The future of work is among us! In July this year, Consensys launched an optional crypto payroll program, allowing all full and part-time Consensys employees to receive a portion of their payment in Ether.
Launched in partnership with leading cryptocurrency payroll provider, Bitwage, the program aims to enhance financial flexibility for employees to diversify income, support the collective development of the web3 ecosystem, and empower our builders to be at the forefront of the blockchain movement.
Consensys is laser-focused on its commitment to onboard the next 1 billion participants to web3. Across the board, our company structure aims to mirror the principles of web3, embracing decentralization, autonomy, and trust. Our People & Talent practices are no exception. As a crypto-native company of builders passionate about the web3 ecosystem, the crypto payment rollout is a natural evolution.Meeting the Web3 Workforce Where They Are
Consensys’s crypto payroll program is designed to meet the demands and work standards of the growing crypto industry. Our recent research conducted with YouGov, the Web3 Workforce Global Survey, showed that while about 70% of surveyed web3 workers are paid in fiat currency, only about 30% are comfortable with this payment method. Meanwhile, half of workers would prefer to be paid in a mix of fiat and cryptocurrencies.
The introduction of crypto payroll marks a significant step towards offering more personalized and flexible compensation options for our employees. We believe this model will continue to develop, shaping the future of how organizations reward their talent.
Web3 Catalysts for Wider Impact
Web3 is growing exponentially, and with every innovation, its impact reaches more people. Mass adoption of web3 requires all corners of society to apply this new technology to their respective roles. Huge leaps can happen where we least expect it.
Crypto payroll, therefore, serves as an example of practical integration of decentralized technology but also a vehicle for wider web3 adoption. Offering a simple and secure method to be paid in crypto, demystifies web3 and lowers the barrier to entry, giving crypto validity by bringing it in-house as a tangible way to get paid.
As always, security is paramount, and companies and individuals must protect themselves from risks, such as volatility in asset values, regulatory uncertainty, and the need to manage their digital assets securely.
But sky is the limit. We believe crypto payroll is just the start of crypto-enabled HR practices and could segue into further flexibility and optionality, expanding into other compensation programs like company bonus programs and recognition programs. Companies have the potential to adopt even further innovation, offering rewards such as tokenization of projects, crypto spot bonuses, crypto-based saving plans, and more.
Consensys is pleased to join the cohort of web3 companies already embracing crypto payroll practices and open the door for further innovation and applications.
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Head over to THE WEB3 WORKFORCE SURVEY to learn more about the findings of the Web3 Workforce Global Survey and better understand the people behind web3 and blockchain technology.