Everything You Need to Know About Recruiting and Hiring a Blockchain Project Manager
Why Hire a Blockchain Project Manager?
Blockchain as an ideology has stirred interest and investments around the world. As per Gartner, Blockchain is rapidly venturing into experimental and small-scope projects. This trend will be fully scalable by 2023.
Thanks to Blockchain, the standard ‘norms’ of projects are streamlined and turned into profit-generating models (with realistic limitations). In short, Blockchain project management helps businesses to complete important projects on time, with higher efficiency, and at a lower cost. Many industry experts believe that Blockchain in PM will reduce administrative fatigue, besides increasing efficiency in workflow and faster completion of the phases. No wonder, Priya Patra, a PMI expert calls Blockchain the Future of Project Management.
What is a Blockchain Project Manager?
Do you know what’s the central benefit of a Blockchain Project? That’s right. Security!
As the head of every decentralized project, a Blockchain project manager is responsible for the security of the project across all phases. The role also is a liaison between developers and clients. So, you are the one-stop solution for a project’s start to finish, i.e., from roadmaps development to solutions deployment.
According to Matthew Baggetta, project management and Blockchain will work in tandem as very soon every industry will be 100% Blockchain-reliant.
Why are Blockchain Project Managers in high demand?
The role of project management is one of the most lucrative careers in the Blockchain and Cryptocurrency industries today. The individual is majorly involved in project implementation through multiple phases and milestones, hence you should expect challenges and eat them for breakfast every day!
According to a report from Blockchain Research Institute and Brightline Initiative, the key areas where a Blockchain project manager is in high demand are the creation and management of digital records, digital assets exchange, verification and reinforcement of acceptable performance, and creation of reputation systems, and execution of smart contracts.
Apart from the high-income potential, project management in Blockchain works mainly with DLT or Distributed Ledger Technology. At the same time, Blockchain automates the contractual processes and paperwork, thus saving resources and time.
Average Pay for a Blockchain Project Manager
As per Glassdoor estimates, the average salary for a Blockchain Project Manager in the USA is $88,907 per year, with an added compensation between $1,713 – $30,013
Blockchain Project Manager KPIs
We know that a Blockchain is the backbone of the digital economy. Being in charge of the Blockchain and Cryptocurrency project, the project manager is measured against the following KPIs.
- Scheduled variance
- Budget variance
- Cost performance index
- Earned value
- Resource Capacity
- Return on Investment (RoI)
Blockchain Project Manager Job Description
A Blockchain project manager has to have a good working knowledge of Blockchain technology and know how to implement it in a decentralized ledger project.
A typical job description of a Blockchain Project Manager is here for your reference.
- Act as a liaison between developers and clients
- Responsible for project initiation, planning, and implementation
- Work on the database and processing systems, and the project’s token economy.
- Develop and manage the enterprise’s blockchain database systems, cyber currency controls, and blockchain processing systems
- Coordinate and allocate project staff, budget, tasks, and resources for project execution
- Plan and allocate resources with quality assurance across all phases
- Conduct risk assessment and mitigation plan
- Monitor and evaluate project performance and measure the outcome
- Provide monthly progress reports and updates on assigned projects(time and cost)
- Keep up to date on blockchain trends
Blockchain Project Manager Interview Questions
Here are some of the strategic questions to ask a potential Blockchain project manager. You can make use of them or even create your own for a face-to-face or video interview process.
1) What does Blockchain Project Management cover?
2) Walk us through some of the essential skills to become a Blockchain Project Manager
3) Do you know what a Fiat-based Stablecoin is?
4) What is your understanding of budget management in Blockchain?
5) What advice would you give to a client who wants to integrate blockchain with their business?
6) List some key factors to consider before implementing the blockchain strategy
7) What Blockchain project management tools are you currently using in your projects?
8) What are the differences between Hyperledger and Ethereum?
9) What strategic skills are necessary for a Blockchain project manager?
10) What is the future of Blockchain Architecture?
Best Practices For Hiring Blockchain Project Manager
Hiring a Blockchain project manager requires research and time as it’s all about the big picture. Research suggests that recruiters are struggling to find quality talent for the role. There is an acute talent shortage for the role as the industry is still in the nascent stage and potential candidates lack skills and experience.
Apart from this, most employers are still stuck in the traditional methods of hiring. Hiring red flags like over-reliance on credentials than competencies and lack of advanced evaluation tools in skill assessments have severely limited the talent pool.
On the other hand, recruitment software like Glider AI takes candidate evaluation to the next level. Through a structured and standardized process, interviews are made candidate-friendly and also accurately assess skills and competencies. Hiring is not only bias-free but evaluated on real-world scenarios as well.