Universal Reward Token (URT) - The Ultimate Employee Rewards Marketplace

edundayo (40)in #cryptocurrency • 6 years ago (edited)

TL;DR: Universal Reward Token - URT is the first blockchain-based corporate rewards marketplace where employees can auction their unwanted gifts, rewards, and prizes to the general public in exchange for cash or another type of reward merchandise they desire.

Background: The Problem

Every corporate organization knows the importance of recognizing and rewarding the efforts and loyalty of their employees because human resource is one of the most important corporate resources of any organization. Therefore, employee rewards and recognition has long been an integral part of the corporate workplace and it represents a notable part of corporate spending.

However, there is a huge amount of wastage in the rewards system, not really based on the amount money that corporate organization spends on the gift and merchandise, but mainly the incredibly large amount of those merchandises that ends up unused, sitting in various places storage gathering dust.

There could be many reasons responsible for this, but the one that easily comes to mind is that human wants are highly versatile and a huge amount of the gifts given don't align well with the individual employees’ desire as at the time of their award/presentation, this is mostly because the corporate executives responsible for determining what to give, usually don’t seek individual employees input as it’s cumbersome to so do, they also cannot correctly predict what every individual employee wants, considering the enormous size of corporate employees.

Against this background, Universal Reward Token believes this industry is ripe for disrupting and intend using blockchain technology to innovate an efficient forward looking product that will better serve the employees rewards market, this product is aimed at unleashing the huge potential of the ecosystem.

What is Universal Reward Token (URT)?

URT is an innovative Employee Rewards System taking advantage of blockchain technology to power a virtual marketplace that is aimed at enhancing employees reward satisfaction while at the same time reducing employers spending and reward wastage. The virtual marketplace is at the core of the whole system, it an advance marketplace where employees are able to auction unwanted gift rewards in a way that retain the value of such gifts while maximizing their own satisfaction. Read the whitepaper > https://s3.us-east-2.amazonaws.com/urtoken/URT-WPv07b.pdf

How it Works

After an employee gets a gift reward, he or she have the option of; taking it immediately for person use, auctioning it for cash on the marketplace, exchanging it for another desirable gift of equal values or adding the values towards a future gift of greater values by combining it with others gift(s) or prize(s). On the other hand, the employer can decide to use a reward point system where employee are awarded internal reward points which carries the equivalent cash value of the intended gift, the employee can then convert to it to cash or use it to redeem their desire gift or prize.

Benefits of the System

Give employees the freedom of choice on any rewards and prizes they earned.
Helps employers reduce cost and wastage on unwanted gift rewards.
Access to employees’ reactions to unwanted gifts and rewards on the marketplace over time gives employers better insight in future selection of gift merchandise, so they can get near perfect prediction of their employees preference.
It’s available globally; this provides a more diverse system that cuts across economies, cultures and gift merchandise, therefore provides more options and better representation of employees all around the world.