Steem salary?
I've been having this thought lately. What if some company decided to get into Steem and even invite their employees to participate in an experiment?
Because Steem prices are so volatile, it wouldn't be wise to go all in and start paying their employees in Steem only. But what if with common agreement a company started would create Steem accounts for their co-workers and started to pay salaries partly in fiat (normal currency) and partly in Steem. There shouldn't be forced participation, people could opt-out of this experiment, if they wanted.
I can imagine a company of say, some 20 people having a constant stream of revenue because of their products and services. So they could take a percentage of that revenue and buy some Steem for everyone. The next month they could do the same and the amount of Steem everyone in the company has would double (provided prices stay the same). And so they keep buying more Steem with the percentage of their fiat money and distributing it among their co-workers as part of their salary.
Little by little, month after month they would accumulate more Steem and power it up, of course. A year into the experiment they would have probably 10x or more SP than when they started.
This way a company could introduce their personnel into crypto world the soft way. They don't need to buy Steem themselves, the company would buy it for them.
But that's not all. Holding SP is nice as an investment but as we all know there is so much more to Steem than that.
What if from day 1 ALL of the co-workers started posting their daily reports (something like documenting their day) and upvoting and commenting on interesting blogs they find on this platform? I'm thinking of @actifit and their fitness activity reports would work nicely here. People would want to get more upvotes and AFIT tokens too so they would start tracking their steps. Obviously their network of followers would grow along with their SP.
So not only they would get more and more SP every month because of part of their salaries being distributed to them in Steem, not only because SP gains interest over time just for holding it, but also the company and their co-workers would become active members of the community and their status on the blockchain would gradually increase as well. Oh and let's not forget about our hope that Steem price would increase in general in the future and what this would do to a person accumulating and holding more SP every month.
This probably only works if a person gets a large enough salary from a company that they don't rely on this percentage which is being distributed to them in Steem. In other words, it's like investment money, not eating and bill pay money.
In my view this is absolutely possible because economic common sense and the rules of financial independence tell us we shouldn't spend all our salary and maybe invest a portion of it. This percentage of course should be such that we shouldn't be afraid to lose it. The exact amount is probably different for every person.
It's not science fiction, people are buying and powering Steem all the time. It doesn't matter whether this money comes from a salary or from a business revenue or from some other source. What I'm proposing is that this could be done not on behalf of the individual but on behalf of a company and a group of people that are part of this company.
Do you think this could work?
Let me know your thoughts in the comments.
I like your drawing is beautifull
What do you think about the post?
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Thank you! I hope people will find it useful.
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I believe that it would be a very ambitious project, in the sense that people receive part of their salary in digital coins. However, I am one of the people who would accept to receive part of my salary in digital currencies, because I am an enthusiast and also I do not like the government putting the hand in my money.
I guess most of Steemians would agree to this! Thank you!
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It would highly rely on popularity of STEEM as an investment/currency. I think for a normal company, the perception from the employees would be that the company is spending money on assets that are not beneficial to them instead of just rewarding them in fiat or traditional investments. I think that the company would be viewed as wasting money by the employees and cause resentment.
However, for a development company or a Dapp business where the employees are involved with cryptocurrency, I can see this as a beneficial option for the employees and an incentive to work at the company.
That's right, because Steem right now appeals only to early adopters, such an experiment would only work in a company where early adopters work. This is what startups are by definition.
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Are you are familiar with a 401K (retirement investment)? I have a concept for employers to reward employees in Steem Power.
In a 401K, an employee has an option to invest a portion of their salary. The employer can match that investment up to a certain limit set by the employer. This retirement matching is an incentive for quality employees to want to work at the company. (For instance, the employer can offer matching of the employee investment of their paycheck up to 8% when the industry average is 4%). Anything over that amount will not be matched by the employer. That works because the employee is not allowed to remove those funds without a penalty which is built into the 401K system. There are also tax penalties before retirement as taxes are waived during the investment.
That system doesn't exist on STEEM blockchain (penalty for early withdrawal). Even the 13 week Power Down would not be a sufficient mechanism to impose on an early withdrawal.
A company option to match salary investment in Steem Power can be provided by a trusted 3rd party or by the company itself.
Here is how it would work:
The employer or 3rd party service can be multiple entities that utilize the multi-signature STEEM transaction feature to enable trust in the system. This prevents the employer or the 3rd party from just taking the STEEM for themselves.
The advantage to the employee is that they can get twice the SP and they can use it as if the SP were in their account to grow their investment.
There could be a clause in the withholding contract that imposes a penalty or an extended time limit for return of funds after termination of employment. This de-incentivizes the employee from just taking the matched funds and just quitting.
This is a wonderful idea. Make it into a separate post so that more people would see it.
How would employer ensure that SP raised during the investment period is returned to the employee when the time comes to retire? Delegations can be taken back. It would be nice if this SP really belonged to the employee at the time of the retirement.
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It would require trust to a certain extent. If a trusted 3rd party would take the responsibility, then they first need to establish trust. The 3rd party would need to be public and transparent to maintain trust. They would take a small fee from the employer to cover costs to run the service. Also the multi-signature transfer option would not require all participants but a majority. This would prevent any single authority from taking the funds. Think of the multi-signature transfer as a safe that has multiple locks. Trusted people will have a key to one lock on the safe but cannot open the safe without a majority of other trusted individuals. One of those people would be the employee.
I see. This makes sense...
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I made a post on the subject
https://steemit.com/money/@socky/employer-investment-contribution-concept-in-steem-power
I can tell that you are maybe thinking of ways on how to bring the steemit platform or crypto idea to the public which is good. We are here to bring in more people until mass adoption hopefully. For me, the salary part may not work but instead of salary why not give the employees an incentive in the form of steem? Just my thought.
A better use case I can think of would work for teachers. I saw this on Youtube actually. One teacher uploads his lessons online then his students watch to learn. Teacher gets views and perhaps earn in the long run. I think that can work with steemit too.
I feel that Steem has become my 2nd home and as we all here want it to succeed.
You're right about teaching on Steem. I talked about it many times during my classes in my former school.
It would require a big shift in thinking, though.
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I'm sure it can work in a form or another. Funny enough, I was thinking this morning about writing a post with a similar idea.
Good ideas come one by one. Great ideas come all at once!
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