WESTON, Fla.--(BUSINESS WIRE)--Ultimate Software (Nasdaq: ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today that Wedbush Securities, a leading investment firm that provides a range of financial services, achieved an annual return of 445% on its investment in UltiPro, according to an ROI study conducted by third-party analyst firm Nucleus Research. The study also found that Wedbush’s payback period was two months.
Founded in 1955, Wedbush Securities has been a leader in the financial industry providing its clients with a wide range of services, including private client services and institutional sales, correspondent clearing services, equity research, corporate and municipal finance, equity market making, fixed income trading, and wealth management. Headquartered in Los Angeles, with nearly 100 registered offices, the firm focuses on dedicated service, client financial safety, continuity, and advanced technology. In order to better address compliance issues and gain greater financial visibility, Wedbush selected UltiPro and went live in January 2011.
“The capabilities that enabled us to achieve a significant ROI with UltiPro are also helping us manage the complexities of the financial industry,” said Kevin Lundby, senior vice president of human resources for Wedbush Securities. “We are strictly regulated by the SEC and FINRA, and subject to regular internal and external audits. Prior to UltiPro, we had a manual entry system which was inefficient and ineffective. The multi-tiered manual process involved individual notifications to various departments that ate up a considerable amount of our time, created significant notification delays, and opened the door to human errors in documentation. Since working with UltiPro, our processes have been automated into a one-step solution, saving countless hours of work. With UltiPro and its workforce analytics, we have visibility into our people with 100% accuracy and can diminish the risk of compliance-related issues.”
UltiPro Onboarding is also helping Wedbush manage compliance. According to Lundby, UltiPro ensures that every new hire receives and completes all the required forms, which though often subject to audits, are now easy to monitor electronically. And while UltiPro’s improved processes are helping Wedbush employees increase productivity, managers are also able to use the solution to maximize profitability.
“Managers who oversee profit centers pay very close attention to expenses—their employee costs—because their incentives are driven by their own profitability for their areas,” said Lundby. “These managers need to know on a day-to-day basis what their expense line looks like relative to revenue. Before UltiPro, these managers would need to contact HR for this information, and we would have to undertake a very laborious process to generate lists of employees, their compensation, and employee-related costs. Now, we use the power of UltiPro Business Intelligence to create manager dashboards that analyze pay data.”
UltiPro Business Intelligence is also helping profit-center managers factor the costs of state regulation into their calculations. Managers need point-in-time reporting, not only to compare overtime data from one pay period with the next, but also to track costs associated with California’s new meal-period penalty. According to Lundby, managers are using their BI dashboard to better monitor costs resulting from the penalty, and controlling them in the same way the company manages overtime spending.
“UltiPro enables companies to tackle meaningful compliance challenges and make informed business decisions,” said Greg Swick, global chief sales officer at Ultimate. “At the same time, the report from Nucleus demonstrates that the business improvements driven by UltiPro also help to boost bottom-line results. We are pleased that UltiPro is providing Wedbush managers with the tools they need to be successful, and providing insights that accelerate business growth.”
About Ultimate Software
Ultimate is a leading provider of cloud-based human capital management solutions, with more than 33 million people records in the cloud. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. Founded in 1990, Ultimate is headquartered in Weston, Florida, and employs approximately 3,950 professionals. In 2017, Ultimate ranked #7 on Fortune’s 100 Best Companies to Work For list, its sixth consecutive year in the top 25; #7 on Forbes’ list of 100 Most Innovative Growth Companies; #2 on People’s 50 Companies That Care list; and the National Customer Service Association named Ultimate Service Organization of the Year in the Large-Business category. Ultimate has more than 3,700 customers with employees in 160 countries, including Bloomin’ Brands, Culligan International, Feeding America, Major League Baseball, Red Roof Inn, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate’s products and services for people management can be found at www.ultimatesoftware.com.
UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.