- BlockWRK announced its collaboration with Visa (NYSE:V) to launch employee crypto cards.
- The crypto card allows the employees to earn and spend crypto anywhere.
- Particularly, this decision acts as a talent-retention tool to reward its employees.
BlockWRK announced in a press release, the launch of its blockchain-empowered rewards app and Visa card. To clarify, BlockWRK is the issuer of the federally-approved token, WRK. In detail, the app rewards the employees with the WRK token for completing the overall goals of the employees — health, safety, and of course, job performance.
To materialize this, BlockWRK collaborated with Visa. Through the collaboration, BlockWRK users will be able to redeem their WRK tokens as USD via a Visa debit card, real-time, or they can choose to retain the tokens in their savings account. Another notable thing about BlockWRK’s app is it offers its employees remote mental health counselling and telehealth services for physical services. In addition, other benefits such as 0% APR payday advances are available as well.
As mentioned in the press release, there have been multiple surveys conducted that indicate businesses are pressured to find new ways to retain talent — especially with the ongoing pandemic.
Because of this, BlockWRK integrated smart-contract technology to offer businesses the best solution to encourage and incentivise employees. As a result, this can lead to a more active and healthier lifestyle. To achieve this, moreover, BlockWRK says automated rewards and redeemable rewards can be used, as well as flat-free advance pay and convenient telehealth services.
In detail, BlockWRK’s app is equipped with robust telehealth functionality that helps employees deal with workplace stress and other health hazards. It has a 24/7 mental health support line that is free for all employees, connecting with a team of expert counsellors, anonymously. It is a rather sensitive matter, but a truly great move for BlockWRK.
What’s more, the app rewards the workers when they complete daily safety checks to minimize workplace injuries, and help them diagnose any kind of muscle or joint injury. Here, they can access licensed orthopaedic specialists through an AI-based symptom assessment tool. The tool is built with a user-friendly graphical interface and was originally made for workers engaged in fields and manual labour — such as warehouse and construction. More so, the tool connects them with doctors and physical therapists, while at home. Another good thing is, the app can be used by any member of the employee’s family. For all sports or even non-work-related injuries, the app is available 24/7.
With all this said, BlockWRK believes that the app can help employees deal with stress — especially by granting them more financial security via payday advances, with a 0% annual percentage rate (APR). Through BlockWRK’s app, workers will have access up to $200 from their next paycheck, for a flat fee of $5. BlockWRK provided this feature to relieve employees from financial pressure and hinder them from taking a jab at the payday lending industry. Hence, BlockWRK believes that making advance payments will boost talent retention significantly, especially because this helps employees when they’re experiencing a cash crunch.
Commenting on this matter, CEO and Founder of BlockWRK, George Mylonakis, said,
People are the most valuable asset for any company that knows what it’s doing. 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.
BlockWRK’s WRK token, on the other hand, powers the app’s economy. It is already listed and tradeable on the BitMart exchange. Furthermore, companies interested in 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.
Finally, with the integration of Visa on BlockWRK’s app, workers will be able to withdraw their WRK as USD through their Visa debit cards. Suffice to say, this is a convenient and easy to use fiat off-ramp.