Top 6 Things to Know to Negotiate Your Crypto Salary
If you’ve been toying with the idea of receiving your paycheck in crypto, you’re not alone. In fact, 36% of employees would rather receive their salary in crypto, according to research by SoFi. Interestingly, another survey by HSB showed that over a third of small and medium businesses already accept crypto payments.
So, the “crypto craze” seems to be making its way through various job sectors, and the reasons why are worth their weight in gold (or crypto). These include easy access, no middleman fees, and no restrictions on withdrawal.
The leading negotiation training experts say that figuring out the going rate of various crypto coins can be a winning first step towards moving to the crypto side of salary discussions. This article will guide you through the crypto salary negotiation minefield and equip you with the tools to start receiving your paycheck in crypto.
Do Your Research
Crypto, as a technology, is still quite new. So, before you consider receiving your salary in crypto, find out whether cryptocurrency is legal in your country. Is it regulated? Not only in your country of residence but also in the land of origin, so you can avoid getting flagged by anti-laundering agencies.
If the crypto policies are unclear, consult with a local bank. You can even request your bank to convert some of your fiats into crypto.
Also, you can compare the available crypto coins to choose the most appropriate for your salary bracket. Finally, you can take some time to settle on a crypto exchange with transparent charges and an easy-to-operate app interface.
Treat Crypto and Non-Crypto Companies Differently
Negotiating your crypto salary with a crypto company is likely to be easier than thrashing it out with a non-crypto firm. At a crypto company, you may negotiate your salary based on your performance. Crypto companies are more likely to be flexible. After all, they're familiar with the fluctuating value of cryptocurrencies.
In contrast, non-crypto companies follow standardized salary structures based on experience, skills, and education. Your conversations with these companies will look different and can require more work from your side to provide the relevant information to start a discussion.
Know Your Worth
If you were given a blank price tag to write your worth, how much would it be?
A study by Robert Half showed that only 39% of job employees are bold enough to negotiate their salary while in the hot seat. The other 61% avoid the subject like grit in the soup. Such workers place themselves up for hire at the employer’s own discretion which makes broaching any subject related to their salaries later on even more of an uphill battle.
Mention a Research-Backed Amount
Throwing an arbitrary figure on the table isn’t going to get you far. Instead, try going down the research route into the job market first to guide you to make a valid and reasonable offer.
Be familiar with popular crypto coins and how they stand up to conversion to fiat. Visit job boards and crypto salary info websites for realistic figures. Using a crypto profit calculator can keep the mathematical guesswork out of the negotiation process.
Alternatively, you can approach current employees of the company you’re eyeing. You can also connect with fellow colleagues on LinkedIn. Ask them to fill you in on the company’s remuneration model.
Give psychological pricing a go. Using this method, you mention a figure that stops shy of a whole number to make the price appear much lower than it is. Psychological pricing is an age-old trick that’s built a solid legacy in the retail world.
For example, mentioning $79900 will likely appear closer to 70000 rather than an 80000 sum. This gives the illusion that the figure being negotiated is much smaller than the rounded figure. So, you can expect the company to counter with a figure not far from your original sum.
Keep in mind that your potential employer is likely working from a budget. They may only be able or willing to offer you a package falling within a fixed range. They’ve already set the minimum qualifications for the vacancy and the salary they’ll be paying you. So, allow some wiggle room but avoid falling too below the bar that you compromise on your worth.
Wipe the Past Out of the Picture
Your interviewer might ask you about your former or current pay. Don’t be quick to disclose. Why? The amount you’re getting currently may be lower than what the interviewer intends to offer you. In this case, they might confine you to your current range, with only a slight negotiated adjustment.
If, however, you opt for answering this question, refer to your research findings. You can mention the amounts similar companies pay a person of your skill set and experience. In the spirit of negotiation, the hiring manager might counter your argument. They can bring up factors such as salary caps, budgetary allocation, and how long the business has been running.
Here, you can carefully consider the benefits you can receive in place of the crypto payment. For example, the company might provide free food, housing, and transportation. Other times, they might shoulder basic necessities like utilities and healthcare. Don't forget to factor these costs into your total crypto compensation package.
Be Willing to Walk Away
If things work out, you can walk away with your bounty. However, there are times you don’t get your way and a compromise is far from sight. In these cases, you’re free to walk away, knowing you tried.
Sometimes what can’t be negotiated today can be negotiated tomorrow. So, try to end crypto salary negotiations with the possibility of revisiting them in the future. The circumstances that brick-wall your negotiation now may change sooner or later.
For instance, the company may not currently have the means to pay you according to your expectations. As the business expands, however, so will your bargaining power to return to the raise discussion.
So, choose your closing remarks carefully. For example, don't say, "Thanks anyway," but rather say, “I’d like us to pick this conversation up again soon.”
Don’t Swim with the Tide
In negotiating your crypto salary, you’ll do well to not be swept off your feet because of its current buzz. Instead, considering such factors as fluctuation can motivate you to ask for an amount that is enough to cushion you when the rates become unfriendly.