Cartwright has launched a Bitcoin workplace savings benefit as part of its ‘Cartwright Employee Rewards’ service, offering tailored employee benefits packages.
This follows the announcement last year when Cartwright became the first to allocate 2-3 per cent of a defined benefit (DB) pension portfolio to Bitcoin, priced at around $65,800. Currently, Bitcoin is priced at around $99,093, reflecting an increase of over 50 per cent.
The company has now officially launched the programme which allows employers to pay Bitcoin into employee wallets, providing educational materials, after testing the product with five companies last year.
The programme also offers financial wellbeing support, including assistance for new parents transitioning back to work and tailored support for employees nearing retirement.
Cartwright believes Bitcoin has strong growth potential due to its scarcity and low correlation with other assets. It sees it as a long-term investment and an ESG-friendly option, thanks to the use of renewable energy in mining and lower criminal activity compared to national currencies.
It also aims to improve talent retention and productivity by offering benefits like Bitcoin rewards and financial wellbeing programmes.
This follows the launch of Cartwright Pension Trusts and Cartwright Charitable Trusts last year.
Cartwright head of employee rewards John Mullally says: “A well designed employee benefits structure plays a crucial role within an organisation. Not simply for attracting and retaining talent (and reducing the associated costs with recruiting, hiring, onboarding etc), but it will also improve engagement and productivity, create a positive workspace, and reduce absenteeism – as well as enhancing a company’s own reputation. One stop solutions offering the same traditional benefits don’t work anymore, and they do not meet the expectations of today’s diverse workforce.
“We aim to bridge this gap by offering cutting-edge options, and hands-on support, that resonate with employees across all stages of their careers. Whether it’s helping new parents’ transition back to work, offering modern financial solutions like Bitcoin rewards, or supporting employees nearing retirement with financial wellbeing programmes, the structures will uniquely compliment a workforce at all stages of their career, as well as the company needs and indeed, limits.”
