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Renewals are Down 20% this Year
For our HR Software and they won't be getting better any time soon.
Customers pay a yearly fee, based on the number of employees in their company. As companies adjust to the harsh business conditions, they have reduced their staff numbers. This resulted in our renewals decreasing.
Companies are now doing more with less. They reduced their head count, but existing staff are working harder and smarter. As the business environment starts to improve. Companies realise they are now able to cope with the extra work load without having to increase staff number. Due to the fact they are leaner and more productive.
It will take a few years for renewals to regain peak levels as customers are more productive and efficient. They are producing the same output with less staff.
While renewals are down. It's not all bad. Our customers have been through one of the harshest recessions in memory and survived. They have not only survived, they are now stronger and battle hardened.
We look forward to working with these efficient, successful companies for a very long time into the future.
Why this Happened
Customers pay a yearly fee, based on the number of employees in their company. As companies adjust to the harsh business conditions, they have reduced their staff numbers. This resulted in our renewals decreasing.
Leaner, Stronger, more Productive
Companies are now doing more with less. They reduced their head count, but existing staff are working harder and smarter. As the business environment starts to improve. Companies realise they are now able to cope with the extra work load without having to increase staff number. Due to the fact they are leaner and more productive.
It will take a few years for renewals to regain peak levels as customers are more productive and efficient. They are producing the same output with less staff.
Future is Good
While renewals are down. It's not all bad. Our customers have been through one of the harshest recessions in memory and survived. They have not only survived, they are now stronger and battle hardened.
We look forward to working with these efficient, successful companies for a very long time into the future.
