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Paying employees and externally sourced IT professionals in bitcoin may give CIOs a leg up in the war for tech talent.

Hailed as the first significant innovation to money since the credit card, bitcoin—a protocol for exchanging value over the Internet without an intermediary like a bank or a credit card company—is being championed by a small but growing, passionate base of users and advocates. The bitcoin ecosystem is maturing exponentially: merchants big and small are testing the waters; investment capital is flowing to an ever-growing list of startups; wallets and mobile apps are becoming more user-friendly; regulators are inserting themselves into the ecosystem; and 2.0 technologies that take advantage of the programmable nature of bitcoin are enabling developers to build constraints, logic, and the like into bitcoin transactions.

Media coverage has largely focused on bitcoin’s applicability as a form of payment for consumer goods and services. But the value of this cryptocurrency may extend to the corporate payroll function. Employers can now pay employees a portion of their net earnings in bitcoin by collaborating with niche payroll solution providers such as Bitwage, Wagepoint, or Bitpay, who manage the back-end mechanics, eliminate exposure to price volatility, and reduce compliance and governance risks. Some forward thinkers in the community have even called for the formation of an “InstaWage” business: a payday lending killer, designed to compensate employees the moment they punch out.

Perhaps encouraged by press accounts citing enthusiasm among technology professionals for remuneration in bitcoin, a number of start-ups have products in various stages of release that allow employees to opt in to what may be the first passive means of cryptocurrency acquisition. Passive acquisition will be an important development given that today’s options for obtaining digital money are considered onerous by many.

Meanwhile, injecting an innovative payment method into a historically stagnant enterprise function may help CIOs by sending a clear message to prospective tech employees that the company embraces innovation. In an era dominated by social media, brand perception becomes more important than ever. According to a key finding in Deloitte’s 2013 Global Human Capital Trends Report: “Social media has erased whatever lines used to exist between the corporate brand and the talent brand. They’re two sides of the same coin.” A finding from this year’s report takes this concept further: “Employees with high-demand skills have choices, and a company’s employment brand is easy to ascertain without even stepping into the office.” Bitcoin payroll or even “lighter” variations, such as bitcoin bonuses, expense reimbursements, or ad hoc awards, may help attract a new generation of talent to companies seeking change agents.

Moreover, bitcoin and similar cryptocurrencies could help businesses more effectively tap into the open talent economy, where individual contributors may be drawn to business partners that offer payout features only cryptocurrency makes possible: fast peer-to-peer payments across country borders with minimal friction (or total freedom) from traditional banking systems.

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To be sure, bitcoin and related cryptocurrencies are still in their infancy. Domestic and international tax laws governing payouts and compensation need to be clarified. Companies must trust that those managing their payroll are complying with “Know Your Customer” (KYC) and anti-money laundering (AML) regulations, among others. And consumers still have much to learn to get comfortable using, storing, and buying bitcoin. Given the warp speed at which the cryptocurrency ecosystem is evolving, these issues may be solved sooner than we think, bringing positive disruption to CIOs tasked with finding—and paying—top tech talent.

—by Eric Piscini, a principal with Deloitte Consulting LLP’s Technology, Strategy & Architecture practice; Tiffany Wan, a senior consultant with Strategy & Operations Consulting; and David Bernardi, a senior consultant with Human Capital Consulting. All three are members of the firm’s global cryptocurrency community of practice.