Deciding which HR software to invest in is a critical choice — the tech you choose ultimately shapes the efficiency and effectiveness of your people programs, your performance enablement, and your organizational culture. Lattice’s award-winning platform empowers your team to share feedback, set and track goals, manage performance reviews, and more — helping you make a return on that investment even sooner.
A commissioned Forrester Consulting study found that Lattice’s software had a three-month payback period and delivered a 195% return on investment. They also found the following benefits:
- $2M saved by reduced employee attrition
- 78% decreased HR administration time
- $921K saved by reduced time spent on performance reviews
- $497K saved by retiring legacy software
Every company is unique, meaning your cost-savings and ROI are based on factors specific to your company size, goals, and people strategies. Want to see what Lattice’s software can do for your organization? Use our interactive calculator to find out.
3 Tips for Rethinking How You Calculate ROI
Rethinking how you measure ROI requires reimagining the role of HR as a whole: Instead of being relegated to the office annex with mountains of paperwork, people teams must be perceived as integral stakeholders, strategic operators, and key players in the game of surviving economic volatility. Consider these tips when evaluating the ROI of your people programs:
- The cost of an HR initiative doesn’t account for the cost of doing nothing. People leaders must evaluate the negative outcomes that can come from a lack of investment, such as ignoring burnout or assuming it’s a manager’s responsibility to fix it.
- Organizational culture is measurable — you just need the right KPIs. Though many aspects of people programs feel qualitative, culture is directly tied to profitability and comprises several tangible, measurable elements: equitable pay, manager efficiency, and employee motivation are just a few.
- HR analytics pays dividends for developing people strategy. Tech frees up HR’s time to focus on strategic work. The real ROI isn’t just how much extra time they get back, but what they’re able to do with it — like using HR analytics to process survey results instead of reading every comment, and using the extra time to turn those results into people programs.
Our 2023 State of People Strategy report found that the highest-performing HR teams aren’t leading the pack simply because they invest in tech, but rather because they’re leveraging that tech to make better decisions.
Simply put, you need one platform that delivers the biggest ROI for your company’s highest priorities — and a user experience that employees actually enjoy.
To learn more about leveraging a people success platform, download our ebook, The ROI of HR Tech.
PLEASE NOTE: The underlying financial model for this ROI estimator has been commissioned by Lattice and delivered by Forrester Consulting based on its Total Economic Impact™ methodology. Lattice created this tool and Forrester has not verified it for accuracy or certified its results. Although great care has been taken to ensure the accuracy and completeness of the model used in this tool, Lattice and Forrester are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The tool is provided ‘AS IS’ and Lattice and Forrester make no warranties of any kind.