Navigating the Landscape of Crypto Compensation and Benefits (Part 1)

The landscape of the crypto market is unique and distinct from traditional sectors such as IT Fintech and Tech. Several factors contribute to these distinctions, influencing how people are hired, compensated, and operated within the crypto domain.

In the coming weeks, we invite you to follow our posts, where we will take a deep dive into the dynamic world of crypto recruitment, sharing insights into the employment and compensation terrain.

👥 Workforce:

Decentralization and Digital Nomadism: The prevalence of remote and distributed teams is widespread in cryptocurrency. This presents a challenge when structuring compensation systems for global teams. Additionally, the general use of service contracts and digital nomadism further shape the landscape. Contracts often govern relationships, and team members may frequently change locations.

Employee Turnover Dynamics: It is noteworthy that the average tenure of employees within blockchain companies tends to be shorter than in traditional industries. Individuals in this field often switch jobs, make career decisions more swiftly, and exhibit a readiness for change.

Distinctive Compensation Structure: The cryptocurrency industry embraces a broader use of options and token-based incentives, leading to a unique compensation structure. Compensation sizes are often inconsistent, as cryptocurrency companies typically do not participate in large-scale surveys. Moreover, salary data may exhibit more significant variability due to the influence of short-term factors.

These unique attributes make the crypto work environment dynamic and necessitate adaptability and innovation in talent management and compensation strategies.

📝 Financial Planning:

As revenues and earnings of projects are often in cryptocurrency and not in fiat currency, expenses are predominantly in fiat currency, with the markets being so volatile. The price of tokens can fluctuate several times in just a few days, and the income you generate might not be sufficient to cover expenses such as payroll and other personnel costs (the most significant expense in an organization, followed by infrastructure costs). Therefore, you might explore securing additional investment to cover these operational costs until your business matures.

That’s all for today. Don’t miss our next posts, where we will delve into the intricate landscape of C&B and talk further about hiring trends and employment trends.

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Please read our previous HR Guide here. You will discover our practical tips and recommendations based on our experience, mistakes, and successes in our journey, from 35 employees in 2021 to 145 people across 37 countries in 2023.

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