The blockWRK platform has successfully attracted over $2 million in investments from US-based HR companies. The funds will be invested in the development and fielding of the first-ever blockchain-based employee management and crypto-based motivation application. The project’s initial user base will include over 150,000 American employees.
The blockWRK application is a versatile and highly efficient employee management instrument that allows rewarding employees based on their performance. The application is aimed at increasing employee engagement and productivity, relying on instant rewards in the blockWRK native digital currency that can later be converted into fiat funds. The smart contract basis used for transferring rewards will ensure the complete fairness and transparency of all application processes.
“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,” as stated by blockWRK CEO and former HR executive George Mylonakis.
The HR market has already expressed considerable interest in the blockWRK application, as evidenced by the partnership the project has signed with one of the leading payroll processing software providers. The project’s management is confident that efficient marketing and the continued establishment of partnerships with strategic market players will allow blockWRK to reach over 2 million employees across the US in the near future.
Research conducted by blockWRK regarding the target market has revealed that the frequent issuance of incentive payments to employees for productive activities yields greater feedback than reliance on complicated yearly bonus incentive programs. The WRK token will be acting as the core instrument within the blockWRK application. As a federally approved cryptocurrency, the WRK token can be used on par with fiat and automatically credited to employees based on their performance. Apart from being used as a means of payment via VISA cards, the WRK tokens can be turned into savings on personal accounts, or channeled as portions of paychecks per pay period.
The application comes with a full set of templates that HR managers can use to reward their employees for anything ranging from performing healthy activities, daily routines, reports, or revenue-generating actions. Companies integrating the application will also be able to set the ratios of rewards issued for various activities. The development team has stated that the list of activities eligible for rewards will be expanded in the near future.
The potential of blockWRK in improving overall company performance by leveraging its greatest asset – the personnel – is evident from a human resource standpoint. With the gap between employees and employers growing in the wake of the Covid-19 pandemic, and vast workforces migrating to remote environments, the need for an effective reward mechanism for maintaining employee engagement and motivation is becoming obvious.
Disclaimer: This content does not necessarily represent the views of IWB.