How cryptocurrency could solve hospitality’s staffing crisis

Hospitality has been long embroiled in a bitter struggle to keep and retain good staff, which has only been exacerbated by the pressures of Brexit and coronavirus.

One pub owner, Peter Gilbert of The Potters Arms in Amersham, believes crypto is the answer. Gilbert, another firm believer in the massive potential for blockchain and crypto, pays his staff a monthly bonus in Koda, having initially done so in Litecoin.

He says it has done wonders to keep them engaged, working hard, and less likely to abandon ship for other jobs.

“While it is how it is now and the rules are changing every week, the pub industry has no chance. How are you supposed to give staff a pay rise when you have no idea what’s going on and what you can commit to? Staffing is everything.”

But thanks to crypto bonuses, “they are seeing that money increase every month, and it is giving them an education in crypto to help them in the future,” he says.

What’s more, because the crypto bonuses are tied to attendance, it has stopped staff pulling sickies, he adds.

“If you’ve only got a week left to get your nice bonus that’s doubling every month, you’re not going to take a day off – it is working 100%.

“I’m also hoping to change their mindset and encourage them – some are now physically putting money in, looking after themselves rather than spunking it and changing their mentality.”

He compares the initiative to the stocks and shares options offered by big retailers. “When their staff take up those options, they tend to do really well.”

His pub is yet to take crypto payments, but Gilbert says he is looking at how it could be done. “I think it’s unavoidable. I think crypto and blockchain technology is going to be adopted by the world. You don’t need to understand how it works to know that the world needs it.”