How to Measure and Maximize The ROI of HR Software

May 11, 2021
How to Measure and Maximize The ROI of HR Software

When making an investment in HR software, including Applicant Tracking Systems
(ATS),Employee Communications and Engagement,platforms(ECE),Onboarding(ON),
and Human Resources Management Systems (HRMS), return on investment (ROI) can be difficult to measure.


Why is this? In HR, unlike other parts of the organization, employees are the assets
we’re attempting to measure. Yet even top performers are hard to quantify in terms
of their contribution to the organization’s bottom line.


If you’re looking to gain a fast—and significant—ROI with Onboarding and HRMS
software, there are three important factors to consider.

What is your total cost of ownership (TCO)?

When thinking about cost, make sure you calculate your true TCO, which is usually much more than the cost of the software. TCO gives you a more complete view of your investment by factoring in additional costs related to installation, configuration, training, support, professional services, and more.

Will my employees adopt this technology? If so, how quickly?

The most effective HR software solutions are designed to be as intuitive and easy to use as possible. This minimizes the need for training and accelerates employee adoption for the fastest time to value.

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What value will you gain?

Ideally, Onboard software and HRMS solutions will provide many different benefits for employees, hiring managers/business unit managers, and HR teams. In doing so, a new HR solution should provide measurable gains in four key areas:


Streamline hiring and onboarding processes:

Automate and streamline recruiting processes to help hiring managers improve the way they attract and hire employees. This should help improve key metrics such as average time to hire, cost per hire, and more.

Improve regulatory compliance and reduce risk:

Auto filing federal and state employment forms eliminate errors and eVerify processes flag out-of-compliance employees which can generate costly regulatory fines. Ensuring proper employment records are maintained can prevent costly employee litigation and reduce errors and omissions (E&O) insurance premiums.

Reduce recruiting costs:

An effective applicant tracking system (ATS) will significantly reinforce the company brand image and improve traditional hiring processes that included too much manual work and overhead. All of this helps eliminate these costs entirely.

Improve the employee experience as well as top and bottom lines:

The best HR solutions will give employees a seamless onboarding experience as well as a long-term foundation to focus on performance and satisfaction. In turn, this will help increase engagement, productivity, and even long-term retention.

Eliminate HR’s administrative burden:

HR technology will also empower HR teams with tools to increase personal productivity, reduce per-transaction metrics, and spend more time on higher-value work.

HR Cloud is the Perfect Partner

HR Cloud gives you everything you need to maximize your ROI: the right cost, technology your employees will embrace, and solutions are proven to deliver the gains you need to transform your business.

Cost savings

HR Cloud provides many advantages to reduce costs and get the maximum value
from our solutions.

  • No software to buy, install, manage, and maintain. HR Clouds solutions run in all major web

    and mobile browsers, giving any user fast, easy access.

  • Our solutions are completely cloud-based, which means you don’t need to invest in additional

    servers or expensive hardware.

  • All features and updates are pushed live as soon as they’re available, so IT staff won’t have to

    perform upgrades. Even better, these are included—at no extra charge.

  • Our solutions are completely scalable. HR Cloud can grow with you—up to 50,000 users—to

    fit in your existing workflows and support your business requirements.

The fastest, easy to learn and use systems and platforms

HR Cloud’s solutions are designed with a single goal in mind: maximizing employee
adoption. All of our solutions are:

  • Designed to be as user-friendly and intuitive as possible. This eliminates employee resistance

    and gives them a new tool they will love to use.

  • Fast and easy to learn—no need for time-consuming, expensive training or support services.

  • Able to operate in a PC, Mac, or mobile environment for maximum convenience.

  • Easily deployed. Technical support is rarely needed, yet if it is, it’s included with your HR

    Cloud plan—no extra charge

 

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Maximum benefits, maximum results

HR Cloud delivers technology that is proven to provide many powerful benefits
and advantages. With HR Cloud, your organization will:

  • Automate time-consuming paper approaches related to hiring, onboarding, and managing

    employees.

  • Enhance employees’ onboarding experience to get new hires up to speed and fully productive

    on day one.

  • Improve methods for tracking and analyzing employee information across the entire company.

  • Free HR managers and supervisors to spend less time managing paper and more time

    managing employees. Cloud plan—no extra charge.

  • Create an internal social network to promote communication, collaboration, and productivity

 

Calculate your own ROI

At HR Cloud, we believe our HR solutions will help you achieve the fastest time to value and maximum ROI. But just like every business is unique, the ROI you could potentially achieve from investing in HR software is specific to your business. To help, we’ve created a handy ROI Calculator so you can see exactly how your company could benefit by automating HR processes.

 

If you’d like assistance calculating the ROI for your organization, book a free
HR Process Consultation with our experts today

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Communications, and Recognition

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Why HR Cloud?

HR Cloud is your ideal partner for HR software and HRMS solutions that drive employee engagement to all-time highs. We are ready to help you onboard new hires, manage their data, create a company social network, and support employee development efforts.

 

With HR Cloud, you’ll get the right technology at the right price to achieve benefits where they matter most: a faster ROI and a stronger bottom line.

 

About Author: This article is written by a marketing team member at HR Cloud. HR Cloud is a leading provider of proven HR solutions, including recruiting, onboarding, employee communications & engagement, and rewards & recognition. Our user-friendly software increases employee productivity, delivers time and cost savings, and minimizes compliance risk.