Bermuda licensed platform blockWRK has secured over $2 million in private investor funds from US-based HR companies and strategic partner firms to launch the world’s first blockchain-based employee management and compensation app to an initial user base of over 150,000 Americans. The app allows setting and tracking employees’ achievements efficiently, as well as increasing their loyalty and productivity through the use of instant cryptocurrency rewards paid for contributing to business profitability.
The attractive investment and potential market success of the blockWRK app are based on the insights received in research conducted by the company, which shows that a few frequent incentive payments to employees have a bigger impact on their productivity and loyalty than one big bonus at the end of the year. This idea is the core of using the WRK token — a federally approved cryptocurrency that has the value of real money and is automatically accrued to employees for reaching business and personal targets.
Further use of this cryptocurrency is the workers' choice. It is possible to convert tokens into fiat money on the card immediately. In addition, the employee can keep them as savings and receive HODL bonuses, or spend them using their blockWRK Visa debit card. Employees can also choose to pay a part of a paycheck in WRK each pay period. In any case, such frequent payments give employees confidence that managers appreciate their work.
The platform offers a ready-made set of options for rewarding employees including rewards for performing healthy activities like daily exercise, completing daily safety checks, reporting any safety incidents/violations, and holding WRK balance in-app. Additionally, companies that integrate the application into their business processes, will be able to tailor the ratio of the amounts provided for each category of rewardable activities.
As the blockWRK ecosystem expands, the number of activities for which managers can reward high-performing employees will also grow. The blockWRK developers claim that the implementation of smart contracts will ensure fairness in the distribution of rewards and minute-by-minute accountability for all the rewards paid.
blockWRK CEO and former HR executive George Mylonakis commented on smart contracts’ capacity to improve the goal management processes for employees:
“Before the invention of blockchain smart contracts, setting and managing different daily goals for each employee in your company was impossible. For the first time, blockWRK lets employers manage the day-to-day activities that accumulate to make or break a company. And managers – for the first time – can see a dashboard of real-time performance, by employee, so they truly know who their top performers are.”
The blockWRK application has already seen a growing demand in the HR market, with one of the top payroll processing software providers already having integrated the application. The blockWRK founders expect that the comprehensive marketing partnership program with this company will allow for expanding the app’s initial user base across their workforce of more than 2 million US employees.
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