New York

So you worked at FTX. So?Advice from Recruiters and Recruiters

Former employees of FTX and other failed cryptocurrency companies are likely to face more scrutiny in job searches. I’m saying

“The first step is really owning it,” said Will Brown, executive search lead for financial services at recruitment firm Hamlin Williams.

Career advice comes after a year of turmoil in the cryptocurrency industry. some bankruptciesit has ruined the value of digital assets and dulled the luster of a once lucrative sector. allegations of fraud Like FTX, anyone who worked at these companies could struggle to find their next job.

Will Brown, executive search lead for financial services at recruitment firm Hamlyn Williams, said:


Tess Nellis

One factor in their favor: the US job market stay tight What is the demand for human resources in the cryptocurrency industry? still expensiveis intended for professionals who deal with legal and compliance matters in an enterprise.

Still, former cryptocurrency employees may face the same obstacles faced by former Enron and Lehman Brothers Holdings employees. dramatically imploded.

Many of the 4,000 employees who were laid off in December 2001 as a result of the accounting scandal and Enron’s subsequent bankruptcy described their job search as follows: slow, painful and frustrating. According to media reports at the time, many were still considered unemployed three months after the layoffs, but many found jobs quickly through old-fashioned networking and online communities of Enron alumni. I was.

“I worked with a lot of compliance guys that came from Lehman Brothers…Is it the end of a career for some people? Yes. But for compliance guys, no. said Andrew Hastings, Head of US Regulatory Recruitment at New York-based executive search firm Larson Maddox.

Cryptocurrency compliance, which has grown rapidly in recent years, remains a job skill in high demand, requiring candidates to accept more risk in their career paths, which recruiters say lack federal regulation.

FTX filing for bankruptcy The Wall Street Journal reported that in November it was hit by a series of exit requests, leaving it with an $8 billion shortfall. Many of his FTX workers I did not know Speaking about the company’s financial situation and the week its legal and compliance officers resigned, former CEO Sam Bankman-Fried revealed the seriousness of FTX’s financial troubles. The WSJ said the company had about 300 staff.

Johnny C. Taylor Jr., president and CEO of the Institute of Human Resources Management.


Amanda Andrade Rhodes for The Wall Street Journal

Job seekers may face perceptions from hiring managers that they will be “essentially scammers” by working for FTX or similarly stigmatized companies, said the Society for Human Resource Management. said Johnny C. Taylor Jr., Chief Executive Officer of Association of Human Resources Professionals. He said potential employers would look for signs of lying or lack of ethics.

Taylor suggested addressing topics from previous jobs early in communication with prospective employers. need to do it.”

According to Hastings of Larson Maddox, recruiters encourage candidates to reach out to their networks and talk to recruiters to build connections. “You’ll want to brush up your resume and dust off the cobwebs,” he said.

They also suggest it’s a great time for former FTX employees to reach out to their network of former colleagues who can talk about their successes at other companies. People can support you and make you stand out,” Brown said.

Background checks are likely to be important, Taylor said, and recommends candidates have six letters of recommendation on hand. During interviews, these candidates are required to walk a fine line in describing their experiences with troubled companies without spoiling their previous employers.

Candidates should also practice how to separate themselves and their work experience and accomplishments from the company they work for, according to recruiters and recruiters. One way to do so is to emphasize the positive aspects of other jobs, especially those at reputable companies.

Ultimately, recruiters and hiring managers need candidates to demonstrate to potential employers that they are ethical people and can point out potential misconduct with future employers. I agree that there is

“Companies that want to build a culture of compliance want people who can stand up to the fraud and corruption that are part of the company,” Hastings said.

Email to Mengqi Sun

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdb8 So you worked at FTX. So?Advice from Recruiters and Recruiters

Back to top button