ST. PAUL, MINN. (Feb. 7, 2019) – GovDocs, one of the leading employment law management providers in the U.S., released its 2018 business results today, announcing the addition of more than 100 new clients and a 98% customer retention rate.
GovDocs’ solutions, including the flagship Update Program and data application GovDocs Minimum Wage, help large companies in the U.S. and Canada manage their labor law compliance programs, ensuring all company locations are compliant with the ever-increasing complexity of federal, state, county, city and provincial employment laws.
“2018 was another outstanding year for GovDocs,” said CEO Zach Stabenow. “I couldn’t be prouder of another impressive year of growth, an incredible group of new and current clients, the significant investment in our team and the customer feedback we receive on how our solutions directly ease the day-to-day responsibilities of HR and compliance teams.”
Client Base Continues Upward Trend
In 2018, GovDocs grew its client base by 18%, gaining more than 100 new clients from the retail, finance, professional services, manufacturing, healthcare and restaurant industries. Of this group, 15% are on the Fortune 500; and two new retail clients are on the National Retail Federation’s 2018 Top 100 Retailers list.
Notable new clients include the second largest transportation company, third largest electrical distributor, largest consumer cooperative, largest healthcare company, largest refiner and largest metals service center operator in the United States; as well as the largest RV parts and accessories retailer, second largest insurance company, third largest railroad company and largest clinical laboratory networks operator in the world.
Record-Setting Subscription Growth, First-Year Product Success
GovDocs increased its annual software subscription revenue – including labor law postings and data programs – by 36% in 2018, the highest year-over-year growth in company history.
In addition, two of the company’s newest online solutions performed well their first year in the market. GovDocs Minimum Wage gained 26 new clients in 2018. This easy-to-use application simplifies the process of managing minimum wage rates across the enterprise.
Nearly 12% of GovDocs labor law poster subscription clients have purchased PosterCheck℠, a QR code-based display verification tool that automatically alerts the corporate office when a new poster is on the wall.
Stabenow explained, “These two innovate products are a direct result of the valuable perspective we learn from clients and other professionals regarding the ups and downs of employment law management. On top of that, it’s gratifying to see Minimum Wage and PosterCheck – along with our other new solutions – then take hold in the market.”
Roundtable Events Strengthen Client, Professional Engagement
The company held two highly productive Compliance Roundtables in 2018. The Atlanta event, hosted by one of GovDocs’ largest fast food restaurant clients in April, covered top compliance topics, including the challenges of paid leave and predictive scheduling laws, as well as how to handle notices.
For the September Dallas roundtable, attendees discussed the sharp increase in time spent on compliance due to the rise and complexity of labor laws; the hassles of managing minimum wage rates across multiple locations; and the importance of pending legislation for future planning.
Investing in Talent and Community to Fortify GovDocs Culture
To ensure the continued development of SaaS solutions that help large companies simplify their employment law management processes, GovDocs significantly invested in building its product development, software development and product compliance teams with highly talented staff.
GovDocs is also committed to the St. Paul and surrounding communities of its headquarters. Employees logged more than 260 volunteer hours – 57% more than 2017 – supporting Habitat of Humanity, The Sheridan Story, Second Harvest Heartland and Feed My Starving Children.
“We strive to grow as both a business and a culture,” Stabenow added. “Not only am I thrilled to build this ‘best of the best’ team to fortify our position as a leading employment law management provider, they eagerly find time to give back.”