During the development of the blockchain savings programme in Tilburg, Retailcoin also proved to be a mechanism for rewarding staff more without being heavily burdened. As a result, employees receive rewards and the Work-related Costs Scheme (WKR) has a positive impact on companies.
Managing Director Wilbert van Gils: "We offer the very first consumer app with a foundation in blockchain. When at the beginning of this summer we also approached companies with Retailcoin for our blockchain savings system, we experienced a lot of enthusiasm. Apparently, almost everyone wants an opportunity to reward staff more. But in the innovation process, we soon came up against the limitations of the tax system."
Recruiting and retaining staff is a hot topic, both in a high and a low economic climate. You never want to lose experience, know-how and quality, and recruiting extra talent is always a bonus for the growth of a company. But the tools you have to reward your staff are limited by the tax authorities. Specifically, there is the work-related costs scheme, which ensures that an entrepreneur can only spend a maximum of 1.2% of the wage bill on extra incentives and rewards. If you exceed this limit, you will be taxed at 80%. (As of January 2020, the WKR limit will be 1.7%).
Big Four company is interested
"We saw those limitations as a challenge. We went to see if there was anything we could do about it after all. The experience of renowned tax specialists turned out to be a nice combination with a group of blockchain nerds. Within a few days there was a first concept. To our surprise, there was a valid structure that could fall within the tight lines of the tax rules. We then immediately contacted the tax authorities to get immediate feedback. It turned out to be a yes, this is indeed possible under the current tax rules. After that, a written ruling was requested immediately and in the meantime we have received it as well. A few months later, we are in contact with a Big Four company. Apparently they were working with the same reward mechanism based on blockchain and they are stranded at the point where we went through. Soon there will be a first boardroom meeting at that company."
Retailcoin indicates to remain a basic mechanism for loyalty, good behaviour and the retail and consumers are their main focus. "But rewarding staff in this way fits in very nicely and gives a powerful impulse to the entire system.
In the meantime, consumer activation plans are on the brink of collapse after a holiday period spent on technical improvements. Tomorrow a member of the Retailcoin team will be handing out caramel waffles at Tilburg University in cooperation with Goudsgenot (the caramel waffle baker on the Saturday market in Tilburg centre). There will be 600 international students arriving in Tilburg who will be made aware of the savings possibilities with the Tilburg inner city app. Many more activation campaigns will follow in the coming weeks.
- www.retailcoin.nl/bedrijvenFor more information about rewarding staff without the heavy burden of the WKR limit, please visit the website:
- The Tilburg Inner City app is the consumer application with which you can already save and reward on the basis of Retailcoin within Tilburg. (Google Playstore and Appstore)
- Goudsgenot is literally "MakeitinTilburg", traditional syrup waffles every Saturday on the market (town hall square, in front of the entrance of the Emma passage).