9 till 5 was yesterday, full flexibility today. Whether it’s Bitpanda, Consensys, or us at BLOCKCHANCE – a new era of working time planning is beginning. More start-ups are offering their employees increased flexibility and freedom to organize their working hours. The vision and goal of this movement are to create a better work-life balance, provide more rest periods and avoid burned-out teams and gain motivated, healthy and happy employees.
Bitpanda sets new standards for start-up industries, governments and employees
Just recently, Austrian start-up Bitpanda announced to give their employees unlimited vacation, 20 weeks of fully paid parental leave, as well as the option to work 60 days a year from anywhere. In Austria, BitPanda is one of the first companies of its size to offer such a model to its employees.
According to HR Director Lindsay Ross, this only works with a strong team spirit and offers your employees more control over their time off and working hours. By doing so, you consciously break away from government According to HR Director Lindsay Ross, this only works with a strong team spirit and offers your employees more control over their time off and working hours. By doing so, you consciously break away from government regulations and allow your employees to determine their vacation days and number of days based on where and when they need time off.
Because anyone who has worked in a start-up knows that there is often a lot to do. This new model of working time allocation allows companies and employees to react flexibly to particularly intensive phases and create the necessary balance so that employees don’t burn out and stay motivated.
Bitpanda is not the only company to recognize how important a work-life balance is for the success of a company and the motivation of its employees.
What about performance-based payments, bonuses, and salaries in ETH?
Consencys – a blockchain startup from New York, has also focused on work-life balance. Here, too, employees can choose where they work. The company deliberately builds small, agile teams, but they collaborate. Further, each employee can sign up for different projects that the employee wants to work on.
“We want to strike the right balance between independence and interdependence” explains Lubin, creating new incentive models within the company. For example, Consensys also offers different salary models. On the one hand, there is the possibility of performance-based payments, the possibility of receiving his annual salary in ETH, still other salaries resemble participation applications, where a bonus is paid for each completed task – such as completing a line of code. In this way, “everything can happen on the surface and with appropriate transparency. This allows us to communicate freely, be creative and adapt according to these expectations” says Lubin.
Lubin’s vision is to build the company on blockchain technology, or Ethereum. For Him, this means that the entire management of the company from day-to-day operations to project management, software development, human resources, outsourcing, compensation, and financing will be completely mapped on the Ethereum blockchain – indeed, coining the neologism Blockcom. Further, Lubin explained, “Persistent digital identities or personas and reputation systems keep us more honest and fair to others.” Just such modern capabilities, pave the way for new working models and mitigate friction for businesses. Less friction, at the same time, means lower costs for companies.
Maximum potential unlocked through extra (mental-health focused) holidays
We, at BLOCKCHANCE, have also realized that the most valuable asset of an entrepreneurial company is its employees. So BLOCKCHANCE offers its employees the opportunity to arrange their working hours and whether in the office or from home, which is up to the employees themselves. In addition to the state-mandated vacation days, BLOCKCHANCE offers its employees 10 additional fully paid vacation days for self-discovery and mental-health trips. For example, in addition to their regular vacation days, employees can attend a 10-day Vipassana retreat or a yoga retreat to re-set their minds and recover from busy workdays and projects.
The CEO of BLOCKCHANCE, Fabian Friedrich has recognized that this does not produce additional costs but saves costs when employees are rested and focused. Thus, this is an investment that above all helps to continue the success of the company and to support its employees in their health and the related balance besides work. In this way, you do not only build trust within the team but also prevent long absences due to illness and manage to develop the maximum potential of each employee.
Digital solutions such as virtual meetings, Slack, or comparable tools also facilitate the everyday work of such companies. It is precisely such tools and an already almost ubiquitous Internet that support such new working models.
Whether and to what extent large companies will follow the example of FinTech start-ups remains to be seen. But the fact is that employees are beginning to demand such models. At the latest since Corona, many people have realized that life is not just work. Rather, a healthy work-life balance is required, which should ensure a harmonious balance between private life and work life.