Steel Partners, a global holding company, was managing HR and payroll processes differently at each of its 13 operating subsidiaries. This lack of standardization caused inefficiencies, complex vendor management and an inflated point solution spend. Steel Partners subsequently decided to unify its human capital management (HCM) ecosystem through a single vendor partner, ultimately choosing ADP Lyric HCM.
This decision led to a 96% return on investment (ROI), according to a case study conducted by Nucleus Research. The study further found that upon implementing Lyric HCM, Steel Partners achieved the following benefits:
- Retired software costs
$1.2 million saved annually, equal to an approximate 40 % reduction in ongoing software spend - Reallocated resources
70% reduction in the resources needed to manage payroll processing, leading to annual savings of approximately $650,000 - Increased HR productivity
Approximately $52,700 saved annually by reducing the time spent gathering data for reporting purposes
About the case study
Nucleus Research calculated costs across software, personnel, and professional services over a three-year period to quantify Steel Partners’ total investment in ADP Lyric HCM.
