ADP DataCloud Adds New AI Features to Target Pay Equity Gaps, Bolster Employee Retention

Rhea-AI Summary

ADP has unveiled enhancements to its ADP DataCloud, advancing its people analytics solution to tackle critical workforce challenges including economic policy shifts and employee retention. New features include the Pay Equity Storyboard, which enables users to analyze pay gaps across demographics, and Organizational Benchmarks that allow companies to compare their metrics against industry standards. Additionally, predictive analytics in the Turnover Storyboard assist organizations in identifying retention risks. The Canadian expansion introduces regional compensation benchmarks, refining ADP's data offerings further.

Positive

• Introduction of the Pay Equity Storyboard to analyze pay equity across demographics.
• Launch of Organizational Benchmarks for comparing labor metrics against industry standards.
• Turnover Storyboard utilizing predictive analytics for assessing employee retention.
• Enhanced recruitment experience through compensation benchmarking tools.
• Expansion of Canadian compensation benchmarks for localized insights.

Negative

• None.

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.

 

ADP-Media

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/adp-datacloud-adds-new-ai-features-to-target-pay-equity-gaps-bolster-employee-retention-301193924.html

SOURCE ADP, Inc.

FAQ

What new features were introduced in ADP DataCloud on December 16, 2020?

ADP introduced features including the Pay Equity Storyboard, Organizational Benchmarks, Turnover Storyboard, enhanced recruitment experience with compensation benchmarks, and expanded Canadian benchmarks.

How does the Pay Equity Storyboard in ADP DataCloud work?

The Pay Equity Storyboard allows businesses to analyze their pay data by job roles, filtered by categories such as gender and race/ethnicity, helping to identify and address pay gaps.

What are Organizational Benchmarks in ADP DataCloud?

Organizational Benchmarks allow companies to compare their headcount, labor costs, and turnover rates against industry standards to identify operational efficiencies.

How does the Turnover Storyboard help businesses?

The Turnover Storyboard uses predictive analytics to identify potential turnover risks, assess retention rates, and calculate cost savings through proposed adjustments like increased compensation.

What is the significance of Canadian compensation benchmarks in ADP DataCloud?

The Canadian compensation benchmarks offer regional insights, allowing businesses to compare salaries at a provincial level, enhancing the precision of their compensation strategies.