ADP's WorkMarket Gets a New Look and New Features
ADP introduces enhanced features to its WorkMarket platform, enabling firms to manage their extended workforce effectively. Key updates include new analytics dashboards that track operational metrics, budget management, and staffing forecasts. This platform aids in identifying workers, verifying credentials, and streamlining payments through a 1099 payment engine. The updates aim to improve user experience and operational efficiency for companies relying on freelance and contingent workers, positioning WorkMarket as a comprehensive solution for managing freelance labor.
- Introduction of new analytics dashboards for better KPI tracking.
- Enhanced automation features aimed at reducing manual tasks for users.
- Improved user interface and experience for managing the extended workforce.
- AI functions assist in worker identification and credential verification.
- Geographic heat map feature to evaluate service rates and worker locations.
- Integration with payment systems for streamlined invoicing and payments.
- None.
ROSELAND, N.J., Nov. 9, 2021 /PRNewswire/ -- ADP, a leading global technology company providing HCM solutions, has rolled out new features to its WorkMarket platform to help companies efficiently and compliantly organize, manage and pay their extended workforce. The new analytics dashboards feature will allow clients to track key metrics for their business KPIs – operational metrics, budget management, forecasting staffing needs, employee & talent insights, and payments reconciliation – and receive new and improved insights about their extended workforce operations.
Many companies embrace an extended workforce comprised of freelancers, 1099 contractors and contingent workers, and they need a way to manage all of their workflows from one dashboard. That's exactly what WorkMarket does: assists companies to organize, manage and pay an extended workforce efficiently and compliantly.
"WorkMarket looks and works better than ever before," said Chaayanath Mysore, SVP/GM of WorkMarket. "Users will find that the automation of so many different functions for their extended workforce can help save them hours of work and reduce manual labor. Functionality for assignments lifecycle and the ability to manage and organize talent will be a unique value proposition to employers."
WorkMarket starts offering assistance even before a contingent worker is hired. The AI functions help managers identify workers and verify their credentials. A geographic heat map lets employers see the going rates for services and the location of workers in different parts of the country. Once contracted, WorkMarket can then onboard and organize the extended workforce into simple groups, or Labor Clouds, so managers can track their skills, locations and experience. The system can also track operational metrics, such as how much time a freelancer is given to complete an assignment.
WorkMarket apps for Android and iOS devices enable companies to collaborate with hundreds or thousands of workers across the country in real time. With the app, workers can sign up and complete profiles that list their skills and credentials. Once set up, they can use the app to accept assignments, start engagements and submit proof of completion.
Using the desktop experience, managers can set rules for how contingent workers engage with them and can establish requirements around factors like contracts, insurance or work frequency. The Labor Clouds helps to ensure that only workers who are compliant can be hired to do the work.
When assignments are completed, WorkMarket again assists with payments, assisting in making sure workers are paid conveniently and on the company's terms. The 1099 payment engine gives managers the flexibility to pay their extended workforce through an ACH deposit, credit card or wire transfer. Intuitive automation and integration with other payment systems streamline invoicing and billing processing.
By using executive-level dashboards and automated reporting, WorkMarket helps companies gain visibility into almost every aspect of their freelance workforce, including elements like total spend, market coverage and worker performance. WorkMarket provides final cost details with year-over-year comparisons. The data can then be exported as an Excel or PNG file.
For details about WorkMarket by ADP, please visit https://www.workmarket.com/.
About ADP (NASDAQ: ADP)
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SOURCE ADP, Inc.
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