By now, you may be familiar with the term “The Great Resignation” — an economic trend where employees have voluntarily resigned from their jobs. Many believe that the COVID-19 pandemic sparked this movement, as we were all left with our thoughts a little more than we were comfortable with, causing us to question many aspects of our lives.
Now, as many regret their resignations and want to return to the office, others are flourishing by branching out on their own and starting their own businesses. In alignment with their work-from-home attitude, they are hiring other remote workers, building a whole team of experts that don’t even live in the same time zone.
And many of these employees are seeking out employers who are willing to pay in cryptocurrency. Why you may ask? Transaction speed, transaction fees, and accessibility — as oblivious as some of us are, not everyone wants to be paid in USD.
Ah, working from home and getting paid in crypto. We really are in the future, aren’t we?
So, should you start paying your employees in cryptocurrency? First, let’s look into the pros and cons because they certainly need to be weighed.
There are several advantages to paying your remote workers in cryptocurrency, including:
The speed of a cryptocurrency transaction is almost instant as opposed to standard banking transactions, which can take days and sometimes weeks, depending on the location of your employee.
Many remote employees have to factor in processing times when budgeting their life — a process that can be annoying and easily replaced if presented with a better option.
Seasoned remote workers are very familiar with the amount of money they lose to processing fees. Sometimes as much as 15% of their income will support intermediary banks and platforms, making a pretty penny off their hard work.
If, as an employer, you are looking to attract the best of the best, offer the option of being paid in cryptocurrency. Yes, you will still have to pay a fee, but it won’t be more than you are paying now. The plus, your employees won’t have to pay a thing, increasing their commitment and job satisfaction in a world where they are very much in demand.
Of course, there are disadvantages to paying your employees in cryptocurrency, including:
Before you even play with the idea of paying your employees in crypto, you first need to check that this complies with the law in your country. If it is not legal for businesses to pay in crypto, you may suffer some aggressive fines and legal cases.
Additionally, you must ensure that your employees live somewhere where cryptocurrency is not banned. There is no need to put them at risk, even if they want to be paid in Bitcoin.
We’re all aware of the fluctuations of cryptocurrency. Just look at Bitcoin right now. So, depending on the market, your employees may be paid less for the same amount of work — or more.
A good compromise would be to only pay your employees in crypto for bonuses or partial payment.
The world has changed, and so has the marketplace for committed and reliable employees — and guess what, they’re sitting at home with their dogs as happy as possible. And as long as this phenomenon continues, they are not leaving.
So, to attract the best of the best, you have to play their game. So you hire remote workers. So does everyone else. Oh, you pay in cryptocurrency? Now we’re talking.