The divide between employers and employees is expected to fade with the launch of the blockWRK app, which is expected to blurred the employee management process.
BlockWRK officially launched a blockchain-based employee compensation app which will enable companies to raise employee productivity through the use of an automated instant reward system.
As the company shows, the initial launch phase covers over 150,000 U.S. staff.
The new application seeks to provide companies with tools to efficiently manage employees, set targets and track performance.
The combination of the approaches has shown that it enhances the productivity of employees and overall business performance.
The solution is particularly effective for remote workers who have increased significantly as a consequence of the Covid-19 pandemic.
With clever contracts automatically awarding the achievement of everyday goals, the system is easy to integrate.
Corporate managers can follow daily and weekly aims and daily reward staff for business performance-enhancing activities.
BlockWRK's introduction will motivate high performance employees, said CEO George Mylonakis:
“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 rewards system shall be based on WRK tokens – federal cryptocurrency under license issued by the Bermuda Monetary Authority - which is automatically credited to the salary of employees and which may be paid out or used for any payment or bonuses.
The new application can become a game changer, reduce financial strain and solve one of the greatest problems for US workers – dependence on payment credits which can lead to annual percentages of up to 600 percent.
With blockWRK, workers receive low-fare payrolls, freeing predatory lenders and reducing the financial stress of their household.
Staff can also apply for a 0 per cent APR payment of a portion of their income in advance, with only a flat $5 fee payable.
The company says it can save more than $15,000 a year for employees, who regularly rely on payment loans.
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