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HRHeadStart #12: Crypto Pay; Zone of Genius; Poke Holes in Your Thinking
The Talent Agenda
Cryptocurrency headlines are increasingly commonplace today. I have wondered if greater adoption of crypto and changing workforce demographics will fuel demand for crypto-infused compensation packages. If crypto is added to employee compensation packages, there are several potential benefits. For instance, cross-border payments can be frictionless, secure and less costly, employees may gain from longer-term asset price increases, it might be easier to attract and retain certain types of talent etc. But, it is also fraught with risks and complexity like crypto price volatility, labour laws which don't recognize crypto as a currency for wages, taxation etc. Crypto compensation is a relatively new concept - it has great potential, but it will take time for it to become a safe business practice. And more regulations are needed to ensure employee interests are protected.
PayPal launched an interesting experiment by creating an internal blockchain-based incentive platform for employees. Employees earn tokens for participating in various innovation programs and demonstrating certain behaviours. The tokens can be traded with other employees, with each transaction posted to a public ledger. The tokens, which have no value outside of the company, can be exchanged for amazing "experiences".
If you would like to get a headstart on this emerging idea, my friend, Paul Lalovich, has co-authored this interesting article which you might find useful.
There are things at work which make the best use of your time and talent. These are things that draw your unique talents, create meaningful work experiences for you and set you up on the path to growth and happiness. But how do you get there? The framework below might help:
So, as you progress in your career, ask yourself:In what areas do I need to build competence today? What are areas that can be ditched (because they don't add enough value) or delegated (because someone else is better suited)? What do I enjoy most in the areas I excel in? What work do I do that doesn't feel like work?
A Productive Workout
If you would like to get a mental workout by exploring the idea of crypto further, you can dive into this Harvard Business Review case study. While it is not related to HR, it exposes you to how companies are thinking about crypto adoption. Think about how you would respond to the situation at hand and later scroll towards the end where you can find arguments from industry leaders in support of and against crypto adoption.
Writing is the most underrated tool for personal development. If you want to check if you really understand an idea or want to poke holes in your own thinking, then write it out.
As we near the end of 2021, I hope you spend time with yourself, your loved ones and recharge. While I am not a fan of new year resolutions (here's why), I would be taking some time to reflect on the year gone by and contemplate about how I would like to shape my life in the next few years. This is the last edition of HRHeadStart for this year and you will hear from me in early 2022. Happy Holidays!