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69% Of Employees Would Quit Their Jobs if Forced to Receive Their Salaries in Crypto

69% Of Employees Would Quit Their Jobs if Forced to Receive Their Salaries in Crypto

Last updated 15th Dec 2022
Disclosure
  • Crypto has a long and varied history.
  • Its use as an acceptable form of payment is only becoming more commonplace.

Blockchain technology and the digital currency revolution have given employees more power over their financial decisions. According to BanklessTimes.com, 69% of workers say they would resign if forced to receive their salaries in crypto without any choice in the matter.

This raises an important question for employers - how can they provide these innovative new payment options without alienating or frustrating their workforce?

According to BanklessTimes CEO Jonathan Merry,

Digital assets and cryptocurrencies are becoming increasingly popular, but employers should be aware that these technologies need to be embraced with caution. If a company mandates the use of crypto without allowing employees to opt in or out, it could have a detrimental effect on morale and productivity.
BanklessTimes CEO, Jonathan Merry

He advises employers to offer employees a choice of payment options, such as traditional currency alongside digital assets, so that they can make their own decisions about how they want to receive their salaries.

Revolution in Financial Technology

Financial technology, or FinTech, is revolutionizing how people manage their finances. This is more evident than in salaries and wages, with cryptocurrencies becoming increasingly popular as a form of employee payment.

For employers, offering digital currency as an option can greatly attract and retain talent while reducing costs associated with traditional payment methods. However, employers should be aware of the potential pitfalls, such as employee dissatisfaction or confusion.

Employees should be given the autonomy to decide which payment method works best for them, whether that’s a traditional fiat currency, digital currency, or a combination of both. Providing choice can help ensure that employers remain competitive and attractive to potential employees.

Furthermore, employers should provide education about digital currency to their employees. Understanding the basics of cryptocurrency, such as its security protocols and transaction fees, can help build trust and confidence in these new payment methods.

By offering choice and education, employers can embrace digital currencies while still meeting the needs of their employees. In turn, they can benefit from having access to a more engaged, informed and satisfied workforce.

Greater Potential for Employers

Digital currency payments can open new opportunities for global employers looking to hire remote workers without worrying about currency exchange fees or complicated paperwork.

As digital currencies become more commonplace in the workplace, employers should ensure they provide their workers with a fair and secure payment system that meets their needs.

By offering digital currencies as an additional payment option, employers can not only remain competitive but also ensure their employees can make the right financial decisions for themsleves.

Elizabeth Kerr

Elizabeth Kerr

Elizabeth is a financial content specialist from Manchester. Her specialities include cryptocurrency, data analysis and financial regulation.