blockchain

Should I Pay My Employees Crypto?

Since remote work has become a routine process, plenty of entrepreneurs have challenged some difficulties with paying employees scattered worldwide. Bank fees and the transactions swiftness made some companies think of switching to payrolling the team with crypto. Is it worth it?  

Advantages

Cryptocurrencies run on a variety of blockchains, which are decentralized peer-to-peer systems. Therefore, no intermediaries are required for transactions. This fact and the corresponding technological architecture solve the issues of cost and speed of transactions.

Also, implementing crypto payments for your staff can be a good reward for those enthusiasts who support the growth of the crypto economy and want to become less dependent on the government and bank regulation.

The high volatility of crypto makes such currencies efficient investment instruments. The employee can earn more in one payment period just because of the currency growth, which is not relatable to traditional fiat money. Volatility may become a problem as the currency may not only grow but dramatically fall. So this advantage is applicable only when your staff knows the risks.  

Volatility can become a problem, as the currency can not only rise, but also fall sharply. Therefore, this can only be an advantage when your staff is aware of the risks.

Disadvantages

A lot of countries either strictly regulate crypto circulation or prohibit it. When you decide to pay your team with crypto, you need to learn where your employee can use Bitcoin and where they cannot.

Due to these restrictions, the global crypto economy is only in its growth stage when there are a few places where one can use crypto to buy something. However, large companies like Tesla have already started experiments with accepting payments in crypto. This fact will lead to a broader cryptocurrency application.

Your team can also be unskilled for using crypto as payment because blockchain technology is relatively new and sort of complicated. Some of your workers may need some time to get acquainted with this payment method and all opportunities and risks it implies.

Conclusion

The crypto solves problems with high transaction fees and swiftness but adds some new ones. However, you should definitely consider paying your team with crypto but make it carefully. For example, you can start with bonuses or partial payment in crypto while still using traditional banking instruments.

It will please blockchain enthusiasts within your company, prepare people without knowledge of the technology, and test if this form of payment fits your needs. Apollo HR team can help you with implementation of blockchain and crypto payments as well as reveal how metaverse can be useful for managing your team.

How Blockchain Will Improve Performance Management of Your Team

As an employer, you are always looking for ways to improve the efficiency of your team. You need to be sure that each employee is doing their best work, meeting deadlines, acquiring new skills and improving existing ones, and is motivated to bring your business the results it needs for as long as possible. 

Employees expect you to guarantee timely and full payment of salaries, predictable raises, additional benefits, and sustainable development within your company. Blockchain technology can help you build such a win-win relationship between you and your team. 

Blockchain allows you to store and manage data in the form of chains of blocks, where each block contains records. In our case, it is about certain actions or plans of the employee. In addition, each block is encrypted and linked to the previous blocks in the chain, so interference with the records of previous blocks is impossible without detection.

Using blockchain, you can better monitor and analyze the work of each employee. The technology allows you to set goals for a certain period of time, monitor efficiency and time spent on work within the records in a separate block for each employee. When a certain task or goal in a block is achieved, the relevant manager or HR specialist leaves the necessary records. If the results do not meet the set goals, the corresponding feedback is also displayed in the block. 

All employees of the company can see the entries in each block, so the workflow becomes less subjective and biased. You can also track progress and collect feedback from colleagues on the performance of each employee. This makes performance management predictable, fair, and easy to manage, and the process transparent for both the company and the employee.

The introduction of blockchain paves the way for effective control over team performance. Since the team also benefits from the technology in the form of a predictable roadmap of their career in the company, they do not feel any discomfort with closer performance monitoring.

The Apollo HR team will help you implement blockchain technology, create optimal conditions for managing your team's productivity, and tell you how blockchain can benefit other business processes in your company.