As you ramp up to start a new fiscal year, your competition is looking for ways to grab the biggest sales bang for their buck. The pressure is high to jump out of the gate with some quick wins so you can build momentum on a strong start.
Need to gain access to new customers, fast? We’ve discovered one question you should ask different industries to get you into a qualified sales conversation, fast. We also have targeted videos that are helping HCM sales reps get appointments and close deals. Check them out below and incorporate this information into a gaining access message to help get in the door to start a sales process.
Ask: Do you work on government-funded projects that are subject to prevailing wage and fringe rates? Check out the short video below and let me know if you have time to talk next <insert availability> about how we’ve helped other construction companies with similar challenges.
Why this works: In order to stay compliant with the Davis-Bacon Act, construction companies often manage multiple pay rates across their government funded ("certified jobs") by manually entering the numbers into clunky spreadsheets. The process is so intensive, it often takes several days to prepare payroll. Every time they run payroll, they risk violating wage and hour laws, which could lead to hefty government fines. Construction companies or other government contractors are desperate for a better solution.
Ask: Do you pay your employees different incentive rates based on production (e.g., piece rate) or seniority (e.g., wage progression/step pay)? Check out the short video below and let me know if you have time to talk next <insert availability> about how we’re helping other manufacturing/agriculture companies with similar challenges.
Why this works: Many manufacturing companies pay different rates based on the type of work performed, where employees worked, their union or department, and other factors such as time of day, years with the company, etc.. Workers may be assigned to several different jobs and shifts throughout the pay period, which means payroll has to manually calculate several pay rates for each employee. On top of that, many manufacturing companies incentivize their employees based on what and how much they produce instead of how long they work which complicates calculating their overall pay. Managing the different variables and incentives that influence pay rates can be very time-consuming—and overwhelming.
With IDI, you can offer an automated solution that does all of that in just seconds—without the risk of human error.
Ask: Do you get funding through grants, contracts, programs or other outside funding? Are you using spreadsheets to manage your funding, reporting, funding milestones and expected outcomes? Check out the short video below and let me know if you have time to talk next <insert availability> about how we’ve helped other non-profits with similar challenges.
Why this works: Most nonprofits spend an extra 8 to 12 hours each pay period calculating the allocations of their employee time and earnings across grants for their financials and reports to funding sources. It’s intense work that requires sifting through complex spreadsheets, pulling out the right data, and making sense of it. It also means spending as much as 30% of the week using their funding to justify how you’ve used their funding. Over the course of a year, that could be as much as 300 hours!
IDI’s Time Bank integration software can help automate grant allocation. With a single click, Time Bank can perform precise calculations based on where employees worked each pay period. It can also allocate vacation time, sick time or other PTO to an administrative account or spread it among grants. IDI's GrantAlytics solution helps non-profits manage their budgets, proactively manage their spending and automates the creation of timely reports to funding sources.
Ask: Do you have hourly employees who earn overtime and bonuses/commissions? How confident are you that you're in compliance with new FLSA laws about applying the payments to a prior period’s overtime earnings? Check out the short video below and let me know if you have time to talk next <insert availability> about how we’ve helped other <insert bank, engineering, consulting, law firms> with similar challenges.
Why this works: Project-based organizations such as banks, consulting, engineering, software and law firms typically have a population of hourly employees who are eligible for overtime but may also receive bonuses, commissions or other non-discretionary payments. While many professional services firms are unaware, one aspect of FLSA says you must adjust an employee's OT earnings in the period when they earned a bonus/commission. If the bonus/commission was tied to sales from a prior month, completing a year long project, etc, the company must adjust the prior month/quarter/year's OT earnings to account for these payments. If they don't, they are in violation of FLSA and subject to sizable fines. With Time Bank, you've got an angle to sell your solution that your competitors aren't using and that you are an advocate for their company.
Want some more great resources from IDI? Check out these videos that you can share with prospects:
IDI has proven ourselves to be an incredible partner for HCM sales reps, and we've got a wealth of resources you can use to boost your sales numbers. When your prospects get interested in our solutions, contact us at firstname.lastname@example.org or 866-TIMEBANK (866-846-3226) so we can partner together (soon in the sales process).
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