What is the potential ROI of Beamery? In 2023, Forrester Consulting conducted a Total Economic Impact™ (TEI) study, commissioned by Beamery, examining the potential benefits for enterprises deploying this unique technology.
Through interviews with a client organization, Forrester sought to understand the benefits, costs, and risks associated with this investment – particularly in the Talent Acquisition space.
The study provides quantifiable evidence that Beamery’s Talent Lifecycle Management technology delivered a significant 467% return on investment (ROI) for its customers, who also found efficiency gains, improved quality of hire, and better experiences for candidates, recruiters and sourcers.
The TEI study found that organizations using Beamery’s platform helped Talent Acquisition teams unlock productivity, with the average recruiter’s productivity increasing by 10%. It was found that Beamery saved over 30,000 recruiting hours, and this saved companies nearly $613,000, over three years.
Automation within Beamery’s Talent Lifecycle Management platform can help recruiters to execute tasks more efficiently, so they are able to approach recruitment more strategically.
“With Beamery, we can engage large groups of candidates quickly and easily, which is very important in the current market. We can push our brand as an employer of choice with an approachable, on-brand, and compliant approach.” – Senior Program Manager, Talent Acquision Stration, Cloud Computing Company
According to the TEI study, Beamery gave sourcers additional capabilities, which allowed them to perform at a higher level. Due to a reduced time to fill (hiring cycles were also expedited by 30%) there was also an opportunity to recapture $7.4 million in revenue.
The client organization’s Talent Acquisition team streamlined and optimized their workflows through the adoption of Beamery, which left other external recruiting tools redundant. The removal of these tools led to savings totalling nearly $217,000 over a three-year period.
The team streamlined and optimized their workflows through Beamery, and the compliance module enabled the organizations to stay ahead of privacy requirements and best practices – saving them $951,000 in compliance risk avoidance.
There were several other benefits highlighted. For example, Beamery excelled in assisting the interviewees’ organization to nurture high-caliber talent, which improved hire quality — particularly for highly specialized roles.
Beamery also gave the talent acquisition team new visibility into data and analytics, which helped management to create reports justifying business case requests.
Beamery elevated the end-to-end experience of recruiters, sourcers, and candidates, and also provided the interviewees’ organization with more oversight into the diversity in its candidate pools and hiring pipelines, keeping it accountable to DE&I goals.
Beamery’s AI-powered, skills-based, Talent Lifecycle Management platform helps businesses identify, recruit, develop, retain, and redeploy talent with ease. The four key components of the Talent Lifecycle Management suite are Talent Acquisition, Talent Management, Workforce Planning, and Skills Intelligence.
This study focused on the Talent Acquisition component of the platform, which includes Talent CRM, Candidate Experience, Compliance, and the HCM Integration platform.