Not Hiring Contractors?

Bitcoiners are often drawn to Rees-Mogg and Davidson’s prophetic work, The Sovereign Individual. If you are already adopting Bitcoin at this early stage, then the themes of digital currencies and economies, self-ownership, and decentralization from the State naturally resonate with you. Over the past twenty-plus years, developments like the gig economy phenomenon and nomad visas, with physical locations vying for talent that competes in a digital landscape, further bring to life these predictions.

In many ways, Bitcoin is the final piece of the puzzle to this new Information Age. It is a tool that truly allows individuals to take control of their own destinies, transcending traditional institutions and hierarchies. As Bitcoin companies are born and continue to grow, they would be well served to operate within this new paradigm – rethinking the nature of work, what “contract employment” even means, and how leveraging remote, part-time talent will help them to compete in this new landscape. Here are five reasons why:

1. Quick access to specialized skills

   Startups don't always have the luxury of time when it comes to hiring new staff. If a startup needs a particular skill or experience to execute its goals, hiring a full-time employee can take several months. Contractors, on the other hand, are available on short notice and can provide the specialized skills necessary to get the job done. Whether it's software development with niche experience in Rust, Go or Lightning development, digital marketing, or financial accounting, startups can leverage the expertise of contractors to accelerate their growth.
   

2. Reduced hiring costs

   When startups hire contractors, they don't have to worry about the expenses and long-term commitments that come with hiring full-time employees. Contractors typically work on a project basis, which means startups only pay for the services they need when they need them, and they don't require onboarding, training, or benefits, which can save startups valuable time and money in the long run. And when paid directly in bitcoin, contract talent can help you save on things like payroll costs, bank fees, etc.
   

3. Flexibility to scale up or down as needed

   Bitcoin companies, many not having yet seen a full boom and bust cycle, hired aggressively during the 2021 bull run and were left with bloated labor and employee costs when the price crashed just a year later. Large scale layoffs ensued, which hurt companies and individuals alike as well as overall market sentiment. Contractors, however, offer startups the flexibility to scale their workforce up or down as needed, depending on their business needs. If a startup needs more staff to support a new project or venture, they can hire contractors without committing to long-term contracts. If a project ends or business slows down, they can easily terminate the contract without any legal or financial repercussions.
   

4. Focus on core business objectives
   Startups usually have a limited number of resources, including staff, funds, and time. By hiring contractors, startups can focus on their core business objectives while leaving the non-essential tasks to external professionals. This enables startups to improve their productivity, reduce stress, and optimize their resources to meet their business goals more efficiently.
   

5. Unlocking a larger talent pool
   The combination of contract work and bitcoin is easily one of the best things to happen to the global labor market. The overall gig economy offered flexibility and allowed people to work on their own terms for the very first time, but these individuals still needed access to traditional banking and fiat rails to participate in the labor market. Bitcoin completely removes that barrier, however, unlocking access talent in new markets across the Globe. Stakwork is a great example of this, using direct payments over Lightning to allow a larger pool of individuals across the globe to perform microtasks posted on the platform, ultimately offering better unit economics for the business and fiercely challenging well-funded, ”traditional” incumbent competitors.

Ultimately, full-time hires will always remain a key component of a company’s growth plans, particularly for executive-level talent and early hires that are tasked to build teams. Combining this with contractors, however, can be an excellent strategy for startups looking to execute on their goals quickly and efficiently. With their specialized skills, flexibility, reduced costs, and focus on core business objectives, contractors can help startups scale their businesses without taking unnecessary risks. And when you add bitcoin into the equation, an organization can greatly accelerate their growth and allow them to gain a competitive advantage in a quickly evolving labor market.

Platforms like Fiverr, Toptal, and MarketerHire already offer access to part-time talent, but if you want to leverage mission-aligned Bitcoin-only talent, look no further than Bitcoin Talent Co. We are here to support all of your hiring needs.

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