ST. PAUL, MINN. (JAN. 30, 2020) — GovDocs, one of the leading employment law compliance companies in the U.S., announced its 2019 business results today.
GovDocs, which celebrated its 20th anniversary in 2019, saw revenue growth of 25 percent over 2018, with annual subscription revenue growth breaching 32 percent, and a 99 percent customer-retention rate. These companies use GovDocs’ suite of employment law products, from the flagship Update Program to GovDocs Minimum Wage.
“It was another tremendous year at GovDocs,” CEO Zach Stabenow said. “We continue to respond to our clients’ needs and develop new products for the marketplace, grow our customer base and expand our capability to serve the employment law compliance needs of some of the leading businesses in the U.S.”
Business and Product Growth
GovDocs continues to add personnel talent, enhancing its team to develop product capabilities and prepare for future solutions. In all, more than 20 new employees came aboard in 2019, notably in the legal, software development and product management departments.
The company also made major investments in technologies to support the scale of its production, fulfillment and warehouse operations to meet the growing demand of the Postings Update Program.
In 2019, GovDocs added more than 120 new clients, growing a list that includes some of the nation’s largest employers in retail, finance, health care and manufacturing. Nearly 20 percent of GovDocs’ clients are in the Fortune 500, with more than 30 in the Fortune 100.
Among the new clients added in 2019 were the largest coffee chain in the world, the nation’s largest sporting goods retailer, the largest fast-casual restaurant in the U.S., the largest pizza chain in the world, second-largest auto parts supplier in the U.S., second-largest ride-share company in the nation, one of the largest consumer financial services companies on the S&P 500, and the largest paper mill in the world.
“We’re proud of our sustained success over the past two decades,” Stabenow said. “The caliber of our new and current clients is remarkable. It’s humbling to have earned the trust of the world’s largest employers.”
Meanwhile, GovDocs Minimum Wage maintained its momentum. In June 2019, less than two years after it launched, more than 50 companies had signed on as clients. That number has since grown to more than 80.
And the GovDocs Update Program — along with additional features such as its proprietary PosterCheck®, ComplianceCheck℠ technology and more — continues to be an industry leader, providing enterprise-wide employment law posting updates to hundreds of thousands of locations.
In late 2019, the company introduced a beta version of upcoming GovDocs Paid Leave, software that helps large employers manage paid leave laws and policies for their specific locations.
“We’re excited about our new Paid Leave solution,” Stabenow said. “This is something our clients have asked for help on. With the rapid expansion of paid leave laws at the state and local levels of government, and the challenges HR teams have tracking them, our application will make their compliance efforts much simpler.”
The full version GovDocs Paid Leave is scheduled to launch in the second quarter of 2020.
GovDocs also hosted its employment law Client Advisory Board (CAB) for the third year in a row, and in 2019 launched a new CAB specifically focused on minimum wage compliance. These two-day sessions offer industry leaders the opportunity to share compliance strategies and learn from each other. Meanwhile, GovDocs continued to engage HR professionals hosting employment law compliance roundtables in Vancouver, Wash., Chicago and St. Paul, Minn.
“Being able to meet with industry experts and exchange best practices is invaluable,” Stabenow said. “The professionals among our client base are incredibly smart and analytical people who have insight into where employment law compliance is headed, and we try extremely hard to put that perspective to work by developing and refining our solutions.”
Through all the growth, however, GovDocs has maintained its commitment to the community, with employees logging a record number of volunteer hours at local nonprofits, including Habitat for Humanity, Feed My Starving Children, Women’s Advocates and Second Heartland Harvest.
“We’re fortunate to have a group of creative professionals who can balance a focus on our clients’ success while maintaining our company culture of giving back,” Stabenow said.
GovDocs, Inc., is a leading provider of employment law solutions for large, multilocation employers in the U.S. and Canada. With the GovDocs cloud-based platform, our clients easily manage labor law posting programs and minimum wage rates down to the individual location and across the enterprise. All GovDocs’ products are powered by continuous research and innovation to help clients be compliant. The company is headquartered in Saint Paul, MN.