The Hidden Costs of a Bad Hire in Crypto: It's more than you think!!

With so much at stake, it’s crucial to understand the real costs of bringing in the wrong person - 30K loss for every Blockchain Dev who tanks the first year. Average 45 days spent hiring, 4K average to train and onboard. This is why working with a team like us can help you avoid a lot of headache and wasted $$ Loss of Precious Time
Finding a new hire is already a grind—averaging around 45 days to fill tech roles. If you end up picking the wrong person, you could be back at square one faster than you can say “degen.” Plus, onboarding costs about $4K. Don’t forget the time spent training someone who’s just not vibing with the team—it's a total waste. In crypto, time is literally money. When you bring in someone who doesn’t fit the bill, redirecting the team’s energy toward onboarding and training a misfit means delays in your project timeline. That means potential losses and time to market for new opportunities. Resource Drain
A bad hire can run you about 30% of that employee’s salary in their first year. If you’re doling out $100K for a junior blockchain dev and they tank, you’re staring down a potential loss of $30K. Hiring isn’t just about salaries; it’s an investment. A bad hire can sap your resources—think office space, technology, and mentor time that could have been spent on your high potential/performers. This drain can seriously slow down progress on critical projects and can be savage for team morale.Cultural Discord
Crypto thrives on community and collaboration. If you welcome someone who doesn’t vibe with your team’s culture, it creates unnecessary friction. Team dynamics suffer, morale dips, and trust erodes. You’ve worked hard to cultivate your culture, don’t let one poor decision blow it up. Reputation Risk
In an industry where reputation is everything, the last thing you want is to be known for is high turnover/poor retention. A bad hire can trash your image, especially in a tight-knit community like crypto. Clients and partnerships could rethink their associations with you, and suddenly you’re on the back foot when trying to establish new connections.Security Breaches
One of the riskiest downsides of a bad hire in crypto is the potential for internal theft or security breaches. If you bring in someone without a solid reputation, they could pose a serious threat to your assets, protocols, or sensitive information. The costs of dealing with a breach—recovery, customer trust, regulatory penalties—can be monumental. Invest wisely and avoid unnecessary exposure.High Turnover Costs
Let’s say you’ve made a poor choice and now need to let them go. It's emotionally draining and you've just unlocked a whole new set of costs! Recruiting again, onboarding a replacement, and the impact on the remaining team will all add up. Basically throwing your budget into a black hole.Expertise Matters
Enter the crypto hiring consultant—your secret weapon in this chaotic hiring market. We know the ins and outs of the crypto talent landscape, understand the skills and traits that matter most in this niche and can help you identify genuine talent.Sourcing Passive Candidates
The top-tier talent is often lurking in the shadows, not actively looking for work. We have the network and expertise to tap into that pool, bringing you candidates who are a perfect fit but might not be on your radar. Streamlined Process
We will streamline and run your hiring process, saving you valuable time and headache. We can provide advice about team structure/gaps, build JDs, conduct interviews and tech assessments, and evaluate candidates according to your unique culture needs. This means you’ll spend less time drowning in resumes and more time focusing on what matters: building your product. In the high-stakes world of crypto, a bad hire can be a costly gamble. Partnering with a team like us who specialises in crypto can help you quickly bring in the right talent to propel your projects forward. Avoid the headache, cut the risk, and ensure your team is filled with 10X.