3 Ways HR Consultants Can Meet Client Expectations
Wednesday March 24th, 2021
Estimated time to read: 2 minutes
Client retention is a top priority for human resources (HR) and financial consultants, brokers and advisors. After all, it is almost always more cost effective to protect one’s current book of business rather than acquiring an entirely new client base. But what is the best way to retain clients?
Data from isolved’s Transforming Employee Experience report found the top way (43 percent) consultants and brokers are maintaining clients is by meeting their expectations. However, with expectations continually evolving and being influenced by outside consumer experiences, ensuring clients’ satisfaction must be a strategic initiative. Here are a few strategies to consider when trying to improve client retention and relationships:
1. Support Matters
According to isolved’s data, 25 percent of HR leaders are unhappy with their consultant or broker due to support service issues. Support is a critical part of the relationship between a service provider and a business. Business leaders want to know that they can count on their HR or financial partners to answer questions accurately and in a timely manner. To meet this expectation, consultants, brokers and advisors need to keep open lines of communication and consistently deliver a high level of support to all of their clients. One bad experience could leave clients looking for a new service provider to support their HR and benefits needs.
2. Adaptable Technology
A modern, cloud-based human capital management (HCM) platform supports all stages of the employee life cycle and is agile enough to adapt to unique business needs. This is particularly important for HR leaders, with data from isolved’s report finding that 20 percent said they were unhappy with their HR or financial consultant’s lack of 360 system integrations. According to isolved’s Director of Solutions Consultants Brad Ronek, integrations can play a vital role in helping HR teams work with their trusted business advisors.
“HCM integrations are important because every company is unique and in some cases they need a specific solution that is designed for their industry,” said Ronek. “Being able to connect with a specific time, attendance or benefits solution can streamline workflows, improve data accuracy and minimize the possibility of errors.”
3. Addressing Cost Concerns
Cost is almost always a top factor in decision-making processes, including a business leader’s decision to stay with partners like HR and financial consultants, brokers and advisors. In fact, isolved’s data found that 22 percent of HR leaders who are satisfied with their business partners attribute their happiness to the partnership being cost effective, while 15 percent who are unhappy attribute their dissatisfaction to price. According to isolved’s VP of Channels and Alliance Melissa Johnson, consultants and brokers should justify costs by outlining the benefits of their partnership.
“Brokers and consultants need to address cost with their customers directly,” said Johnson. “HR leaders may not realize all of the benefits included within their business partnerships, including the service, support and technology that they have access to. By highlighting the value of the partnership, cost may become less of a sticking point for clients.”
Meeting (and Exceeding) Expectations
When it comes to retaining clients, consultants and brokers should do whatever they can to cater to their partners’ unique expectations. As the business relationship progresses, these expectations will shape best practices that will position partners to not only meet – but exceed – the expectations of their clients now and in the future.
Discover three reasons why is it important to offer a cloud-based HCM platform to your clients by downloading this eBook.