that the worst may be over for crypto employees in this regard.
On a positive note, the TrueUp chart pointed out the ‘happiest’ workers in the industry, including the teams behind Avalanche blockchain (Ava Labs), cryptocurrency exchange and wallet provider Blockchain.com, and institutional digital asset custodian Fireblocks.
Looking at approval ratings, Alex Mashinsky, the founder and former CEO of Celsius, received the lowest rating with only 27% of past and present employees approving of him. The current CEOs of Binance (Changpeng ‘CZ’ Zhao) and Coinbase (Brian Armstrong) fared slightly better but fell below the average approval rate for tech-based CEOs.
While these findings shed light on employee satisfaction within the crypto industry, it is important to consider potential biases and the evolving nature of the industry itself. Creating a positive work environment and addressing employee concerns remain crucial for fostering a sustainable and motivated workforce.