Program Objective
A full-service landscape company was looking for a way to manage the cash "spiffs" from various vendors. Not wanting to cut the employee perk, but needing to control the money coming into their company; iCoStore consulted with them and created a solution for every outside vendor to contribute to the centralized "spiff" program. The vendor determines the number of "points" (dollars) they will pay per item on sale and at the end of each month the "points" are awarded to each sales person accordingly. Each sales person can accumulate points from multiple vendors and purchase whatever item they want from the corporate branded web store. Items include electronics, fitness, apparel, home and garden products.
Execution
Executing the program took communication campaigns to all vendors and employees to fully educate them on why and how the change would occur.
For iCoStore, execution consisted of mapping out the timeline with each team member to fully implement their portion of the project.
Results & Success
The employees have responded very well to the program. As the program has developed, iCoStore has asked for feedback on what products they would like to see and continued to give the employees a voice in how they spend their points.
After seeing the response from the employees, the company added their safety awards dollars as well as their incentives for continuing education and other internal program budgets into this centralized program. This now incorporates all of their incentive efforts into one system so employees can earn more dollars towards the products that they want and they are able to earn points quickly which has kept them motivated.
The company is has also experienced increased cash flow by having vendors "buy" into the program. iCoStore bills the company once a product is redeemed, so unlike cash that is gone as soon as it is awarded, points can accumulate and the company is able to earn interest on the money that is allocated to the rewards program. Also, when an employee is no longer with the company, the rewards dollars have never been spent.
We also provide 1099 reports to the customer at the end of each month, so they have accurate records and can pull the taxes out of the employees check.