A UK company called ‘Tally’ is paying its employees salary in gold to beat inflation. Yes! You heard it right, glittering, gleaming and ever-so-trusted, gold. There are companies who remunerate their companies with equity options (ESOPS) and even crypto.
However, UK-based Tally has figured out a way to promote the company and safeguard its employees in one shot – by announcing payment in gold.
Tally CEO Cameron Parry has become the first employer in his country to switch the payroll from cash to gold, to help the employees’ beat inflation. In an Express UK report, Parry gave an insight into his decision of paying his employees in gold.
“Gold is a time-tested inflation hedge and has maintained its purchasing power for millennia. At times like these, when conventional money is steadily losing its buying power, gold offers people the best chance of keeping ahead of inflation,” he was quoted saying.
Tally’s employee Ella Faster was quoted in an Express report saying, “These days the price of everything seems to be going up, and young people are increasingly worried about the value of the pound in their pocket.”
The Facts of the Matter
As inflation grips the world, companies are making efforts to not only fight against it, but to also make sure that its workforce is safeguarded. Tally, a UK-based firm, has come up with a unique plan just to do that. Unlike most UK companies that pays its employees in pounds, the company has decided to pay its employees in gold. No equity, no crypto – only gold.
CEO Explains Decision to Pay in Gold
The company’s CEO, Cameron Perry, was quoted in an Express report saying, “With the cost of living crisis going from bad to worse, it didn’t make sense to continue offering pay hikes in pounds when its value is being eroded further with every passing day. It was like putting a band aid over an open wound.”
Gold is Time Tested, Has Maintained Purchasing Power
“We’re seeing the spending power of the pound continue to decline at an alarming pace whereas gold has been steadily rising in value throughout 2022”, he added. He shared how gold is a time-tested asset that has maintained its purchasing power and claimed that gold continues to “offer people the best chance of keeping ahead of inflation”.
What is Tally anyway?
In the company each ‘tally’ represents 1 milligram of gold that the customer owns which they can spend anywhere. The fintech company lets its users pay with gold in shops and restaurants using the Tally Debit Mastercard as well.
Getting Paid in Gold – Straight From Employee
The company’s Digital Marketing Manager, Ella Fraser, spoke about getting paid in gold and was quoted saying, “These days the price of everything seems to be going up, and young people are increasingly worried about the value of the pound in their pocket.”
She claimed that it’s important for a company’s boss to find out innovative solutions of helping the staff through turbulent economic times.
As to how getting paid in gold functions – if the gross monthly salary of a person is £4,000, the amount will be defined as 82,000 tally, or 82,000 mg of gold – on their pay slip.