The cryptocurrency industry has been around for some time, but while many didn’t give much attention to them, this has changed recently. Cryptocurrencies are becoming extremely popular and giving people the chance to change the way they live.
That being said, in order to succeed in this dynamic field, crypto businesses have to adopt smarter workforce strategies that empower team members, foster innovative approaches, and promote long-term success.
In this article, we’ll dive deeper into learning more about what crypto business owners can do to create a smarter workforce strategy.
- Upskilling and continuous learning
The crypto industry is dynamic, so there’s no such thing as following the same practices all the time. This industry is competitive so it’s important that your workforce is prepared for everything that might happen and knows what next steps to take.
You can offer your workforce ways to continuously learn by doing the following:
- Using online platforms: Udemy, Coursera, and even Binance academy offer crypto courses that allow your workforce to learn from.
- Web3 communities: Encouraging team members to participate in hackathons, DAOs, and forums that allow them to learn more about current web3 trends and the latest developments made.
- Create mentorship programs: Once employees have mentors, they’ll be better guided on what to do, especially when they are new. Therefore, it’s important to appoint crypto professionals to guide them where needed.
- Measure learning programs: Through all of the programs, it’s important to measure outcomes and assess skills through real–world projects, hackathons, and other methods you choose to upskill.
Companies that train staff members will see a productivity increase of 25%. Otherwise, it’s important to always keep your team members prepared and updated with emerging trends.
- Leverage blockchain technology use an ATS-Friendly for your HR team
Crypto businesses can leverage blockchain technology to revolutionize their workforce management. Blockchain in HR can be used for credential verification and when creating smart contracts.
Credential verification involves verifying qualified candidates and work history by using blockchain-based credentials. Moreover, you can automate job offer terms, acceptance, and onboarding using smart contacts.
That being said, it’s also important to use ATS-friendly resume templates that you can post on your website and educate applicants to use them when applying for an open-job position at your company.
ATS can easily cancel out certain applications due to the resume not fulfilling certain criteria so it’s important to give all applicants a chance since there might be top talents wanting to join your crypto business.
- Foster an innovative workplace culture
Fostering an innovative culture is important for empowering employees in a face-paced and competitive crypto industry. Innovative workplace cultures are what establish long-term success and keep employees focused in the long term.
Define your company’s mission
In order to foster an innovative workplace culture, it’s important that you highlight the company’s mission and make sure it aligns with transformative blockchain solutions. Regularly communicate short and long-term objectives, showing individual contributions and how they contribute to the company’s goals.
Host hackathons and brainstorming sessions
Hackathons and brainstorming sessions are great for diving deeper into the crypto world and discussing real-world issues such as blockchain interoperability, decentralized identity (DID) systems, crypto sustainability, and other crypto-related issues.
Brainstorming sessions are important since they can integrate successful ideas into the company’s projects.
Create incentive programs
Use a set of metrics to track the success of each employee contribution. Based on that, you can reward employees who contributed to viable solutions with promotions, gifts, monetary/crypto rewards, memberships, or any other reward form you have available.
To make employees more motivated, you can inform them of what kind of rewards will be given out if they manage to achieve something that brings the company closer to its goals.
- Embrace remote work
After the worldwide lockdown due to the Coronavirus, people started to work remotely more often. 28% of people worldwide reported working remotely and this number is expected to grow even higher in the upcoming years.
Considering the crypto industry, remote work is the backbone of many crypto businesses. You can take advantage of remote work by using communication tools like Slack, Zoom, and other tools that make your real-time communication much easier. After all, it’s not mandatory to see each other in real life to make something work.
Moreover, remote work is only as effective as your work policies are. This means that you need to provide flexible work policies to allow employees to structure their schedules based on their peak productivity, balancing both your professional and work life.
While remote work can be just as productive as office work, it’s important to regularly host online activities to strengthen your team building efforts that will impact the success of your crypto business in the long-term.
- Create agile organizational structures
The nature of the crypto industry demands agility. This means that your organizational structure should also be created in the same way. Creating agile organizational structures requires you to quickly adapt to changes in technology, regulation, and market conditions.
Key components of creating an agile crypto organization include:
- Decentralized decision-making process: Empowers all team members to make decisions autonomously, which positively impacts how efficiently time is used throughout the day.
- Cross-functional teams: Make sure each team is accountable for end-to-end product lifecycle management. Building an effective cross-functional team includes combining different teams such as UI/UX design, marketing, compliance, and a blockchain development team.
- Fluid roles: Encourages employees to take on different roles based on their skillset and project requirements. Role-based structures are great for allowing flexibility and adaptability in your organizational structure.
- Fiat Hierarchies: Minimizes layers between teams and leadership to improve decision-making and communication. For example, leaders act like mentors instead of just being a manager.
- Modular teams: Assign specialized teams to handle important areas like scalability, user acquisition, and compliance.
After you are done creating your agile organizational structure, it’s important to include key metrics to measure agility.
This includes measuring the speed of how fast you and your team adapt to new blockchain updates or solutions. Right after, you need to see how fast you and your team are adapting to market or regulatory changes. Last but not least, it’s important to measure your employee satisfaction score and how it aligns with the agile practices you incorporate in your organization.
- Prioritize employee well-being
The demanding nature of the crypto industry can seriously impact employees’ physical and mental health at times if it’s not taken under consideration. Businesses need to prioritize employee well-being for retaining talent and maintaining productivity.
65% of employees claimed to experience burnout last year. Since the crypto industry is so dynamic, it’s important to prevent this from happening and this can be done by building a well-being framework. This framework can be built through four main components:
- Physical well-being: Physical health connects to your mental well-being and if one isn’t good, the other won’t be either. It’s important to provide comprehensive insurance, sponsor gym membership, wellness apps, and virtual fitness classes.
- Mental and emotional well-being: This involves granting therapy access to your team and even regular check-ins with managers to recognize burnout. Moreover, you can host stress-management workshops as a bonus as well.
- Financial well-being: Since you are in the crypto industry, you can pay your team members their salaries in crypto. Moreover, it’s important to provide educational resources on risk management and crypto investment. The crypto industry is now also starting to offer retirement plans, which means you can provide traditional retirement plans with crypto-based options like Bitcoin IRAs.
- Social well-being: This includes team bonding activities such as virtual meetups for remote teams, encouraging your team to participate in blockchain communities, DAOs, and more.
By focusing on your team’s well-being, crypto businesses can cultivate a culture that prioritizes employee well-being, reduces burnout, and encourages growth in the long-term.
Empowering people will give you a competitive advantage
In the cryptocurrency world, where competition is high and agility defines your long-term success, empowering your workforce isn’t only a strategy but a must if you want to come out a winner. By investing in smarter workforce strategies, crypto businesses can easily overcome all challenges they are presented with, attract top talent, and promote growth in an ever-changing landscape.
As the crypto industry evolves over time, businesses that prioritize their team members will always stand out and be a good example for others to follow. The future of crypto lies in the hands of individuals and those who revolutionize the industry and master the system will always be one step ahead.
