ROSELAND, NJ -- (Marketwired) -- 10/13/15 -- The ability for a business leader to compare his/her own company's data with current industry averages -- including compensation, turnover and other workforce metrics -- is the newest feature added to the ADP® DataCloud analytics platform. Introduced in May of this year, the ADP® DataCloud platform allows business leaders and human resource (HR) professionals from every part of an organization to generate actionable insights from the workforce data embedded in their ADP human capital management (HCM) solutions. The benchmarking platform, available for U.S. companies, draws aggregated and anonymized information from ADP's U.S. client base of approximately 24 million employees and over 600,000 clients.
ADP's benchmarking capability can help businesses fill a gap in the use of analytics in strategic planning that is illustrated by the following*:
The new benchmarking feature builds upon the existing analytics and reporting features of the ADP® DataCloud platform. The benchmarking capability provides users with a unique competitive advantage by delivering insight from real, anonymized, up-to-date data across metrics at the industry, location, and company size levels and for thousands of job titles, to help clients evaluate their workforce against other companies in their market space.
"Many companies today are experiencing a war for talent, and business leaders are increasingly relying on HR to provide industry benchmarks to ensure they quickly identify changing market trends," said David Turetsky, vice president product management, ADP. "The addition of the benchmarking feature to ADP® DataCloud provides HR and business leaders with key industry workforce metrics at their fingertips, avoiding the inherent time lag or inaccuracy associated with salary and other types of survey-based data."
"As a healthcare institution located in the very competitive downtown Baltimore market, the addition of Benchmarking from the ADP DataCloud has helped Mercy gauge our success against other hospitals," said Amy Miller, manager compensation and HRIS at Mercy Medical Center. "The training of our clinical staff is a significant investment. Monitoring our turnover is critical to making sure that investment is resulting in the retention of our talent. ADP's benchmarking tool allows us to track how we compare to other organizations by industry, by geographic location and revenue size. Using up-to-date workforce benchmark data by our management team is critical to our success in an ever changing healthcare market."
The next planned features for ADP® DataCloud are a predictive model that will allow a company to identify teams that might be at risk of losing key employees, and data exchange that will help business leaders evaluate workforce metrics combined with other types of enterprise data. This new feature, planned for 2016, would allow business owners to review data -- sales per labor hour, for example -- to help ensure they are making the right business decisions for their people.
"We're looking to help business leaders better manage their most important asset: their people," added Turetsky. "If they have easy access to the right information, they will be able to create a successful, engaging work environment."
*Source: CHRO Quarterly First Quarter 2015; Deloitte 2014 Human Capital Trends Survey
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