- Improving HR, finance and payroll processes can result in significant savings for healthcare organisations
New data from HR, finance and payroll expert MHR has revealed the huge savings that healthcare organisations could experience through the implementation of its integrated HR, payroll and finance platforms. The platforms have proven to increase talent retention, reduce employee absences and improve payroll, HRM and onboarding processes, leading to 5-year net savings of up to £524,682 for businesses with 1,000+ employees.
The findings reinforce research carried out by MHR last year, which showed that payroll errors were costing businesses £150,000 a year, and drives home the importance of investing in the digital transformation of HR, finance and payroll departments. MHR gathered data from healthcare organisations using its composable Enterprise Resource Planning (ERP) platforms to work out the ROI following the implementation of the platforms. The results are striking.
Employee churn reduction – 7%
Employee absence reduction – 17%
5-year net saving – £524,682
Mark Jenkins, Chief Information Officer at MHR, comments:
“Healthcare organisations are often wary of the upfront cost of digital transformation, and therefore hesitant to implement solutions which have the potential to hugely improve the efficiency of their operations.
“MHR has shown again and again that the time and cost savings associated with investing in ERP solutions such as iTrent and People First are significant, with today’s findings just another reminder of the transformational nature these tech solutions can have on business processes.
“MHR is proud to have already helped many customers experience savings and improvements on this scale. We are looking forward to helping even more businesses in the future.”