The gap between employers and employees is set to blur with the launch of the blockWRK application, which is expected to disrupt the process of employee management.
blockWRK officially announced the launch of a blockchain-based employee compensation app that will allow businesses to increase employee productivity by using an automated system of instant rewards. The initial launch stage will cover over 150,000 US employees, as revealed by the company.
The new application aims to provide companies with tools for effective employee management, goal-setting, and performance tracking. The combination of given approaches has proven its effectiveness in improving employee productivity and overall business performance.
The solution is especially effective in the management of remote workers, who have significantly increased in number as a result of the Covid-19 pandemic. The system is easy to integrate, with smart contracts automatically issuing rewards for the achievement of daily goals. Company managers can track daily and weekly goals and reward employees daily for activities that increase business performance.
The introduction of blockWRK will motivate employees for top-performance, the company’s CEO George Mylonakis stated:
“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 system of rewards will be based on WRK tokens — a federally approved cryptocurrency issued under license from the Bermuda Minister of Finance — which is instantly credited to employees’ balances and can be cashed out or used as payment or for receiving additional bonuses.
The new application may become a game-changer, reducing financial stress and solving one of the biggest problems for US workers — the dependence on payday loans that may entail annual percentage rates as high as 600%. With blockWRK, employees are provided low-fee payrolls that free them from predatory lenders and lower their household monetary stress. Employees can also request to have a portion of their earned wages paid in advance at 0% APR, paying only a flat $5 fee.
The company claims that the application can save over $15,000 annually for employees who regularly resort to payday loan services.