The gap between employers and employees is set to disappear with the launch of the blockWRK application, which is expected to disrupt the employee management process.
blockWRK has officially announced the launch of a blockchain-based employee compensation app that will allow businesses to increase employee productivity using an automated instant rewards system. The initial launch phase will cover more than 150,000 U.S. employees, the company disclosed.
The new app aims to provide businesses with tools for effective employee management, goal setting and performance monitoring. The combination of given approaches has proven to be effective in improving employee productivity and overall business performance.
The solution is particularly effective in the management of teleworkers, whose number has increased considerably due to the Covid-19 pandemic. The system is easy to integrate, with smart contracts automatically delivering rewards for achieving daily goals. Business leaders can track daily and weekly goals and reward employees daily for activities that increase business performance.
The introduction of blockWRK will motivate employees to achieve peak performance, said George Mylonakis, CEO of the company:
“Before the invention of blockchain smart contracts, it was impossible to set and manage different daily goals for each employee in your business. For the first time, blockWRK allows employers to manage the day-to-day activities that add up to make or break a business. And managers – for the first time – can see a real-time performance dashboard, by employee, so they really know who their top performers are. “
The rewards system will be based on WRK tokens – a federally approved cryptocurrency licensed by the Bermuda Monetary Authority – which is instantly credited to employee balances and can be cashed out or used as a form of payment. or to receive additional bonuses.
The new app could be a game-changer, reducing financial stress and solving one of the biggest problems facing American workers – the reliance on payday loans that can lead to annual percentage rates of up to 600%. With blockWRK, employees receive low cost wages that free them from predatory lenders and reduce monetary stress on their household. Employees can also request that a portion of their earned wages be prepaid at an average annual rate of 0%, paying only a lump sum of $ 5.
The company says the app can save over $ 15,000 per year for employees who regularly use payday loan services.