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Indian Banks and NBFCs Lead the Race for Hiring Techies with Blockchain Experience

January 17, 2019 17:06
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With limited talent pool in the blockchain field and huge demand primarily from the banks, non-banking financial institutions and global in-house centres, salary for such techies are sky-rocketing.

According to Paul Dupuis, managing director, Randstad India, one of the best placement agency in India, a techie with minimum three years of experience in the field of Blockchain can easily get an annual remuneration of up to Rs 45 Lakh, which is two-three time higher compared to the annual remuneration of techie with no blockchain experience with five years of relevant experience.

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“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.”

Lohit Bhatia, Chief Executive, Staffing at IKYA Human Capital Solutions said that salary offered for a blockchain techie with five years of experience is equivalent to that of a general manager in a bank with three decades of experience. According to Lohit Bhatia, IKYA currently has 20 blockchain search mandate from banks and NBFCs.

Now for blockchain techies, salary is not a bar and companies are willing to pay more for such techies with blockchain skills. According to Monica Agrawal, Senior Client Partner at Korn Ferry, a year ago, salary for a senior level tech guy without blockchain skills was Rs 1.5 to  2.5 crore, but with all these emerging technologies and need for the extra layer of security especially in the financial sector to protect data from fraud, it has touched Rs  crore (without ESOPs) in few cases.

The demand is coming from the banking sector, as banks are now using blockchain in the international fund remittance and more domestic banking transactions. According to Rituparna Chakraborty, co-founder, TeamLease said:

“Demand for blockchain developers is led by public sector banks, with about 4,000 specialists in 2018, compared with 2,300 experts in 2017, a rise of 75%. Demand for blockchain techies has risen 66% and 42% among NBFCs and public sector companies year, respectively, in 2018.”

According to Teamlease research, there are only about 2000 blockchain experts with NBFCs and 2400 with public sector companies. And, only 5,000 of the 2 million which is around 0.25 per cent have the blockchain skills and expertise.

KS Viswanathan, VP, Industry Initiatives, Nasscom said:

“Non-availability of blockchain tech talent is for real and is going to get worse. With concerted programmes to define job roles in blockchain technology, the industry will figure out the new equilibrium but as a stop gap, it is leveraging startups in this area big time.”

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