BlockWRK Creates Smart-Contract Employee Incentive Scheme
BlockWRK, a smart contract-based employee management, and retention solution provider, will allow employers to reward employees who reach health, safety, and performance milestones.
BlockWRK was founded on the premise that frequent positive employee feedback and rewards are key to maximizing employee retention, engagement, and productivity. The Bermuda-based company uses smart contracts to achieve this feedback for health and safety and performance-related goals. It decentralizes the method of compensation by incentivizing employees to achieve daily goals, rather than paying them to sit in a chair.
It fits the work-from-home model like a glove, and is a fully decentralized system, meaning that the number of available tokens is capped, and when all tokens have been released from the supply, the only ways employers will be able to acquire tokens are through accepting payments and purchasing tokens in the open market.
Employers can reward employees with the WRK token, which is an ERC-20 token that is listed and traded on BitMart, and is one of the world’s first federally approved cryptocurrencies, issued in 2019 by the Bermuda Minister of Finance. Any contracted employer is required to acquire at least $10 worth of WRK tokens per month for each employee, using the BlockWRK app.
Smart contracts save employers’ money
Smart contracts allow autonomous rewards to be issued when the user makes use of the BlockWRK app’s telehealth functionality in dealing with workplace stress and hazards. Licensed counselors are easily accessible on the app for mental health assistance. The application helps them diagnose any muscle or joint injury and access licensed orthopedic specialists, using artificial intelligence.
The app allows employees’ family members to access medical assistance 24/7 for any type of injury. Using the app saves the employer money that they would spend on health and wellness schemes for each employee. The application also provides payday advances up to $200 in WRK tokens, with a 0% Annual Percentage Rate, and a fee of $5, through smart contracts.
BlockWRK does away with traditional reward schemes
BlockWRK’s rewards scheme replaces traditional rewards programs such as less frequent incentives, bonuses and raises, with a scheme that rewards employees immediately for the contribution made to the overall business. BlockWRK’s layer 2 technology enables immediate payment processing.
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