ROSELAND, N.J., Dec. 16, 2020 /PRNewswire/ -- As businesses look
for new ways to thrive in a changing world of work, ADP is building
upon its award-winning people analytics solution, ADP DataCloud, to
help them innovate for the future. Announced today, the solution's
new features address some of the biggest challenges that businesses
face today, including shifting economic policy, employee retention
and the pay equity gap.
ADP DataCloud is designed to help organizations make more
informed, actionable decisions by giving them visibility into their
people data in one platform and eliminating the need for manual
analysis. Previous enhancements such as Storyboards have
guided clients to uncover insights and compare metrics from their
workforce data to identify specific issues, including costly
turnover and compensation gaps that impact talent acquisition and
retention.
The newest features illustrate the ways ADP DataCloud has
evolved to take on some of the most complex issues facing business
leaders globally. Companies can now benchmark their organizational
data against "live" data in the broader market by using the
anonymized and aggregated data from more than 740,000 companies,
equipping them to compare information like headcount by department
and compensation by role. This database of information and insight
not only provides users with data, it also unlocks a deeper
understanding of their workforce by revealing patterns and trends
and recommending solutions.
"The world of work has experienced seismic changes this year,
fueled by the COVID-19 pandemic and the demand for a more diverse
and inclusive workforce," said Jack
Berkowitz, ADP's senior vice president of product
development. "The new enhancements to ADP's DataCloud give
businesses the people-data they need, when they need it most,
enabling them to drive their business forward. For some companies,
these insights help uncover metrics they never knew they had; for
others, it combines machine learning and predictive analytics to
provide actionable solutions to better assist employees."
New Features:
- Pay Equity Storyboard: When businesses set out to commit
to equal pay for equal work across an organization, the Pay Equity
Storyboard allows them to look at their own data broken down by
jobs, filtered by categories such as gender and race/ethnicity. If
a company has budgeted a certain amount of money to address pay
gaps, ADP DataCloud will calculate effective distribution models in
order to close the gaps across the organization. ADP DataCloud will
continue to roll out new features in the next year to help
companies get valuable insights to drive an inclusive work
environment.
- Organizational Benchmarks – For the first time,
Organizational Benchmarks allow companies to benchmark their
headcount, labor costs and turnover against others in the industry
to determine how they compare. This allows them to identify areas
of their business that are too lean or too heavy. Organizational
Benchmarks provide the opportunity for companies to understand how
balanced they are and if they need to adjust their strategy based
on evolving trends in the industry.
- Turnover Storyboard: ADP DataCloud's newest storyboard
uses predictive analytics to allow companies to see how their own
turnover rates compare with the rest of their industry, where
vulnerability turnover is highest in the organization and which
employees may be at-risk and need more focused attention and
engagement. Now, ADP DataCloud can calculate the company's
potential retention rate and cost savings if it made certain
adjustments, such as increasing compensation.
- Enhanced Recruitment Experience: To provide a more
seamless recruitment experience, ADP DataCloud's Profile Relevancy
tool, which is used to help score, assess and match candidates to
job openings, has been augmented with compensation benchmarks to
serve up a more precise candidate view. As recruiters complete job
requisitions, they can easily access these insights in line,
helping them reduce time to fill and increase offer conversion
rates.
- Canada Expansion: ADP Canada has rolled out
Canadian compensation benchmarks, Data Mashup and Storyboards.
Canadian benchmarks will be available at the provincial level i.e.,
will have the ability to see an Accountant's salary in Ontario compared to Quebec. With these new benchmark enhancements,
ADP DataCloud has also updated and refined our model-based
benchmarking (AScore) by including over 70 external economic data
sources to provide an even more precise look at compensation.
For more information about ADP DataCloud, visit
https://www.adp.com/what-we-offer/products/adp-datacloud.aspx.
About ADP (NASDAQ: ADP)
Designing better ways to work through cutting-edge products,
premium services and exceptional experiences that enable people to
reach their full potential. HR, Talent, Time Management,
Benefits and Payroll. Informed by data and designed for
people. Learn more at ADP.com
ADP, the ADP logo, and Always Designing for People, are
trademarks of ADP, Inc. All other marks are the property of
their respective owners.
Copyright © 2020 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.