Embracing Financial Transparency: Open Payroll
In recent years, a growing number of organizations have committed to financial transparency, recognizing the benefits of sharing information about earnings with their employees and stakeholders. Tech workers' cooperatives in the Argentine Federation of Cooperatives FACTTIC are a notable example of this trend, providing detailed financial information to members.
In addition to cooperatives, several companies have positioned themselves as "open numbers" enterprises, providing employees with access to information about the salaries of both workers and owners Ten Pines is a good example of this trending culture. Buffer, for instance, publishes the salaries of all its employees on its website, and Whole Foods allows employees to access financial information on a need-to-know basis. These efforts reflect a growing recognition of the importance of financial transparency in promoting trust and accountability within organizations.
We are launching Open Payroll, our goal is to meet the needs of organizations that wish to make transparent payments during a given period.
The payroll contract is owned entirely by its creator. This creator could be a DAO address, a multisig or a single person. The contract manages a treasury from which all the payments are deducted. There is a base amount and a set of multipliers associated with the addresses of the payees.
# How base payment and multipliers work
The base payment is the number of tokens that all beneficiaries have as a starting point, and depending on the different types of multipliers, it will result in a final amount to be claimed.
For example, if the base payment is 1000 tokens, and there are multipliers such as seniority (2) and experience in the project (0.5), the calculation would be as follows: base payment (1000) * (seniority (2) + experience in the project (0.5)) = total for the period (2500 tokens).
You can manage the multipliers as you wish. Another example could be if the total sum of the multipliers is 1, the beneficiary would have the base payment.
# Start Paying through Open Payroll
If you have a company and want to start using the payroll system, follow these steps:
Enter the front-end app at: https://open-payroll.vercel.app/.
Connect your Polkadot-compatible favorite wallet.
Click on the sidebar and choose the option “My contracts”.
Click on “Create new contract”.
Fill in the required information:
a. Contract Name & Email (The information is stored locally in your browser and not on the blockchain
b. Base Payment
c. Periodicityd. Multipliers to be used
On the last page, you can add the beneficiaries with their respective multiplier values. (The name of the beneficiaries will remain locally).
Once you create the contract, you will need to transfer tokens to the contract so the beneficiaries can start claiming them.
In the Contract list, you will see all the contracts you have saved in your portfolio, with some information like funds in the contract, state, and funds needed for the next payment.
By entering into a contract, the owner will be able to perform:
Modify the existing parameters in the contract.
Add, update or remove beneficiaries.
Add or remove multipliers.
Pause the contract, temporarily suspend the claim process, and halt any further payment disbursements.
Resume the contract, restoring its functionality.
Change the owner of the contract.
# Claim a payment
When you are trying to claim a payment, you need to follow these steps:
Connect your wallet and go to the claim section in the sidebar.
Copy the contract address into the textbox and click on “Find”.
The contract will be added to the list and you can claim partial or the total amount of tokens.
# Conclusion
In conclusion, Open Payroll offers a revolutionary solution for organizations seeking financial transparency and trust within their ranks. As more companies and cooperatives adopt the concept of "open numbers," we are proud to be at the forefront of this cultural shift.
By providing a user-friendly platform that allows companies to create and manage payroll contracts with customizable multipliers, we empower organizations to make fair and equitable payments to their employees and stakeholders. The base payment, combined with various multipliers, ensures that individuals are rewarded appropriately based on their skills, experience, and contributions.
Our commitment to security and privacy means that all contract information is stored locally in users' browsers, ensuring confidentiality while still allowing seamless interactions with the contract.
The power of financial transparency lies in the hands of our users, and we aim to facilitate a culture of trust, accountability, and fairness within organizations. Open Payroll invites you to join the growing movement of companies and cooperatives embracing financial transparency for a more inclusive and productive future.
Thank you for considering Open Payroll as your partner in fostering financial transparency and empowering your workforce. Together, let's build a more open and equitable world.
Also special thanks to the W3F for supporting the project.
DISCLAIMER: UNAUDITED SMART CONTRACT
This smart contract has not undergone any auditing process. You must use it with caution and at your own risk. The creators and developers bear no responsibility for any potential issues or losses resulting from its use. Please exercise due diligence and proceed with care when interacting with this contract.