7 Considerations to Decide Which Is Best for Your Bitcoin Business
In the past, we’ve covered the benefits of hiring contractors and hiring full-time employees. Knowing there are benefits to both hiring strategies, the next step is deciding which is best for your business, especially in tight capital environments when resource allocation is a priority. As the dynamics of work change, influenced by digital nomadism and the ability to be paid in an internet-native currency, organizations grapple with which option best aligns with their goals.
Here's an in-depth look at the advantages and potential drawbacks of both options to help Bitcoin businesses make informed decisions.
Dealing With Bitcoin’s Volatile Cycles
Bitcoin businesses are unique because of the boom and bust cycles experienced due to the halving after every 210,000 blocks (4 years). Demand for Bitcoin-related products or services surges during bull markets which corresponds with large hiring waves by companies. Conversely, bear markets often bring large layoff waves as demand dwindles.
Hiring contractors at the start of bull markets can help Bitcoin businesses keep up with the short-term demand while not having to go through painstaking layoffs afterward. Knowing where the market is at as it relates to the Bitcoin-halving cycle will help companies make informed decisions on whether or not to hire full-time employees.
Investment and Commitment: The Permanent Employee Advantage
Permanent employees often mean a more significant financial commitment for businesses. They come with additional costs such as benefits, training, and career development support. But with this investment, there's a heightened sense of loyalty. Permanent employees, having been 'bought into' the company's values, have a vested interest in the company's success. This commitment translates into a workforce that is inclined to give their best, ensuring the company's objectives are met consistently.
Flexibility and Expertise: The Contractor's Edge
Contractors, on the other hand, offer flexibility and a specialized skill set. While they may not require as much investment in terms of onboarding and training, this doesn't mean they lack expertise. Many contractors are experts in their respective fields and can jump into projects with minimal guidance. This autonomy can be particularly advantageous for businesses on a tight timeline or budget, that need specialized skills.
However, a potential drawback could be their divided attention. Since contractors often juggle multiple projects, they might not always prioritize a particular business's goals, especially if they don't feel a strong connection to the company's mission.
Looking at the Long Game vs. Quick Fixes
Organizations aiming for long-term growth often look at hiring permanent employees. This strategy allows for the creation of a core team of professionals, fostering an environment of loyalty, experience, and shared growth.
In contrast, companies might sometimes need quick solutions – be it filling a sudden vacancy or tackling a specialized project. Here, contractors shine due to their availability and specialized skills. The flexibility in contract duration ensures businesses can adjust according to their immediate needs.
However, this comes with a caveat: a stellar contractor available today might be booked tomorrow, leading to a talent gap when businesses most need them.
Deciphering Expertise Requirements
The type of expertise a business seeks will often dictate their hiring choice. Expanding business horizons by nurturing in-house talent usually leans towards permanent hires. These employees, having witnessed the company's ups and downs, bring invaluable insights and stability.
But if a company needs specific, niche skills for a short-term project, contractors with a focused skill set become the obvious choice. Their adaptability, honed from varied experiences, makes them perfect for high-pressure scenarios demanding immediate results.
Financial Implications
Both hiring options come with their financial implications. Contractors might come with higher daily rates, and businesses also need to be wary of changing employment laws. On the flip side, permanent employees bring along expenses in terms of benefits and navigating intricate pay-as-you-earn systems.
The Future of Employment Trend Shift
With the rise in remote work and digital nomadism, there's a marked shift towards contract roles. This trend is fueled by professionals seeking flexibility and varied experiences. Whether businesses will embrace this shift wholeheartedly remains a question for the future. Planning for this shift in employment structure now by testing out contract-based work should be a priority for any Bitcoin business only using full-time help.
The Future of Employment Trend Shift
With the rise in remote work and digital nomadism, there's a marked shift towards contract roles. This trend is fueled by professionals seeking flexibility and varied experiences. Whether businesses will embrace this shift wholeheartedly remains a question for the future. Planning for this shift in employment structure now by testing out contract-based work should be a priority for any Bitcoin business only using full-time help.
Conclusion
Make the Decision
Deciding between a permanent or contract employee isn't a one-size-fits-all answer. Factors such as the nature of projects, financial flexibility, and the company's long-term vision all come into play. Businesses need to introspect on their immediate and future needs, weighing the pros and cons of both hiring options, to craft a workforce that best supports their mission. Whatever the choice, ensuring a synergy between the employee's or contractor's values and the company's goals will remain the cornerstone of success.
PS. Bitcoin Talent Co. is here to help grow your team effectively. Whether you need help hiring full-time or part-time positions, get in touch with our team today to see how we can support your company.
