URT: The first decentralized blockchain technology enhancing the employee rewards.

peter2680 (7)in #cryptocurrency • 6 years ago

Some recent study show that Market research performed by Bersin and Deloitte showed that in 2012, companies in the United States spent between 1-2% of their total payroll outlay on
those programs, and additionally in this year, $46 billion was spent on those programs. Subsequent studies place 2013 spending at $77 billion and 2015 spending at $90 billion2. Most of this spending goes toward items such as gift cards and merchandise. A 2015 study by the Incentive Federation found that in businesses using non-cash award types, gift cards and merchandise were the two most broadly used types of rewards, with almost 90% of businesses using gift cards and about three-quarters using merchandise in their various employee reward
programs. Corporate spending on these categories is significant; however, that spend
may not be effectively directed, resulting in waste. looking at both the categories: gift card spend and merchandise.
According to a marketing survey of Fortune 500 company employees, just over one third admitted that they had a company-issued gift card that they simply hadn’t used. Furthermore, according to the Tower Group, cards not redeemed within 60 days aren’t ever likely to be redeemed at all resulting in billions of dollars of purchased gift card value going unspent each
year.

Urt the blockchain technology brought a recent solution to laughter of employee in yielding rewards, Urt will leverages blockchain technology to magnify employee satisfaction while simultaneously minimizing employer cost and waste. The primary feature of their system is a virtual marketplace that allows employees to auction gifts while preserving the value of those gifts for later use and/or accumulation toward higher value gifts.
When an employee receives a gift or wins a prize, he can take it right then for himself or choose to auction it and receive cash (or alternatively, the employer can choose to credit employee with internal reward points or miles that have the equivalent value of cash and are redeemable for prizes off of a fixed-price
prize menu. This system allows employees to exchange an otherwise undesirable gift for value
to be spent on a desirable gift. Additionally, this marketplace liquidity adds perceived value to employee rewards by allowing the value of multiple smaller gifts to be combined and applied toward a future gift of greater value. Our
system is intended to mitigate the chance of HR or management forcing upon an employee an inappropriate gift (e.g. a voucher to a high-end steakhouse being presented to a vegan employee) when an employee could instead make his or her own choice.
An additional benefit to a highly liquid marketplace is that the need to only give generic gifts is eliminated; management no longer needs to hand out gifts from an endless stack of Starbucks or Barnes and Noble gift cards. Because a notable feature of this system is its geographic and economic flexibility, vendors across the world will be able to enter the system, and the value of their gifts
will be determined by marketplace demand.

Token Details
SYMBOL
URT
CATEGORY
HR-tech
PRESALE TOKEN PRICE
$0.08
CROWDSALE TOKEN PRICE
$0.12
SOFT CAP
$3,000,000
HARD CAP
$35,000,000
TOKENS FOR SALE
437,500,000
TOKEN SUPPLY
875,000,000
PLATFORM
ERC20
ACCEPTING
ETH, BTC, Fiat
BONUS
Tiered, from 50% to 5%
DELIVERY DATE
they plan to deliver all contributions within a few weeks of the close of the crowdsale
*Any excess tokens will be burned after the token sale.

**At launch, there will be 850 million tokens (or slightly less as any tokens not sold will be burned). We are selling 50% of the tokens (437.5 million) between the pre-sale and public sale, and will distribute tokens shortly after the close of the public sale.

Background
Employee recognition programs are a longstanding feature of corporate workplaces. Most of the spending on corporate recognition comes in the form of gifts — specifically gift cards and merchandise — to celebrate occasions such as:

Events
Sales quota attainment
Years of Service
Birthdays
Promotions
Project Milestones
Corporate Values
Personal Achievments
Wellness
Company founding anniversary
Referral incentives for recruiting
Deal / Task Completions
Holidays
Christmas
End of Year
Valentine’s Day
Employee Appreciation Day
Memorial Day
Mother’s Day
Father’s Day
Independence Day
Labor Day
Halloween
Thanksgiving
Corporate spending on these categories is significant. in the United States alone, companies spend $90B annual on employee recognition according to Deloitte.

Problem
A substantial portion of the gifts given don’t match what the individual employees actually want. This is because HR departments cannot predict what every individual employee wants, especially as the number of offices and employees grows.

A SUBSTANTIAL PERCENTAGE
OF GIFT CARDS GO UNREDEEMED

AND LOTS OF THE MERCHANDISE ENDS UP SITTING UNUSED ON SHELVES OR COLLECTING DUST IN BOXES IN THE GARAGE

THE SYSTEM IS INCREDIBLY WASTEFUL, ESPECIALLY GIVEN THE LARGE AMOUNTS OF MONEY BEING SPENT. HOWEVER, DUE TO THAT WASTE, THERE IS ALSO OPPORTUNITY PRESENT.

Blockchain-based recognition is the future

1 | Liquidity
A substantial portion of the gifts given don’t match what the individual employees actually want. This is because HR departments cannot predict what every individual employee wants, especially as the number of offices and employees grows.

2 | Stackability
Because URT is permanently and immutably stored on Blockchain, token value never expires. This means you can accumulate smaller gifts which otherwise would have been wasted into something more meaningful, like a dinner or a trip. It can follow you for life, even if you change employers.

3 | Way Better Prizes
Currently, corporate HR departments pick the prizes for all of the employees. This is challenging because employees have many different tastes and are geographically dispersed in many offices. As a result, they usually pick gifts that are either boring or highly generic (e.g. Starbucks gift certificate or a wristwatch). People are used to these gifts — in 2018, they are not very impactful.

Often times many of the best gifts are local and boutique instead of generic. Dinner at a great restaurant in your city, tickets to a local sporting event, or going to see a show that is playing at your local theatre. Central HR departments cannot know all of the great prizes, in all of the cities, all of the time — it’s too much work.

However, with blockchain, we will have public data on which prizes are highest in demand. This means we can have many more prize vendors submit prizes and the system will automatically tell companies to increase quantity and buy more of the in-demand prizes and phase-out and buy fewer of the less impactful prizes.
URT Team
Brendan Ward
Brendan Ward
Serial Entrepreneur

CEO

Maurizio Caló Caligaris
Maurizio Caló Caligaris
Stanford Computer Science

Engineer

Shahriyar Pruisken
Shahriyar Pruisken
Stanford Computer Science

Engineer

Ace Haidrey
Ace Haidrey
Berkeley Computer Science

Engineer

Ivan Maros
Ivan Maros
Zagreb Computer Science

Chief Architect

Hitoshi Okonogi
Hitoshi Okonogi
Lehigh Computer Science

Engineer

Andrew Lin
Andrew Lin
University of California, Berkeley