Silicon Valley CEOs are looking into ways to keep their executives and engineers away from crypto.
More and more executives and engineers leave their high-paying jobs in Silicon Valley to join crypto startups.
According to a recent report from The New York Times, the rate at which the crypto industry is poaching talent from tech giants has left even Google’s CEO worried. Also, it is forcing the companies to provide additional incentives to employees to stop them from quitting.
It’s not a get-rich-faster job, and it’s a once-in-a-generation opportunity!
According to the recent reports of The New York Times, Silicon Valley could soon face a significant shortage of talent. This is extracted after looking at the number of high-ranking executives and engineers that left their high-paying jobs in Silicon Valley.
People Leaving Silicon Valley!
Sridhar Ramaswamy, chief executive of search engine start-up Neeva and a former Google executive, said a giant sucking sound is coming from crypto. He further added that we compete with the crypto companies for talent. He added that it feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity.
Moreover, this month the Lyft’s CFO, Brian Roberts, left his company in Silicon Valley company to join OpenSea. He said that he’d seen enough cycles to recognize when “something this big” is emerging. Not only these people, but famous Jack Dorsey also stepped down from his position as Twitter’s CEO to focus more on cryptocurrencies and Square.
Furthermore, the allure of the crypto industry has reportedly been so irresistible that even Google couldn’t ignore it. Even Google is facing concerns about keeping employees from joining crypto firms. The crypto firms have grown so big that the issue is now part of the executive agenda. However, incentivizing employees with equities might not be enough to keep them.
Evan Cheng, the founder and CEO of MystenLabs, left Facebook’s Novi in September this year. His three-month-old blockchain startup now has 20 employees, 16 of which come from Facebook, Google, and Netflix. He believes that most of those transitioning into the industry isn’t doing so for the money—but for the freedom.
