HRMIS ROI Analysis and commentary for Paycor and Zenefits.
You are a HRIS consultant working for one of Big Four Accounting firms in their Human Capital Consulting Practice. Your client is a mid-level bio-tech company. Your company is a threshold technology company in the biotech industry.
Your current workforce consists of:
Executive Management and Senior Management
Professional / Technical Personnel
Professional / Administrative Personnel
Manufacturing Personnel (non-exempt)
Non-manufacturing personnel (non-exempt)
The paper must justify the purchase and implementation of the HRIS system of either Paycor or Zenefits. This justification must be done using the Return on Investment (ROI) logic. The ROI of HR programs usually explains the financial return for investing in a program, process, or initiative. Please be specific on each company. Paycor and Zenefits.
ROI is usually developed for HR Initiatives by calculating the benefit (return) of an investment and dividing by the cost of the investment. The result being expressed as a percentage or ratio.
So, the ROI Calculation can be done by the following formula.
ROI = Net Project Benefits divided by Project Costs.
So, say the Cost of project is $250,000 and Benefits of project (1st year) $310,000.
Then the ROI will be equal to, $310,000-$250,000/$250,000 = 0.24 x 100 = 24%.
It is understood that most of the benefits of a HRIS system is in the following, 1) processing time saved, 2) increased productivity, 3) savings in staff costs and 4) increased employee satisfaction. The cost of investment can be calculated direct by recognizing the, 1) cost of the software, 2) the cost of implementation consulting and 3) the cost IT staff who will be engaged to customize the software for the company.
The paper must address the cost of purchase which should include the cost of customization to convert the off-the-shelf purchased system into a ready to use turn-key HRIS/Payroll integrated solution for the company. Also training costs of current employees in the use of the new system should be included. You also have to clearly lay out the monetary benefits of each company by including a ROI Analysis and Commentary based on research you do on ROI for each company’s HRIS Acquisitions.
It is also understood that some of dollar value of the benefits is not easily quantifiable.
To summarize, your task for this Paper is to research the ROI HRIS Investments of Paycor and Zenefits. Write a couple of pages with some rationale that the VP of HR can use to justify this HRIS investment to the CEO who would have to approve this cost outlay. You must compare both companies and show the monetary value of each choice.
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