Stellar Retention Rate Amid Pandemic Year

Stellar Retention Rate Amid Pandemic Year 2560 1700 Balance Point Team

Despite the inconvenience of switching human capital management providers, the practice is quite common. In fact, 51% of HR leaders plan to switch to a new HCM solution in the next 12 months.

Like all service-based industries, HCM providers expect some level of attrition every year. Some of it is out of the provider’s control–companies downsize, experience acquisitions, and some go out of business. Depending on the economy, some years are worse than others, with 2020 among the most notorious in history.

Balance Point is pleased to report that in the worst climate for client retention, we were able to achieve a 95% retention rate.

For reference, many national providers boast an 80% retention rate in an average year.

Why were we able to maintain such a high retention rate?

We attribute it to our enduring commitment to customer service. While there are many reasons a company may decide to move onto a new provider; dissatisfaction in customer service tops the list.

Here’s a closer look at what makes our client experience so special.

Solutions that transform, actions that inspire, and accountability in all we do

Our mission statement communicates our desire to radiate positivity in all we do, including how we support our clients. Each client’s journey begins with the sales process.

Our seasoned HCM Sales Consultants are trained to conduct a thorough needs analysis to ensure a perfect fit.

This critical first step ensures that the solution chosen fits the organization’s unique needs and that they are not sold technology and services they don’t need or will never use.

Once all paperwork is completed electronically, the new client is seamlessly introduced to our implementation team. A timeline is established, and training begins. Our transparent approach to the process puts clients at ease.

Next comes implementation of payroll and time and labor management (TLM). To ensure accuracy, an automated migration tool is used to extract data from the client’s current system, and a parallel payroll is run before processing.

HRIS is added next, followed by other platforms like our applicant tracking system (ATS), COBRA services, learning management system (LMS), and carrier connections.

By the time the first payroll approaches, each client is assigned a dedicated Customer Service Representative (CSR) who is their primary contact moving forward for all support related to our HCM platform.

A Holistic Approach

Clients who have signed up for Balance Point’s HR consulting service (BPHR) for either our “Peace of Mind” or “Full Service” packages are assigned a dedicated HR Generalist (HRG). Our HRGs and CSRs work in tandem to provide holistic support, ensuring all HR and HCM needs of the client are met. Our CSRs are trained to identify when support is needed beyond their area of expertise requiring escalation to the HRG.

We appreciate our clients and the trust they place with us, and understand that our success is dependent upon their success.

To see if Balance Point is right for your business, schedule a consultation.

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