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Customers achieving bottom-line results by more effectively managing their workforce
ORLANDO, Fla. - According to the results of an independent study conducted by Nucleus Research (www.NucleusResearch.com), Kronos® Incorporated customers around the globe are achieving quick and measurable returns from investments by more effectively managing their workforce. Kronos customers from Australia, Canada, Mexico, the United Kingdom, and the United States participated in this survey and all reported significant savings through automating and optimizing their workforce management processes. The organizations surveyed ranged in size from 300 to 15,500 employees and represented the education, government, healthcare, manufacturing, and retail industries.
"While U.S. companies have been automating workforce management processes for some time, we see companies beyond the U.S. are leveraging the technology as well," said Rebecca Wettemann, vice president at Nucleus Research. "Our analysis shows that a workforce management solution can deliver value to companies across many vertical industries and geographies."
ROI crosses international borders
The Nucleus Research ROI study found that Kronos customers achieved a median ROI of 469 percent, primarily in direct benefits, with average payback in five months. The report showed that customers achieved a positive ROI as a result of significant reductions in payroll errors, which had averaged nearly 1.2 percent of total payroll costs.
With the use of Kronos' workforce management solutions, international customers have achieved the following results:
- An Australian hospitality company was able to reduce its annual payroll costs by $525,000 by reducing its payroll error rate from three percent to less than one percent.
- A large Canadian communications company achieved a return of more than $2 million in 20 months by automating its employee-centric processes. The company reached such significant savings due to a myriad of benefits including reduced payroll error rate, improved labor analytics specific to the use of its short-term disability benefit, reduced annual payroll staffing costs, and eliminated time card costs.
- A United Kingdom-based heavy equipment manufacturer reported an annual savings of more than $200,000 due to a reduction of annual time and attendance errors as well as time and attendance administration staffing costs.
Kronos customers involved in the study will be among attendees at KronosWorks™, the industry's largest venue for exchanging ideas in how to effectively manage the workforce. KronosWorks is taking place this week in Orlando.
"As the experts in empowering organization to effectively manage their workforce, we understand the issues that face today's global companies and have made it our mission to provide them with the solutions they need to overcome their workforce management challenges," said Stuart Itkin, chief marketing officer at Kronos. "The results of this study further validate our success in empowering organizations around the world to reduce costs, increase productivity, improve employee satisfaction, and ultimately enhance the level of service they provide."
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