How a Blockchain Startup Cut Costs by $900K in Hiring & Operations

Case Study: How Everest Saved Over $900K and Streamlined International Talent Acquisition

Challenge

Everest faced several significant challenges in scaling its operations and enhancing its platform capabilities within the competitive fintech industry:

1. Cost Optimization: Managing recruitment and operational costs effectively was crucial for sustaining growth, particularly as Everest sought to expand its team without compromising financial stability.

2. Talent Scarcity in Blockchain: Finding highly skilled blockchain specialists who met Everest’s stringent technical and cultural requirements proved difficult. The company needed experts with deep knowledge in blockchain technology and smart contracts, who also embraced the vision of a blockchain-driven ID and financial revolution.

3. Previous Recruitment Challenges: Everest’s earlier experiences with recruitment agencies had been unsatisfactory, with a flood of unvetted and irrelevant candidates complicating the hiring process rather than streamlining it.

Addressing these challenges was essential for Everest to not only maintain its innovative edge but also to ensure the recruitment of top-tier talent aligned with its strategic goals in the blockchain and fintech sectors.

Solution

To efficiently tackle Everest’s recruitment needs, Globy implemented a streamlined strategy:

Strategic Planning: Globy developed a comprehensive expansion strategy, assessing talent pools, technical requirements, time zone overlaps, and budget. This led to identifying optimal locations for sourcing candidates and establishing clear compensation frameworks and recruitment timelines.

Targeted Recruitment Execution:

• Localized Recruiting Teams: Globy deployed experienced recruiters in key locations to tap into regional talent pools effectively.

• Rigorous Candidate Vetting: A robust internal process was set up to evaluate candidates technically, culturally, and communicatively, ensuring only top-tier candidates were presented to Everest.

Compliance and Payroll Management: Globy also handled all compliance and payroll responsibilities for new hires in their respective locations, simplifying the complexities of international hiring for Everest.

This approach not only streamlined the recruitment process but also aligned it with Everest’s financial and operational goals, ensuring a successful team expansion.

Candidate Requirements

Everest is seeking candidates who meet focused technical and cultural criteria to support its fintech platform:

1. Technical Skills: Proficiency in Golang is essential, along with a robust understanding of blockchain technology and Ethereum smart contracts.

2. Domain Expertise: Experience in the fintech sector, especially in areas involving blockchain and regulatory compliance.

3. Cultural Fit: Candidates must share Everest’s commitment to the financial revolution through blockchain, demonstrating a visionary outlook and a strong belief in the platform’s goals.

4. Time Zone Overlap: Ability to work flexibly across time zones that align with Everest’s global team, ensuring effective collaboration.

5. Cost Sensitivity: Awareness of cost management, fitting into Everest’s strategy of maintaining financial efficiency while scaling operations.

These criteria aim to attract not just technically adept individuals, but also those who are fully aligned with Everest’s innovative spirit and operational dynamics.

Recruitment Pipeline Performance and Results

Conclusion: This structured recruitment pipeline highlights the rigorous selection process Everest employs to ensure candidates are not only technically proficient but also a strong cultural fit for the company.

The high retention rate through the assessment phases and a significant hiring rate from those who passed the culture fit stage underscore the effectiveness of the recruitment strategy in meeting Everest’s stringent requirements for top-tier talent.

Testimonial

“Globy consistently exceeded our expectations by delivering the project on time. Their frequent and prompt communication through virtual meetings ensured an effective workflow, making it a seamless experience for us. The quality of their engineers stood out as a hallmark of their dedication and professionalism. I highly recommend Globy for their exceptional service.“

Bob Reid | Co-founder & CEO at Everest

Summary of Achievements and Savings

Here’s the detailed breakdown of Everest’s achievements and savings with an emphasis on the percentage of effectiveness compared to U.S. hiring costs:

This table clearly illustrates the significant cost efficiencies Everest achieved through its strategic international recruitment strategy. The savings on both individual and team levels highlight the financial prudence of hiring outside the U.S., while the conversion rate underscores the effectiveness of the recruitment process in aligning with Everest’s high standards and operational needs.

This approach not only optimizes financial resources but also ensures the integration of highly skilled professionals into Everest’s workforce, supporting its ongoing innovation and market expansion goals.