A Message from Richard Carrano, Purchasing Power’s President & CEO
Did you know that the month of January takes its name from Janus, the Roman god of gates and doorways? He is often depicted with two faces looking in opposite directions to show that he views what is in the past and what is in the future. Both perspectives are valuable, so in the spirit of Janus, as we start 2014, let’s take a look back at our accomplishments last year and then look forward to what can happen this year.
2013 was another winning year for Purchasing Power. A special thanks to you, our brokers, for helping make this happen. Toward the end of last year, Eastbridge reported that employee purchase programs were the most popular non-traditional voluntary benefit among employees. No wonder, then, that Purchasing Power earned its $1 billionth dollar in revenue last year.
In 2013 the number of new accounts grew 14 percent over 2012 and the number of orders increased 9.4 percent over the previous year. This means there was increased sales…and increased revenue… for our brokers. Brokers always have been key to our growth. As our orders increase, brokers earn recurring revenue while at the same time providing a means for employers to meet HR objectives around retention and productivity.
Revenue growth reflects Purchasing Power’s continued focus on service and meeting customer needs by providing a voluntary benefit solution that improves financial wellness for customers. Our 12+ years of experience and on-going research exclusively in this area gives us special knowledge and insights into today’s employees and their financial wellness that is unmatched in the industry, and we are always exploring more innovative ways to meet their needs. We are fiercely committed to the benefits industry, and to continuously earning and keeping the trust our brokers and everyone else we serve.
There’s more success to come in 2014! We believe in constantly evolving our program to help employees decrease financial stress. As we introduce new products and services, there will be many more orders placed…and a greater revenue stream for you.
Thank you for being a part of our team.
Richard Carrano, President & CEO