A recent analysis of employee reviews on Glassdoor has revealed that crypto exchanges such as Gemini, Binance, and Coinbase have some of the least happy employees in the industry.
The data, collected by tech recruitment firm TrueUp, compared employee happiness to company growth and placed 27 of the most valuable cryptocurrency firms on a quadrant chart.
According to the chart, Celsius, a defunct crypto lender, along with Gemini and Amber Group, both crypto exchanges, had the least happy employees based on the reviews of 80, 139, and 42 individuals, respectively.
Binance and Coinbase also appeared on the less happy side of the chart, with a total of 1,257 reviews on Glassdoor.
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Although Glassdoor does not have a specific happiness metric, it assesses whether reviewers would recommend the company to a friend, approve of the CEO they worked under, and have a positive outlook for the company.
Binance, when questioned about the negative reviews, attributed them to the demanding and fast-paced work environment that the company seeks to maintain.
They stated that not all employees are cut out for such an environment and acknowledged the importance of negative feedback in addressing issues and improving the employee experience.
It is worth noting that Glassdoor reviews are user-submitted and subject to a moderation process, which raises concerns about the reliability of the data.
Some recruiters have previously questioned the legitimacy of Glassdoor reviews, suggesting that they can be easily manipulated or falsified.
However, Glassdoor maintains that each review goes through a moderation process before being published on the website.
Neil Dundon, founder of Crypto Recruit, expressed his view that employees involved in building blockchain infrastructure tend to be more satisfied than those working at exchanges.
He suggested that employees in speculative/exchange environments may feel less fulfilled compared to those working on infrastructure projects, as the latter group may have a stronger sense of purpose.
Dundon also noted that the industry-wide layoffs that occurred over the past year likely influenced the job satisfaction levels.
He mentioned that the general insecurity among employees caused by these layoffs makes it difficult for them to feel happy in their roles.
However, he believes that the worst may be behind crypto employees now.
On a positive note, the TrueUp chart indicated that the “happiest” workers in the industry were associated with Ava Labs, Blockchain.com, and Fireblocks. Glassdoor data also revealed that Alex Mashinsky, the founder and former CEO of Celsius, received low approval ratings from past and present employees.
While Brian Armstrong of Coinbase and Changpeng Zhao (CZ) of Binance had lower-than-average approval ratings among technology-based CEOs.
In summary, the analysis of employee reviews on Glassdoor suggests that certain crypto exchanges have less satisfied employees compared to others in the industry.
However, the reliability of the data and the potential impact of recent layoffs should be considered when interpreting the results.
