The CEO of crypto exchange Binance, Chagpeng Zhao (CZ) acknowledged that “a lot” of employees opt to be paid in BNB, rather than fiat.
I’m REALLY curious to know what % of employees from Binance did choose to be paid via BNB (when they got option to be paid in BTC or their local fiat) ??
— Dovey 以德服人 Wan ?? (@DoveyWan) May 24, 2020
Although CZ elected not to disclose the exact percentage of employees that do, his response is another example of changing workplace culture.
What’s more, during these unusual times, we have seen an acceleration of other workplace changes, including the rise of work from home, and the subsequent growth in video meeting software as a result.
With that, there’s little doubt that digital transformation is taking place in the business world. That being so, is remuneration in crypto a natural extension of this?
Digital Transformation in the Workplace
The current pandemic situation is forcing us to reconsider day to day life. The primary message coming from authorities has been social distancing and the avoidance of large crowds.
While the debate rages on as to whether this is an effective tool to counteract the problem, one thing’s for sure, schooling and the workplace have undergone extreme changes as a result of this advice.
Turning to digital solutions has done a lot to offset the disruption. In fact, the situation has compelled many firms to assess their entire infrastructure.
Futurist and technology advisor, Bernard Marr states that companies are being forced to reconsider the way they operate, warning that those who fail to roll with it will be at a competitive disadvantage.
“Those companies able to use technology well to keep going and rethink their business model for the future by fast-tracking digital transformation will be ones ahead of their competition.”
As expected, the transition to remote working is being led by technology firms. In a company-wide email, Twitter CEO, Jack Dorsey said a review of the situation indicates working from home has not adversely affected the business. That being so, he is happy for all employees to do so.
“The past few months have proven we can make that work. So if our employees are in a role and situation that enables them to work from home and they want to continue to do so forever, we will make that happen.”
And Twitter isn’t the only firm that sees the sense in doing this. Facebook, Google, and Microsoft have all come out with similar if less extreme policies for their employees.
As such, fears over a Silicone Valley exodus are likely to spell trouble ahead for commercial real estate in general.
Coupled with a loss in confidence in fiat currencies, it’s only a matter of time before paying employees in crypto becomes a part of this adjustment.
Being Paid in Crypto Should be a Matter of Choice
One man who’s ahead of the curve is CZ. In a Q&A for CoinMarketCap, CZ made mention of the freedom of choice. At present, the majority of employees can only be paid in fiat, but CZ believes that everyone should have the choice to be paid in crypto if they want to.
“At Binance, we hold the mission of “increasing the freedom of money,” that is to say, everyone on this planet can freely choose and use money (in whether crypto or fiat) for payment, transaction or investment.”
By all accounts the change is already happening. In August 2019, New Zealand became the first country to legally back firms paying employees in crypto, rather than fiat.
And with high profile NFL stars, including the LA Chargers’ Russell Okung asking to be paid in Bitcoin, it’s clear that this type of thinking is already embedding itself within mainstream culture.
Pay me in Bitcoin.
— russ (@RussellOkung) May 14, 2019
As such, it’s inevitable that more and more people will be negotiating an employment contract in crypto as time goes on.