You’ve likely heard about the many benefits organizations can reap by leveraging the right human capital management (HCM) software, including:
- A reduction in manual processes
- Better employee engagement
- Minimized risk of noncompliance
What’s often overlooked—but perhaps most compelling—is the impact HCM solutions can have on an organization’s bottom line. Forrester’s Total Economic Impact (TEI) study of isolved People Cloud, commissioned by isolved, uncovered the quantitative and qualitative benefits the platform can provide.
When considering whether it’s in your best interest to recommend isolved to your clients, consider these opportunities for cost savings:
1. Streamlined payroll and tax processing
isolved’s People Cloud’s fully integrated payroll process can reduce administration costs by more than $145,000 over a 3-year period.
Employers are legally obligated to provide accurate and timely compensation to employees. However, according to isolved’s survey of 1,000+ full-time employees, nearly a third say their HR department makes frequent errors.
isolved’s end-to-end platform streamlines payroll, ensures accuracy and incorporates back-office functionality—including tax and treasury management, daily processing dashboards and reporting.
2. Boosted HR productivity
Leveraging isolved People Cloud improves HR productivity which can add $248,700 to an organization’s bottom line over a 3-year period.
As organizations look to the future of work, the emphasis has shifted to technology to streamline HR processes and boost workforce productivity. According to isolved’s survey of 500 HR leaders, the majority feel they are in a good position—71 percent believe their department is digitally mature.
While that number is high, there is room for improvement. isolved can support organizations’ road to digital maturity in many ways, including simplifying benefits eligibility determination and enrollment, allowing employees to manage W-2s and paystub history and by automating responsibilities tied to compliance.
3. Increased retention
The impact isolved People Cloud has on employee retention can lead to $832,400 in savings over a 3-year period.
Maintaining a workforce in today’s employee-driven job market continues to be a challenge. According to our HR leader survey, more than half say retaining talent has become more difficult. Turnover takes an economic toll on an organization. According to benchmarking data from the Society for Human Resource Management, the average cost to replace an employee is nearly $4,700.
isolved People Cloud can help organizations boost retention by creating a more enjoyable employee experience. This includes a more streamlined onboarding process, training through guided learning management, empowering employees with self-service tools and much more.
4. Simplified compliance processes
isolved People Cloud enables simplified compliance processes. With it, HR time can be reallocated, saving an organization nearly $36,000 over a 3-year period.
The threat of an employment lawsuit keeps your clients up at night. The pandemic sparked workplace litigation to reach an all-time high. As a result, many organizations have added compliance experts to their staff or turned to HR outsourcing to protect their organizations.
HCM technology can help HR professionals reduce compliance risk. With isolved People Cloud, organizations can conduct monthly assessments of benefits eligibility, run reports to comply with ACA, keep up with state labor department regulations and more.
Introducing your clients to a solution that not only streamlines their workforce management needs—but also saves them money—reinforces your position as a trusted business partner.