The 200-500 EE Business Size Challenge
Businesses with 200-500 employees (EEs) are expansive: This segment employs 60% of American workers and accounts for $9.3 trillion annually. Its economy is equivalent to that of the 3rd largest country on Earth, yet it faces major constraints with fewer tools to boost growth.
For too long, businesses your size have been required to choose between digital solutions designed either for small and midsize businesses (SMBs) or enterprises, hoping to force-fit the technology to their needs.
Without enterprise-level data insights, it can be overwhelming to identify opportunities for a high return on investment (ROI)—but they don’t need the massive configurations available at the enterprise level. Yet they do require more data insight and integration than their SMB counterparts. Both solutions fall short—and mid-market companies are often left paying way more than big enterprises for Information Technology (IT) costs.
There’s a better way. You can maximize ROI with human capital management (HCM) tech investment by finding the solutions that are sized just right.
The three biggest boosts to ROI
Here are the three ways right-sized HCM solutions can help meet the needs of businesses with 200-500 EEs.
Operations are a prime stumbling block to growth, with the pitfall of spending excess time on operational tasks, rather than streamlining them and focusing on activities that reap business value.
Addressing endless operational tasks can drain the IT team’s time, but it also can make it challenging to pause to get an overhead view. You may find yourself often having to generate plenty of business data that could be useful, but in the end, find it impenetrable. However, better business decisions rely on developing that strategic insight.
Investing in workflow technology means the task of monitoring your operational processes goes to your HCM system, not to your team. From the moment of implementation, your teams find more time to deliver extra business value.
With automated processes like predefined workflows, you can see a significant increase in ROI from streamlining operations.
Boosts resource effectiveness
Using resources effectively means utilizing a solution designed for simple deployment, proprietary tools to jump-start implementation, and low ongoing maintenance. How difficult is it to configure? How does it reduce operational complexity and save resources? Are systems incorporated to optimize performance and lower downtime? How hard is it to integrate with existing systems?
Make sure your technology investment has predefined workflows to get you started quicker, decreasing project timeline and cost (and reducing errors once you’ve started). They’re designed for companies like yours where timeline and cost are key.
Did you know that IT automation helps deliver business outcomes 25% faster than competitors? The most effective implementations maximize margins and deliver new capabilities sooner. Instead of technical debt, you can get an express pass to ROI.
Capitalizes on the strength of the cloud
Cloud-based workplace management solutions deliver $12.24 for every dollar invested. Why? They support data analysis that allows teams to measure ROI, pinpoint trends, and track value. They can integrate systems that were previously separate, for greater insight into cross-functional dependencies. That means better talent planning and management, enhanced organizational flexibility, long-term human resource planning capabilities, and enhanced business value.
From onboarding to payroll, functions that were once manual and repetitive can be consolidated and evaluated in a single place. That adds up to business powers previously reserved for enterprises. Teams get better alignment on initiatives that drive value, improving employee experience as well as ROI.
Transforming your business
Having 200-500 EEs is big, but individual companies’ digital transformation budgets aren’t. So you may find yourself unable to access the enterprise solutions that give instantly added automation and analytic insight into business processes. But these tools are key to growth. Without automation and analytics, it can be hard to get the most from digital transformation. Stuck in a catch-22, businesses like yours often add tech solutions quickly, choosing safe vendors and operating under the business imperative to save time and get back to their many operational tasks. Pausing to consider growth is important but challenging.
PrimePay helps get companies with 200-500 EEs breathing room, with automation that returns better ROI on digital tech investment. That’s because it delivers time back to teams and provides digital insight for real business value.
We are here to support your business with efficient, accurate, and cost-effective workforce management solutions.
And for an integrated payroll solution across the employee lifecycle, look to PrimePay.
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