GoodUp first company to pay out employees in Karmapoints
Starting this April, GoodUp will pay out their employees partially in Karmapoints, the ‘currency’ of the newly launched blockchain, the KarmaChain. In January, employees were given the choice to participate in the programme. 89% were excited to do so. “Finally, it pays off to work for a social enterprise. I’m working here to do good, I could be working at some large company receiving big pay checks. The inequality is equalised with this KarmaChain concept”, Sven Dekker mentions.
“Finally, it pays off to work for a social enterprise. The inequality is equalised.”
With this initiative, GoodUp takes their mission to build the infrastructure for ‘doing good’ to the next level. The Amsterdam startup launched KarmaChain as blockchain to register good deeds and reward users with specific benefits. GoodUp currently provides platform technology, supporting organisations to do more good. Expanding into blockchain technology is perceived as the logic step forward.
KarmaChain registers doing good on blockchain technology
The system is quite simple in essence. Good behaviour is rewarded with Karmapoints that will be registered on the blockchain KarmaChain. Registered Karmapoints are fully secured and validated by the technology and it’s users, thus enabling users and third parties to get a detailed profile of the behaviour of an individual. Bart Lacroix, founder of GoodUp, refers to KarmaChain as “your fully secured doing good CV”. Lacroix explains that using this technology is fully in line with GoodUp’s ambition to build the infrastructure for doing good. Blockchain helps to achieve the goals of GoodUp in a future proof and sustainable way.
Positive saldo provides benefits in shopping for users
Society currently focuses (too much) on bad behaviour, Lacroix feels. “Why register only bad deeds on a personal level, in a criminal record? Shouldn’t good behaviour be more important?”. Doing good results in an increase in personal Karmapoints saldo. With a positive saldo of Karmapoints, users gain benefits such as discounts on insurances and sustainable shopping. The number of participating organisations slowly grows, as the general interest in ‘giving back’ increases.
KarmaChain runs on green blockchain-energy
By making use of existing blockchain technologies such as HydroMiner and WePower, KarmaChain ensures the lowest energy consumption possible for effectively running a blockchain. Making use of wind -, water- and solar energy enables GoodUp to create the greenest blockchain thus far.
Benefits for businesses when using KarmaChain
After successful piloting with the KarmaChain, GoodUp will release the chain for broader usage. Using the chain will have several benefits for businesses, specifically for HR and CSR.
Karmapoints enables HR to thoroughly screen job applicants
Most job applicants screenings do not involve a Certificate of Conduct. This official procedure is mainly part of formal institutes. However, when working in HR for any organisation, hiring the right people for the job is important. Good behaviour is crucial for the organisation’s results, as well as the organisational culture. Using KarmaChain can help in the screening process.
Millennials request better and purposeful secondary benefits
It is widely known that acquiring and retaining millennial employees can be quite challenging. Offering the opportunity to participate in the KarmaChain provides employees with purposeful secondary benefits, resulting in positive employer branding as well as higher employee retention.
KarmaChain provides companies concrete way to give back to society
Many companies are continuously working on improving their impact on society. Making use of the KarmaChain technology enables them to reward good behaviour of people in society by providing discounts on their offerings.
Launching April 1st, expect more news about this project right after the launch!