Personnel costs are usually at the top of a company’s monthly expenses. And rightly so, because the key to building a solid organization is having reliable, talented and intelligent people.
One powerful way to reward and recognize employees for their extra efforts and accomplishments is to incorporate the potency of your IMS Dollars! At every opportunity, use the IMS payment system to compensate and acknowledge your valued personnel.
Obviously one would not ask a worker to replace a portion of current salary with trade dollars, but adding to wages in trade is an intriguing possibility. One exchange member gave an hourly worker a two-dollar per hour raise: one-dollar cash and one-dollar trade.
Whether a year-end or special-occasion bonus, trade dollars have been successfully paid to employees by many clients. A restaurant reports being able to give larger Holiday bonuses to employees because of their IMS account. An auto dealer gives twice-annual bonuses to its employees and hands each employee their brokers name to help them spend those dollars. As an alternative, buy merchandise or gift certificates with trade dollars to give to employees.
Commissions, or Fee-for-Service Splits
If your company employs commissioned sales people, you may be overlooking an important way to use trade. When a salesperson puts together a sale where the buyer pays in IMS dollars, the seller would be wise to pay the salesperson’s commission in IMS dollars, too.
Some companies split fees for service between the house and the employee who performs the service. Hair salons, limousine companies, delivery services and other industries often engage in 50/50 fee splits. To maximize your profitability pay your employee’s cut in IMS dollars every time the customer pays in IMS dollars.
Companies frequently strain to provide good medical benefits for employees. Using the IMS payment platform can significantly improve the affordability of added medical benefits and services. Another option would be to offer employees a substantial discount when purchasing trade dollars used this way. Such a plan would make dental and optical protection much more affordable. Compared to the cost of an insurance policy that includes dental and eye care, the IMS plan may be quite attractive.
Company social events build team spirit and boost morale, but can be expensive. It is very common to use IMS for a restaurant or caterer for the holiday party to take an employee group to a ball game, to buy trophies, awards, t-shirts and game prizes for the picnic, or take a group to a play or concert. Reduce the price with IMS!
Employee training programs are something that you probably wish you could afford. Not surprisingly, IMS can help. Several qualified training programs in motivation, sales, customer service, time management or telephone skills are offered. One accounting service has reported almost a 100% increase in customers since using a training program purchased through IMS!
When competing to attract talented staff, you must be able to offer an attractive benefits budget by providing quality products and services at competitive prices. Sometimes other benefits such as health club memberships could be paid for through IMS.
Discounts to Employees for Buying Trade Dollars
Several clients sell trade dollars to employees for cash at a discount. The actual price you charge is determined by your cost in earning IMS dollars. If, for instance, that cost if 50 cents per dollar, selling trade dollars to employees for 75 cents will both provide them with a valuable discount and give you sufficient profit on your IMS dollar!
Incentives help motivate employees. As with bonuses, trade incentives can be paid directly to the employee or used to purchase merchandise which can be awarded to deserving employees. For example, an outdoor advertising company gave trips to sales people reaching their yearly quotas.