Employees increasingly want to be paid in crypto

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• Opinion

According to a survey by SoFi, there is interest among employees in receiving part of their paycheck in cryptocurrencies and many would like to receive NFTs as part of a performance reward.

The survey by SoFi highlights various factors, but one of the main ones is that 3 out of 4 workers are stressed about financial issues, and are spending 9+ hours a week dealing with personal finances while still at work.

The survey also found that 36% of workers would like to start accepting cryptocurrency as part of their salary, and that 42% would like to have the option to receive NFTs as part of their performance reward package.

Jennifer Nuckles, EVP and Group Business Unit Leader at SoFi highlighted the challenges for business leaders:

“Today’s business leaders are facing a daunting set of growing concerns around some of the biggest business challenges in recent history, like talent scarcity, increasing concerns around the impact of rising inflation on compensation (67%), and others,” 

She added:

“With this, it’s important to realize that there are other levers employers can – and should – pull to add value. One size does not fit all when it comes to financial well-being and financial education. The research we published today provides employers with actionable insights and forward-looking perspectives on employee expectations to help provide a roadmap for the future of workplace financial well-being.”

The financial stress felt by workers has led 25% of them to take on a second part-time job, and around a fifth, to a quarter of respondents have gone as far as taking on more credit card debt, withdrawing from their retirement savings, and getting a loan from family or friends.

Opinion

Workers are no doubt stressed by the current incredibly uncertain economic climate. Rising inflation is stripping away their purchasing power fast, and with war in Ukraine, and supply lines faltering across the world, these situations are adding to their financial woes.

Not many would probably realise that their purchasing power has been steadily eroded over time, as central banks collaborate with governments to increase debt by printing massive amounts of fiat currency.

The thinking on cryptocurrencies is probably a way for the average worker to try and diversify away from their fiat salaries. Given the pressure on private digital assets right now though, the wish to accept crypto might be in abeyance for a while yet.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.