When The Great Resignation began and many people left their jobs, they were looking for work that paid better and was more aligned with their interests. One of those interests appears to be cryptocurrency. The trend of accepting jobs that pay in crypto has gained traction since then.
Why is Crypto Payroll Taking Off?
Are workers in America genuinely opting for jobs that pay them in cryptocurrency? Well, they're definitely aware of it. The latest survey from the 2023 Deloitte American Workforce Experience Survey found that 36% of workers are conscious that companies are offering crypto salaries. This represents a considerable jump from the previous year when only 20% of U.S. employees recognized this trend.
The surge can be attributed to a combination of factors, including the increasing normalization of crypto in everyday life, the growing number of companies that are willing to adopt it, and the enticing nature of working alongside crypto enthusiasts.
What is the Crypto Salary Landscape in 2023?
The findings indicate that even higher proportions of workers are open to accepting crypto salaries. Over a third of surveyed employees (36%) stated they would consider such compensation. Furthermore, nearly 60% of employees in Asia Pacific countries also expressed similar sentiments.
However, the research also indicates that there are some hesitations. Around 50% of American workers worry about the stability of the payment methods being used, 42% fear the volatility of the currencies, and 39% are unsure if crypto salaries will continue to be accepted in the future.
How Are Employees Using Their Crypto Salaries?
It's worth noting that tech workers, those often at the forefront of these trends, have been leading the charge. Many employees prefer to convert their crypto salaries into fiat as soon as possible due to concerns about volatility. In fact, 43% of crypto workers are using their crypto to pay for bills and living expenses, while 41% of tech workers are utilizing their crypto for similar purposes.
Parents in tech have been particularly active in requesting crypto salaries. A survey from Talent.com shows that nearly 60% of parents working in tech jobs would like to be compensated in cryptocurrency to support their family expenses.
What Are the Implications for Companies and Startups?
What does this say about companies and startups? It suggests that they are aware of the demand for crypto salaries and are attempting to accommodate it. As crypto continues to permeate various sectors of the market, the challenge lies in effectively establishing a crypto payroll solution that can effectively manage the tax and regulatory implications that come with it.
For companies seeking to streamline this process, crypto payroll platforms, DeFi tools, and fintech solutions are emerging as options. However, navigating the regulatory landscape will remain a challenge until clearer guidelines are established by government agencies. Those companies that can adapt will likely find themselves in a favorable position to attract top talent.
