Total Economic Impact Study Reveals isolved Delivers a 277% ROI Over 3 Years and Pays for Itself in Less Than 6 Months
CHARLOTTE, N.C., June 28, 2021 /PRNewswire/ -- While 92 percent of business are prioritizing employee experience (EX) this year, many employers are struggling to rehire, recruit and retain employees post-pandemic. Human resource (HR) leaders need to quickly remedy gaps in the employee experience while proving the business impact of those investments. To uncover the business value for customers investing in its intelligently connected human capital management (HCM) platform, isolved commissioned Forrester Consulting to conduct an independent Total Economic Impact™ (TEI) study . The study found isolved customers reduce turnover, rapidly improve onboarding and re-engage their workforce – all while recouping software costs.
Through its due diligence, independent customer interviews, first-party research, methodology and financial analysis, Forrester Consulting found that isolved People Cloud™ provides a 277 percent return on investment (ROI) and $1.5 million total benefits over three years – with a payback period of less than six months.
“For every dollar spent on improving employee experience, isolved customers have the potential to earn nearly three times that in value from reducing turnover and rapidly onboarding employees,” said James Norwood, chief marketing and strategy officer. “The Forrester TEI study is independent proof that when organizations invest in people through career pathing, learning opportunities, and internal communication and engagement, employees and employers both benefit.”
isolved customers interviewed for the study include Wee Care Corporation, a foodservice business, an agriculture company and a wholesale distributor. Forrester Consulting aggregated the experiences of these interviewed customers to combine the results into a single composite organization – averaging 700 employees, growing rapidly, and deploying an end-to-end HCM capability to meet the needs of their dynamic workforce while growing their overall EX maturity.
Forrester Consulting determined that as a result of implementing isolved People Cloud, organizations quantifiably benefited from the following top results over three years:
Increased employee retention – $832.4K
HR productivity savings – $248.7K
Reduced payroll administration labor costs – $145.3K
Eliminated fees for retired solutions – $79.6K
Avoided erroneous benefit payments - $64.3K
Accelerated onboarding – $60.4K
Simplified compliance reporting - $ 35.9K
Avoided timeclock replacement – $35.9K
While the quantified benefits were compared to the costs of isolved People Cloud and associated services to calculate the 277 percent ROI, Forrester Consulting also uncovered qualitative benefits that customers experienced including:
Attracted Next-Generation Workforce: Interviewed executives told Forrester that their companies value the employer brand image that isolved allows them to present to potential employees.
Improved First-Line Management Capabilities: Rather than spending an inordinate amount of time composing and reviewing schedules, reviewing and approving timesheets, tracking down emergency contact information and the like, managers found they were able to spend more time with their teams to build morale, assess and improve skills, and instill good work habits and attitudes.
Strategic Business Support: Interviewees expressed that isolved was not only knowledgeable about the platform but were also a formidable strategic partner in navigating new best practices, and HR and EX complexities and changes.
To review the Forrester TEI study of isolved People Cloud in-depth, download it here.
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Our solutions are delivered directly or through our partner network to more than five million employees and 145,000 employers — who use them every day to boost performance, increase productivity, and accelerate results while reducing risk. Our HCM platform, isolved People Cloud, intelligently connects and manages the employee journey across talent management, HR & payroll, workforce management and engagement management functions. No matter the industry, we help high-growth organizations employ, enable and empower their workforce by transforming employee experience for a better today and a better tomorrow.
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