A nickel based alloy coating and a method for applying the nickel based alloy as a coating to a substrate. The nickel based alloy comprises about 0.1-15% rhenium, about 5-55% of an element selected from the group consisting of cobalt, iron and combinations thereof, sulfur included as a microalloying addition in amounts from about 100 parts per million (ppm) to about 300 ppm, the balance nickel and incidental impurities. The nickel-based alloy of the present invention is applied to a substrate, usually an electromechanical device such as a MEMS, by well-known plating techniques. However, the plating bath must include sufficient sulfur to result in deposition of 100-300 ppm sulfur as a microalloyed element. The coated substrate is heat treated to develop a two phase microstructure in the coating. The microalloyed sulfur-containing nickel-based alloy of the present invention includes a second phase of sulfide precipitates across the grain (intragranular) that improves the stress-relaxation resistance of the alloy.