Key Benefit: Automation
Companies spend an enormous amount of time administering programs to compensate, benefit, protect, and retain their workforce. In fact, according to Society for Human Resource Management (SHRM), 60% to 80% of the time spent by HR staff is devoted to repetitive administrative tasks, including answering common employee and management questions and retrieving information.
The hidden costs of employee-related program administration can add up to as much as $120 or more per employee, per month. Until now, these costs have been hidden from view and therefore, impossible to control. At Lyceum, we’ve devised a technology solution that makes these costs visible and provides a means of controlling them through business process automation.
When you look at the administration behind payroll and tax processing, employee benefits, 401k, insurance, and other HR-related programs you find numerous time-consuming chores that could be eliminated with the right automation tools.
Consider the time spent…
- collecting time and attendance records
- distributing paychecks
- ‘looking up’ attendance records
- answering benefit-related questions
- recording and submitting changes to benefit plans
- administering plan renewals
- Providing compliance information
- Collecting payroll data in spreadsheets
And the list goes on and on…
These and many other administrative chores pull time, energy and focus away from your core business and directly impact bottom line profitability. Inefficiencies in administering these programs lead to frustration and dissatisfaction among the very people these programs are intended to serve – your employees.
Lyceum delivers the benefits of increase automation
Our technology solution enables companies of all sizes to more efficiently handle the administrative tasks and business processes around payroll, benefits, insurance, and other HR-related programs.
Lyceum brings automation to a variety of processes, including:
- Timesheet collection and approvals
- Benefits enrollment
- Ongoing benefits enrollment and updates
- Employee information updates
- Retrieval of payroll records
- Expense Reporting
- General Ledger updating
- 5500 completion
- HR Compliance Reporting
- and many more
And when you combine Lyceum’s automation technology with dedicated experts for payroll and tax processing, employee benefits, business insurance, financial services, and HR consulting services, you’ll realize even greater efficiencies and cost savings.
With our solution, companies have seen their administrative expenses decline by 33-50% per employee, per month. The question is: how much will you save? Request a free cost savings assessment to find out.
