The #Web3 industry, which includes #blockchain technology and #cryptocurrencies, has been struggling with high employee turnover rates and a lack of diversity of thought. According to recent surveys, a significant percentage of employees in Web3 companies stay for less than a year before moving on to another project.
This high turnover rate can be attributed to various factors, including the industry's fast-paced and rapidly changing nature, the lure of better compensation and more exciting projects elsewhere, and the lack of a clear career path within the industry. Additionally, many Web3 companies rely heavily on remote workers, which can make it challenging to build a strong team culture and retain talent. (One reason why "Developer Intelligence Project Managers" are needed.)
Furthermore, the nature of Web3 work tends to attract individuals who are interested in exploring new and emerging technologies, often leading to divided attention and a lack of focus on one particular project. Instead, workers in this field are always on the lookout for the next opportunity to work on a cutting-edge project, rather than staying with a company/community to build and grow together.
While the Web3 industry is culturally diverse, with people from all over the world working together on various projects, there is a concerning lack of diversity of thought. Many in the industry have expressed concern that the same group of people with similar backgrounds and experiences are driving the industry's direction. This lack of diversity of thought can lead to an insular industry that is less innovative and less responsive to the needs of a diverse global user base.
In response to these challenges, some Web3 companies are implementing new strategies to retain talent and promote diversity of thought. These include clearer career paths, better communication and collaboration tools for remote workers, and more intentional efforts to recruit and retain a diverse workforce of people with different professional work experience.
Overall, the Web3 industry faces significant challenges in building a stable and diverse workforce. Addressing these challenges will be critical to ensuring that the industry continues to innovate, acquire a sense of stability, and develop new and exciting applications that benefit people around the world.