SaaS employment solutions startup, REFFIND Limited, believes that blockchain will radically transform employee rewards programs in 2018, and has acquired a substantial stake in US blockchain leader for the global loyalty market, Loyyal Corporation, to pioneer this transformation.
The US$2.3m proposed transaction will give Reffind exclusive usage rights to Loyyal’s advanced blockchain technology in selected countries across the 4.5 billion-populated Asia-Pacific region, which they will apply to their existing employee engagement and recognition platform, Wooboard.
“Reffind is already reshaping our approach to employee engagement through our signature peer recognition program that has proven far more effective in building and nurturing a culture of engagement than alternative “top down” management-led approaches,” said Tim Lea, CEO of Reffind.
“However, employee rewards systems across the globe are still plagued by frustrations and inefficiencies that render even the most well-intentioned – and expensive – programs almost completely ineffective as a tool for retaining and engaging staff.
“The lack of transparency around determining the level and type of remuneration from employee to employee is a well-known reason why many employees resign. As an example, the period shortly following bonus season in the banking sector is the number one time disgruntled bankers quit in droves,” continued Tim Lea.
“This problem is then further exacerbated when it comes to assessing more subjective or “softer” performance characteristics, such as employee integrity, values, and culture – despite these characteristics being vital to high-performing and happy workplaces.
“Add to this an enormous amount of frustration around the timing of receiving rewards, and the limited ability for employees to spend their rewards when, how, and on what they want, and the result is an epidemic of enormously ineffective rewards schemes being given in some of the largest corporations across the world.
“Effectively companies are throwing away thousands – if not millions – of dollars globally,” said Tim Lea.
The San Francisco-based Loyyal Corporation has quickly attracted Fortune 500 clients since forming in just 2014, including the likes of Deloitte, Dubai Points, IBM, iNet, a large global airline, and a large US Financial Services company.
It was the first company globally to apply the breakthrough advantages of its proprietary blockchain network platform to the global loyalty and rewards industry. It is believed that the inherent characteristics of the advanced blockchain technology will allow employers to overcome the fundamental issues currently seen with these programs.
Blockchain allows for interoperability, or functionality across different systems of rewards, meaning employees can accrue a global system of “points” that can be spent however they wish, instead of being limited to a specific set of items or brands.
It provides complete real-time transparency over the receipt and redemption of points, with employees seeing exactly how many points they’ve accrued in real time, and being immediately able to redeem those points as they wish.
By applying this advanced technology to the points-based peer recognition functionality of Wooboard, Reffind believes it will be in a position to completely transform how organisations – from small operations to multinational conglomerates – to recognise and reward positive employee behaviour.
“As experts in employee engagement, we already understand the psychology behind motivating and retaining staff,” said Tim Lea. “By acquiring the rights to this advanced blockchain technology, we are confident that we will kick off an employee rewards revolution in 2018.”
Reffind recently appointed a blockchain expert as its CEO, Tim Lea, brought on board a strategic global blockchain industry advisor, Matthew Hamilton, and voted in a local blockchain authority to the board, David Jackson.
