A CEO of a financial services business firm in the United Kingdom believes that paying employees in gold in today’s unpredictable financial environment is the best way to protect their interests.
Cameron Parry, the CEO of TallyMoney, is providing his workers with the opportunity to be paid in gold. According to a story in the local business publication City A.M., the payment mechanism is part of a new trial. According to Parry, gold is a “time-tested inflation hedge.”
According to Parry, the pound’s purchasing power is dropping at an “alarming rate,” while the value of gold has been gradually rising this year. He believes that paying in cash is not ideal in a situation when the value of the currency is deteriorating by the day, comparing it to “putting a band-aid over an open wound.”
The company, which employs more than 20 people, may be an ideal place for such an attempt. Parry also stated that the salary increases in pounds, the UK currency, do not make economic sense in today’s environment when the cost of living has risen into a crisis.
Notably, living costs in the United Kingdom are rising, and the pound has dropped to a two-year low. The Bank of England has indicated that 2022 could be a year of economic recession.
Meanwhile, the new scheme’s test phase included senior company officials, and the corporation now wants to broaden the policy’s availability across the organisation. Going for a wage in gold, on the other hand, is optional, and employees can continue to get their income in cash.
It should be highlighted that being paid in gold does not imply that employees must carry bits of the precious metal with them. Instead, they will be able to make a cash withdrawal based on the current gold-to-pound conversion rate.
This may appear to some to be a cryptocurrency-related matter, but according to the company’s CEO, his payment arrangement with the gold makes more sense.