Last updated on July 27th, 2016 at 09:40 am
After the adoption of Bitcoin by a lot of merchants, the users are now focused on the possibility of using cryptocurrency as a reward system for companies, targeting both employees and consumers.
There’s already one company promoting this system: it’s called Recognize and it has created a mobile app that supports Bitcoin as an alternative to monetary rewards for workers. But what are the advantages of this new way to reward your employees?
Well, because it’s the perfect tool to include in the gamification system, a practice that uses game-like concepts to motivate employees and boost their performance, rewarding them in the end. Although gamification is supported by a lot of experts, the idea of simply rewarding the employees with money is completely outdated.
That’s what Mario Herger thinks. “Tangible rewards like money can lead to disengagement”, says the enterprise gamification schemes designer and CEO of the Austrian Innovation Center in Silicon Valley. Sure, money is great, financially speaking, but it doesn’t necessarily encourage people’s engagement.
“There are a lot of scientific examples where giving people money rewards other than salary means that people are interested in going the last mile”, he adds. That’s why a lot of companies use systems with points as a reward, because it motivates the employees. That is why Bitcoin is perfect for the gamification ideal: because it’s not money, but it’s also money.
“It’s about status and recognition. They are giving meaningful virtual rewards for exceptional work. They deliver what employees and consumers actually want, which is emotional reward”, says Gabe Zichermann, founder of Gamification Corp.
Alex Grande, founder of Recognize, confirms this idea: “research has shown that cash rewards can lower people’s internal motivation to complete tasks. But at the same time in a workplace, people really like money. To find a middle ground, we can offer points or Bitcoins in an attempt to shield people from losing motivation“.
In a similar note, Perk it’s a different rewards system that offers points and prizes to consumers when they search and shop through its web browser. The company is now offering their rewards in Bitcoin form.
These are just small examples that show how Bitcoin is evolving and stepping into the world as we know it. This sure gives us hope for the future!