One of the things we hear often from customers is how they should go about calculating ROI for the platform.
It makes sense– as a manager, you have to be sure that you’re getting a great return on your investment (ROI)!
Without a clear picture of your ROI, it can also be difficult to justify the cost of an investment like HeroTask to your leadership team.
You need to know how much money HeroTask is saving your organization, and how.
To help you get started, we’ve put together a list of three simple steps for calculating ROI on HeroTask:
1) Determine your average salary. It’s often helpful to do this calculation on both a management and a non-management level.
2) Determine the average amount of time your employees spend either in their email or chasing down task clarification.
Don’t have reporting on this in your organization?
There have been some interesting statistics released lately.
Even worse, it found that up to 30% of these emails are irrelevant to the success of the organization.
This is in keeping with a study by the McKinsey Global Institute that found that employees spend about 13 hours a week on email.
This equates to 650 hours a year on work that does little to contribute to the business.
So whether you have reporting on this in your organization or you use national statistics, the numbers may surprise you.
3) Use these numbers to calculate the cost of wasted employee time as far as salary.
What would a savings of 10 minutes per day per employee look like for your company?
What about 15 or 20 minutes?
We’ve put together a simple example of a sample ROI calculation below– while it’s for reference purposes only, we can use this equation to help determine ROI based on your numbers.
For an organization that meets the following criteria:
Average employee salary (annual): $55,000
Number of employees: 250
Approximate number of working days in a year: 260
Working minutes in a day: 7 hours * 60 minutes = 420 minutes
If HeroTask manages to save you on average 15 minutes per day per employee, the math would look something like this:
15 minutes/420 minutes = 3.57%
$55,000 * 3.57% = $1963.50 savings per employee/year
HeroTask cost per employee: $120/year
Total Cost: $120*250 = $30,000/year
Total Savings: $1963.50 * 250 = $490,875/year
How realistic is it that HeroTask can save you 15 minutes per staff member? Very!
When you consider that saving 15 minutes is as simple as cutting out one phone call or two emails, it’s easy to see where the time savings come from.
HeroTask’s many features allow you to save time in many different ways like these, because that’s what we’re here for!
Want to talk more about ROI?
Reach out to our team to help find out how much time it could save your organization!