Companies struggle to foster employee loyalty with various perks and benefits. Casual Fridays, gym memberships, and dental plans may not be enough incentive for more demanding talents, though. But, hey! What do we have Bitcoin for?
BlueCotton, a custom-design clothing company, has unveiled an innovative benefits program that makes retirement plans look like relics – even though the firm offers 401k as well.
In addition to traditional perks, the company decided to spice things up with Bitcoin. BlueCotton has designed a five-year plan whereby employees will receive payouts in crypto due after a minimum of five years of employment. The company fully sponsors the initiative at no cost to the employees.
No less exciting is the fact that BlueCotton, rather than buying crypto on the market, decided to mine it itself. The company has invested in high-quality rigs and keeps digging for Bitcoin for the benefit of its employees and the blockchain network.
"We wanted to do something unique and significant for our team. Bitcoin was a perfect solution because it's truly scarce and decentralized, and it gives our employees a fighting chance against inflation," Mike Coffey, founder and CEO of BlueCotton, said in a press release.
Obviously, it's not only the employees who enjoy the advantages of the incentive scheme. The project is a win-win arrangement intended to cultivate loyalty. BlueCotton openly states that it favors talents interested in innovative technologies and those taking the long view instead of a short-term perspective.
The initiative was launched in June 2022. So far, BlueCotton has mined nearly 4 Bitcoins and expects to "unearth" additional six to nine BTCs by the end of 2029. The employees can stay abreast of the developments by peeking at the screen in the company's production warehouse, which displays the current Bitcoin price, the amount mined on a given day, and the value of their share in the operation.
Founded in 1991 and headquartered in Bowling Green, Kentucky, BlueCotton describes itself as a leading provider of premium custom-printed clothing. The company boasts its commitment to a family-like environment and bringing innovation to manufacturing. BlueCotton handles all printing and embroidery on premises and ships directly to US consumers.
The Bitcoin-as-a-benefit initiative may be first-of-its-kind, at least outside the crypto industry. Deploying crypto in the human resources area is a ground-breaking approach, likely to inspire other companies to follow suit.
