Part II

Proven Successful Ways To Use Your Company's Trade Dollars To Develop and Reward Your Valued Employees

As mentioned last week, personnel costs are 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.

In today's highly-competitive world, where the unemployment rate hovers at all-time lows, the question is: How can your company keep a hold on personnel costs for good talented people, and at the same time reward and recognize them for their extra efforts and accomplishments?

One proven way is to incorporate the potency of barter, wherein you use your trade dollars at every opportunity to compensate and acknowledge your valued personnel. This week we look at six additional ways to use your company's trade dollars to reward your valued employees.

Medical Benefits

Companies frequently strain to provide good medical benefits for employees and sometimes end up with "bare-bones" protection. Using barter can significantly improve the affordability of added medical benefits in several ways.

Dentists, orthodontists, chiropractors, podiatrists, eye care, massage therapy, out-patient surgery, pharmaceuticals, general physicals, weight loss programs, stop-smoking programs, and other medical services can be acquired on barter.

Some companies have allowed a set number of trade dollars, perhaps 500 or 1,000 per employee yearly, to spend on bartered medical services. Compared to the cost of an insurance policy which includes dental and eye care, using your trade dollars for these services should be a most attractive alternative.

Special Events

Company social events build team spirit and boost morale, but can be expensive. Trade for them. It is very common to barter for a restaurant or caterer for the Christmas party; to take an employee group to a ball game; to buy trophies, awards, T-shirts and game prizes for the picnic; or to take a group to a play or concert.

Training

Employee training programs are something that you probably wish you could afford but don't quite have the budget for. Not surprisingly, barter can help. Several qualified training programs in motivation, sales, customer services, goal setting, time management, or telephone skills are offered on trade.

One accounting service has reported almost 100% increase in customers since using a barter purchased training program. Also, check into providing classes in computer training, secretarial skills, or word processing.

Benefits Package

When competing to attract talented staff members you must be able to offer an attractive benefits budget by providing quality "perks," such as health club memberships, self-defense training, or work-out and sports equipment. Utilizing your trade dollars will reduce these costs.

Discounts to Employees For Buying Trade Dollars

Your employees represent a tremendous amount of consumer buying power, and by offering to sell trade dollars to them for cash at a discount you both benefit. The actual price you charge employees must be determined by your cost (leverage factor) in earning trade dollars.

Selling trade dollars to employees will both provide them with a valuable discount, and give you sufficient profit on your trade business as well. Undoubtedly, your employees spend cash every day on items which can be purchased through your trade exchange.

Incentive Programs

Many management teams rely heavily on incentives to help motivate employees. As with bonuses, barter incentives for reaching sales goals, perfect punctuality, productivity enhancing ideas or any other admirable performance can be awarded to deserving employees through a trade account opened especially for them.

Other incentives available on trade include charter fishing trips, week-end getaways, and other entertainment options that your trade exchange can provide.

In summary, these nine proven ways to use your company's trade dollars, as discussed here the past two weeks, will catapult you ahead of the competition when it comes to rewarding your valued and valuable employees.

 

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