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Independent Research Finds that isolved Significantly Increases HR, Benefit and Payroll Productivity While Modernizing the Employee Experience
Despite the majority (63%) of human resource (HR) leaders being unhappy with their current human capital management (HCM) platform, 54% of businesses are holding off from making large investments this year due to economic uncertainty according to isolved’s third-annual survey of over 500 human resource (HR) leaders. New in-depth, case-study research, however, indicates they could be losing valuable time and efficiencies by delaying investments in technology that pays for itself – and quickly. In its “ROI Guidebook of isolved People Cloud”, independent analyst firm Nucleus Research has found that customers using isolved People Cloud not only experience an average return on investment (ROI) of 201% over three years but also an average payback period of 7.2 months.
To gain a deep understanding of the costs and benefits associated with an investment in isolved’s People Cloud platform, Nucleus conducted an in-depth ROI assessment based on isolved customers’ deployments of the solution, a full technology review, NASBA-approved ROI methodology and additional due diligence. The top benefits of the intelligently connected HCM software include eliminating the need to hire additional headcount, avoiding high subscription and maintenance costs and increasing productivity. Modernizing the HR, benefits and payroll experience also provided considered improvements to employee experience (EX) such as with employee self-service – with one customer noting employees are able to do much more on their own.
“Investing in and empowering people, always pays off,” said Lina Tonk, Chief Experience Officer of isolved. “We see time and again that when HR, benefits and payroll professionals are able to make strategic decisions about employee experience investments, they are able to drive real business value not only with triple-digit ROI but also real improvements to recruiting and retaining the best talent and ensuring employees enjoy an enriching experience that positively impacts their daily lives.”
The isolved customers Nucleus conducted interviews with represent various industries including healthcare, professional and business services, manufacturing, distribution and technology. As a whole, moving to isolved’s fully integrated automated HCM solution led to a significant reduction in manual processes, leading to productivity increases across several HR processes.
“Whether it was slow onboarding processes or drawn-out payroll processing, there is a clear before and after state with the isolved customers we interviewed and audited for the ROI study,” said Evelyn McMullen, Research Manager at Nucleus Research. “In all cases, isolved significantly modernized these organizations to move critical business functions off paper, speed up key processes, and overall improve the EX for both HR teams and the employees they serve.”
Additional stated benefits include:
Lower Maintenance Costs and Legacy Avoidance: The lower cost of People Cloud relative to similar competitors allows HR, benefit and payroll teams to decrease the total cost of ownership (TCO) of their HCM investment. Customers switching to isolved enjoy 4-25% reductions in annual subscription and maintenance fees.
Enhanced Payroll Productivity: isolved’s intuitive and straightforward capabilities simplify payroll for customers, reducing the effort required to process and manage payroll. Nucleus discovered that organizations experience a 70-88% reduction in time spent on payroll processing, due to reduced complexity and robust customer support.
Simplified Scheduling: For many verticals, including healthcare and distribution, building schedules is a tedious and time-consuming affair. By using isolved’s intelligently connected solution, one customer experienced a 90% reduction in scheduling time due to automation built into the platform.
Better Benefits Administration: The open enrollment period creates significant strain on HR departments for organizations of all sizes, especially those that rely on manual processes. Nucleus found that one customer was able to reduce time spent on enrollment-based actions by 50%.
More Sustainable Business Practices: By moving to isolved’s cloud-based solution, customers save approximately 90-95% in paper and printing costs annually. Customers conserve an average of about 11,000 sheets of paper per year—approximately the production of an entire pine tree.
Improved Onboarding: Nearly half of employees have been tempted to leave a new job due to a negative onboarding experience, which makes the process vitally important to employers. Nucleus found that isolved customers reduced onboarding time for new hires by 50-70% through digitization within People Cloud. This, in turn, allowed HR team members to focus on big-picture initiatives and better welcome new employees to the company.
To read Nucleus Research’s isolved People Cloud ROI Guidebook, click here.
About isolved
isolved is the most-trusted HCM technology leader, providing the best combination of software and services to meet the needs of today’s People Heroes – HR, payroll, and benefits professionals. From talent acquisition to workforce management to talent management, our solutions are delivered directly or through our HRO partner network to more than 6 million employees and 168,000 employers across all 50 states – who use them every day to increase productivity, accelerate decision-making and ensure performance, while reducing risk. isolved People Cloud, our intelligently connected platform, automates the entire employee experience by design, so that organizations can engage, empower, and energize their talent while freeing their People Heroes to exceed their goals and grow their careers.
Media contact: Amberly Dressler, VP of Brand & Customer Marketing • 714-851-5794 • adressler@isolvedhcm.com