Today, Beamery, the AI-powered Talent Lifecycle Management platform, publishes the results of an independent Total Economic Impact™ (TEI) Study, which provides quantifiable evidence that Beamery’s unique technology delivered a 467% return on investment (ROI) for its customers.
The Total Economic Impact study (TEI), carried out by Forrester Consulting, found that organizations using Beamery’s platform saved over 30,000 recruiting hours, and improved recruiters’ average productivity by 10%, saving companies nearly $613,000 in recruiter efficiency.
Forrester conducted interviews with a client organization, in order to better understand the benefits, costs, and risks associated with this investment. In the three years of using Beamery’s platform and suite of tools, they saw reductions in time to fill vacancies, improvements in recruiters’ efficiency, better compliance, talent sourcing efficiencies, and a reduction in costs for external third-party tools.
The study also revealed that the interviewed organization experienced improvement in the quality of hires, diversity, and the experience for Talent Acquisition teams and candidates, as well as better access to data and metrics to drive key decision making.
This study comes at a time when today’s highly competitive talent market is pushing organizations to think differently about how they source and hire their workforce. Leaders who want an adaptive, future-fit workforce need modern solutions to attract, nurture, and qualify their talent.
Additional findings in the Total Economic Impact Study for Beamery were:
Savings: The organization’s talent acquisition team streamlined and optimized their workflows through the adoption of Beamery, which in turn left other external recruiting tools redundant. The removal of these tools led to annual savings, culminating in a total of nearly $217,000 over a three-year period.
Profit: Beamery’s clear contribution to expediting hiring cycles by 30% on average were shown to help companies unlock $7.4 million in revenue.
Compliance: Beamery’s compliance module enabled the organizations to stay ahead of other brands in terms of privacy requirements and best practices, saving businesses up to $951,000 in compliance risk avoidance.
The TEI methodology has been used for over 20 years by technology consumers and technology organizations. It is a proven industry-standard framework that models all aspects of a company’s piece of technology or solution and the associated ROI of its products and services. It consists of four components to evaluate investment value: cost, benefits, flexibility, and risk.
Abakar Saidov, CEO and co-founder of Beamery, commented: “We believe the results of the Total Economic Impact Study clearly demonstrates the value our platform provides to organizations and, critically, how it is key to unlocking employee potential and streamlining recruitment processes.
“Harnessing the power of talent has never been more important, and we are pleased to see how Beamery is empowering businesses to make tangible improvements to their recruitment processes and the diversity of their teams, move to skills-based hiring practices, and futureproof their talent pipelines.”