We're surprised too, but apparently a new survey found that more than one third of employees want to be paid in cryptocurrency.
Over its short life span, cryptocurrency has become a hot-button topic for a wide range of individuals and organizations alike. The notoriously unregulated currency has gone from the preferred payment method for ransomware scammers to an accepted option to pay for movie tickets at AMC in a matter of years.
Now, it looks like cryptocurrency is becoming even more established in the mainstream, as employees are hoping their paychecks can come in Dogecoin and Ethereum rather than direct deposit.
Study Finds Surprising Employees Trends About Cryptocurrency
The study from SoFi at Work — in partnership with Workplace Intelligence — found that 36% of employees want the ability to receive part or all of their paycheck in cryptocurrency. Additionally, 42% of employees would like to receive non-fungible tokens (NFTs) as part of performance incentives.
We can all admit those numbers are pretty surprising, particularly for businesses that have been trying to retain employees during the Great Resignation.
“People’s preferences are quickly evolving, and the companies who can adapt quickly are the ones that will come out on top in the war for talent,” said Dan Schawbel, Managing Partner of Workplace Intelligence in a press release.
While this doesn't mean you should necessarily start including bitcoin on your job applications, it should encourage business owners to start considering the shifting viewpoints about compensation in 2022.
Other Financial Stats from SoFi at Work
Despite the surprising stats, the study from SoFi at Work was not primarily focused on cryptocurrency. The aim was to actually shine a light on the financial stress and hardships of the average employees, and it showcases some steps that business owners should take to actually attract talent in 2022.
- 75% of employees face at least one source of financial stress
- Employees spend 9.2 hours per week dealing with personal finances while at work
- 51% of employees are experiencing more financial stress than ever before
- Improving the financial well-being of employees can improve productivity (86%), talent retention (86%), job satisfaction (84%), ability to focus (84%), and mental (84%) and physical (80%) health
- 84% of employees believe an employer should be concerned about their employees' financial well-being
- Only 55% of employees believe their employers care about their employees' financial well-being
Suffice it to say, employees are in need of some financial help, and a business that commits to doing so will immediately have a leg up when it comes to attracting the top talent. And as the study shows, financial well-being comes in many forms.
“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,” said Jennifer Nuckles, EVP and Group Business Unit Leader of SoFi.
Simply put, the Great Resignation is not a failure of employees; it's a failure to compensate them in a meaningful way. If you want to avoid your own stress over employee retention, you need to alleviate the financial stress that employees are experiencing all over the country.