BlockWRK, issuer of the federally approved WRK token, announces the launch of its blockchain-powered employee rewards app and Visa card.
The app rewards workers with BlockWRK’s WRK token for completing daily goals related to employee health, safety, and job performance. As part of a unique collaboration with Visa, BlockWRK users can redeem their tokens as USD via a Visa debit card in real time or retain them as tokens like in a savings account. BlockWRK’s app also offers employees remote mental health counseling and telehealth services for physical injuries, as well as other benefits such as 0% APR payday advances.
After months in lockdowns during the pandemic, a major share of the U.S. workforce is now facing the uncertainty around the return to the office. This, along with the return anxiety, only adds to the pressure on employees, already dealing with COVID-instilled burnout. A more sedentary lifestyle, generally associated with both lower productivity and low personal happiness, may have also contributed to the stress that is now fueling a tidal wave of resignations, with some 11.5 million U.S. workers leaving their positions in April, May, and June this year. With multiple surveys indicating the attrition crisis is far from over, businesses are pressured to explore new ways to retain talent.
BlockWRK taps smart-contract technology to offer businesses a solution that will encourage and incentivize employees to lead a more active and healthier lifestyle in four unique ways:
Automated rewards: Smart contracts on the BlockWRK chain automatically issue WRK tokens into employee accounts once they meet daily activity goals.
Redeemable rewards: Employees can redeem accumulated WRK tokens in their account through a Visa debit card.
Flat-fee advance pay: Employees can access up to $200 from the next paycheck for a flat fee of $5 without having to seek a payday loan.
Telehealth: Employees can access telehealth services that cover mental and physical conditions.
The release version features health-related daily goals, such as the CDC-recommended minimum number of steps, in a bid to promote wellbeing among workers. The app also allows managers to issue rewards manually, which significantly expands its usability to cover incentives for any other tasks.
The app comes equipped with a robust telehealth functionality designed to help employees deal with workplace stress and health hazards, featuring a 24/7 mental-health support line, free for employees, enabling them to anonymously connect with a team of expert counselors. It also rewards workers for completing daily safety checks to reduce workplace injuries and helps them diagnose any muscle or joint injury and access licensed orthopedic specialists via an AI-based symptom assessment tool. Built with a user-friendly graphical interface, the tool was originally aimed at workers engaged in fields involving manual labor, such as construction or warehouse, connecting them remotely with doctors and physical therapists. It can also be used by any member of the employee’s family, including for sports or any other non-work related injuries, and is available 24/7.
The app also helps employees deal with stress by granting them more financial security via payday advances with zero percent annual percentage rate (APR). With the BlockWRK app, workers can access up to $200 from their next paycheck for a flat fee of $5. This feature is designed to relieve the financial pressure on employees and take a jab at the predatory payday lending industry, which routinely charges employees APRs of up to 600%. By making advance pay more accessible to employees, the app helps companies retain their workers by supporting them when they’re experiencing a cash crunch.
The WRK token, which powers the app’s economy, is listed and tradeable on Bitmart. Every company signing up with the BlockWRK ecosystem must acquire a balance of at least $10 worth of WRK for every employee every month and can buy more tokens to expand its reward program. With the Visa integration, workers can withdraw their WRK as USD through their Visa debit cards in a convenient and easy-to-use fiat off-ramp.
“People are the most valuable asset for any company that knows what it’s doing,” says George Mylonakis, CEO and Founder of BlockWRK. “Our app allows businesses to show workers their appreciation in a fair, honest, and transparent way, with smart contracts issuing instant rewards for meeting clear-cut targets. With this unique Visa card, claiming these rewards is easy and seamless. In future updates, we will expand its core functionality to turn BlockWRK into an innovative all-around HR-management tool.”