Boss Offers To Pay Employees In Gold To Combat Cost-Of-Living Crisis

Daniel Mitchell-Benoit
A pile of shiny gold bars and coins.
Unsplash | Zlaťá

Though it doesn't feel possible in today's day and age, there have always been alternative systems to the standard monetary one we use today. Remember trading and bartering, or exchanging favors within our community? There are other ways to earn things without cash involved.

One finance CEO thought the same thing, but a little differently. In a wage trial, he's going to pay his employees in gold, convinced its "tried and tested appeal" will prove beneficial.

A boss in London, England is trialing a new payroll method.

A pile of shiny gold bars.
Unsplash | Zlaťá

Cameron Parry, CEO of TallyMoney, is offering his employees the opportunity to be paid in gold.

He believes it doesn't "make sense" to continue paying his 20 staff members in pounds, the standard English currency given the current financial climate.

He's thinking more long-term.

A computer screen showing stock graphs.
Unsplash | Nick Chong

In an interview with City A.M., he said, "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."

His predicted solution to this is to pay with gold instead.

Raw chunks of gold in front of an equally gold background.
Unsplash | olieman.eth

"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's already tried it with a few senior members of staff.

A wallet on a table spilling various bills of different currencies, namely Pounds and Canadian Dollars.
Unsplash | Toa Heftiba

They appear to have liked it enough that he wants to offer it company-wide. It's not mandatory, though, employees can opt-in to the new program or continue to be paid in pounds instead.

The employees who do opt-in won't be paid in literal gold, either.

Gold bars and coins in a scattered pile.
Unsplash | Zlaťá

Instead, the gold-to-pounds exchange rate will be taken into account and they'll be paid that way, with English PAYE taxes still being applied.

Said gold will be denominated in 'tally', where one tally equals one milligram of gold. An example of this being that a monthly salary of £4,000, or just over $4900, would be converted to 82,000 tally gross, or 82,000 milligrams of gold.

Parry believes that returning to monetary roots is the way to go.

A man in a suit holding a newspaper titled 'Business'.
Unsplash | Adeolu Eletu

"There are big question marks over the future of central bank-created currencies right now, and while cryptocurrencies have been grabbing all the headlines in recent years, to a lot of people the tried and tested appeal of gold just makes more sense."

h/t: LADBible