To win the war on talent, it’s time to do business differently
- Written by James Quinn-Kumar, Community Director, Binance Australia and New Zealand
Australian businesses are in a battle for talent. With near-record low unemployment and declining job mobility, employers are struggling to find and keep good people. Add to this the widespread skills shortages seen in almost 40% of key industries, falling productivity rates, and a nationwide brain drain…it’s clear Australian business needs a shake-up.
The silver lining of the COVID-19 pandemic was proving that remote working works. A recent study by the Harvard Review found people are more productive when they work from home, experience greater job satisfaction, are less likely to leave the business, and are financially better off[1].
Yet, more than four years on, the same debates on the future of the workplace continue. We roll out ‘creative’ solutions, like Friday drinks and a ping pong table, and mandate office days in a bid to cultivate a workplace culture. If we want to win the war on talent, it might be time to consider a different approach.
At Binance, we have been a remote-first organisation since our inception. As the world’s largest cryptocurrency exchange by trading volume, we took inspiration from the decentralised world of crypto. You may be surprised to learn crypto has one of the most connected and engaged communities, drawn together by a shared passion, purpose, and principles.
Our remote, digitally-enabled workforce means our talent pool isn’t restricted to global central business hubs but rather it is borderless. From Bali to Boston, there is opportunity to work with a cutting-edge, global business. We look for talent, skills, attitude, and experience, irrespective of where that person is located, helping us overcome common hiring challenges. This sees us compete with mega-tech companies like Google, Amazon, and Uber for top talent in the technology and finance space.
Our culture also benefits. We empower every employee to take ownership, contribute ideas, and have a seat at the table. Trust is key to a decentralised workforce. We’re upfront about what we expect from our teams, clear on deliverables, and prioritise consistent communication. Yet our people enjoy autonomy, flexibility, and time back in the day, driving greater levels of productivity and employee satisfaction.
For our people, a huge plus of our approach is being able to work when and how they want. For me, it has led to regional growth opportunities. I’ve been able to work across Asia, meeting colleagues and crypto communities in Thailand, Malaysia, Indonesia, Hong Kong, and Taiwan. A colleague on the Gold Coast carves time out in his day for surfing, while several of my peers value the extra time to spend with their families.
We balance this freedom by being very clear on what each person is accountable for, and we have high performance expectations. We overcommunicate with each other, a value our global CEO lives and breathes, even personally answering questions from our Binance community.
Our customers are the main beneficiaries of our global, remote-first approach. At Binance, there is no such thing as “business hours”. We have thousands of team members in over 50 countries. With a Binance brainstrust in every corner of the world, we are always on. Cryptocurrency markets are 24/7 and our community enjoys around the clock support. We also share global best-practice and learnings, resulting in greater customer experiences and outcomes.
Of course, remote working is not without its challenges. Team connectivity and collaboration is a consistent watchpoint for us. We overcome this by being intentional when it comes to staff socialising, organising informal meet-ups over dinner or activities like mountain bike riding for employees that live near each other. In key markets, like Australia and New Zealand, we also provide access to workplace hubs for those who are keen to collaborate in-person or just get out of the house.
As a tech-led business, we embrace technology to share ideas and connect our people cross-borders. Again, driven from the top-down, we’ve instilled habits at all levels of the business to share what we’re working on, as well as what we want to achieve. We do this to ensure we compensate for any inherent disadvantages a remote organisation may have.
While the Binance team and customers have reaped the rewards of remote work, it may not be the workplace strategy for everyone. For some organisations, the traditional office will continue to play an important role. However, these decisions should be driven by your organisation’s culture, strategy, and customer needs. Today, we see a gap in this critical thinking with many return-to-work mandates leading to negative employee and broader organisational outcomes.
The future of work is here. To win the war on talent, we need to think about our people, culture, and workplaces differently. Embracing a remote-first, digitally enabled, global workforce may just be the shake-up your business has been searching for.
