Maximising Your Budget: Tips for Offering Competitive Crypto Salaries Without Breaking the Bank

Maximising Your Budget: Tips for Offering Competitive Crypto Salaries Without Breaking the Bank

8 months ago by
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When it comes to securing the best talent for your business, there's a common concern that only those with a big hiring budget will be successful, particularly in competitive Asia Pacific markets such as Hong Kong and Singapore. Thankfully, there are ways to attract and retain the quality employees you need, without breaking the bank.

The War On Talent

It isn't easy to get the best people onto your team, and once you have a talented workforce, keeping them on your payroll is often a challenge, too. Known as the "war on talent", addressing the difficulties in recruiting for key vacancies, as well as retaining talent once they are in post, has become a critical part of recruitment strategy for organisations in myriad industries and sectors.

The stark fact is that talented professionals are now in the driving seat when it comes to finding their next role, as the number of vacancies far exceeds the volume of people able to fill them. And, with every organisation hoping to grab the very best candidate for themselves, one way to stand out from the competition has traditionally been to offer more money for the position.

A New Approach

This could mean that all too often, smaller businesses were left in the cold, simply because they do not have the hiring budgets of their larger rivals. Today, however, the situation has changed somewhat, as the wisest candidates are open to offers that include alternative benefits.

In fact, by being able to offer a great EVP (employee value proposition), smaller firms can be successful in securing the talent they need in order to achieve their business objectives. And there are a great many ways to make sure that your EVP is highly appealing, without adding zeroes to the hiring budget.

Today's employees are increasingly drawn to a workplace that can offer a positive company culture, so be sure to highlight any features of your organisation (such as initiatives that address inclusivity and diversity) that mark it out as a supportive, happy environment wherein your ideal candidates can thrive. Highlight in-house mentorship programs, perks such as hybrid and remote working, or a commitment to environmental sustainability.

Try Adding Crypto To Salary Packages

Another increasingly popular way to attract quality talent is to offer salary options in cryptocurrency. Many professionals are keen to invest in currencies such as Bitcoin, and offering them the chance to take part of their salary in this form can be a major positive, particularly for those already in crypto careers. Offering Bitcoin as an option can also be more economical for your business, as payroll administration costs will be significantly reduced (there are usually lower transaction fees than for wire transfers or credit cards).

A part crypto salary using token compensation directly linked to your business can also be highly attractive to professionals who want to feel invested in the success of their work endeavours, as it can be used in a similar fashion to traditional stock options. By setting up token compensation for your business's product as part of a salary package, your employee will be rewarded fiscally while you are also helping to create vital loyalty to your company. Offering a token compensation scheme is a great way to build a positive community ethos amongst all staff, and help to keep motivation levels high, too.

Explore Your Options

Of course, it always makes sense to speak to an expert before making any significant changes to a recruitment strategy. That's where Captar comes in. As specialists in crypto careers, we are ideally placed to help you create your ideal blueprint for attracting and securing the quality candidates your business needs. Please get in touch today to find out more about how Captar can help your organisation win in the war on talent.