PR Newswire | October 04, 2023
ADP, a leading global technology company providing human capital management (HCM) solutions, announces the launch of its corporate venture capital arm and innovation lab, ADP Ventures. ADP Venture's mission is to enhance and strengthen ADP's core business, create offerings in new adjacent segments and geographies, and develop new assets to monetize markets and segments beyond HCM.
Our mission is to empower businesses and their employees, says Maria Black, president and chief executive officer of ADP. ADP Ventures will allow us to further invest to provide clients with unmatched support throughout the HCM journey, from hire to retire and, most importantly, that critical space in between where we hope to inspire people as they fulfill their potential.
As part of its strategy, ADP Ventures will invest in and partner with early-stage and scaling tech startups that advance ADP's innovation strategy. ADP Ventures has also invested in SemperVirens Venture Capital, a leading early-stage venture capital fund that invests in technology transforming work, health and financial wellness.
"The world of work is changing at an unprecedented pace and many entrepreneurs are focused on advancing speed to innovation in this space," says Sreeni Kutam, president of global product and innovation at ADP. "ADP Ventures is investing in the total human experience, in technology that empowers people at work and beyond work, whether it's collaboration, health and wellbeing, talent acquisition, financial wellness or HCM analytics."
ADP Ventures intends to focus on early-stage strategic investments with co-investors and will target a small, leading subset of the most innovative new companies. Consistent with this discipline, ADP recently completed investments in two start-ups this year: Cocoon, a leave management software provider that focuses on improving the employee leave experience by automating the most challenging parts of compliance, claims and payroll calculations; and, Fringe, a marketplace of services that facilitates a plethora of programs such as lifestyle benefit stipends, wellbeing, rewards and recognition, and peer-to-peer gifting.
"ADP is committed to innovating and partnering to shape the future of the HCM industry," says Usman Khan, senior vice president, Ventures at ADP. "ADP possesses the product stack, global market footprint, brand, and partnership expertise to work with and scale new companies. As an active partner to startups we invest in, we can help accelerate their growth and impact on the human experience through access to our customers, platforms, proprietary data, subject matter experts and broader community."
The partnership with SemperVirens also brings direct access to the firm's executive advisory board, composed of over 140 experts, to advise founders on scaling their products, sales strategies and key partnerships.
The ADP Ventures investment team will be holding meetings with interested startups at HR Tech 2023 in Las Vegas. Or learn more at adp.com/ventures.
ADP Research Institute | September 13, 2023
ADPRI released ‘Today at Work’ a new quarterly report series
The report uses proprietary data to provide a comprehensive view of the global workforce.
The research includes data from 25 million U.S. workers in 29 countries to show a global perspective on workforce dynamics.
The ADP Research Institute (ADPRI) has released a new data-driven resource, 'Today at Work,' providing insights into the business impact of promotions and introducing a real-time measure of worker motivation and commitment. This comprehensive analysis leverages ADP's extensive dataset and surveys spanning nearly a decade to offer valuable perspectives on the world of work.
ADP Chief Economist and Head of the ADP Research Institute, Dr. Nela Richardson, remarked
With so much data at our fingertips, we have the opportunity to tell the full story of the workforce with an eye toward its continued evolution and change.
[Source: Cision PR Newswire]
She further supported the statement with an example that decision-makers and economists have traditionally focused on productivity as a critical metric, but assessing the factors that influence productivity has proven to be a challenging endeavor. In the report, she said they are able to interlink motivation, commitment and productivity. Understanding the intricate relationship between promotions, employee motivation, and commitment is crucial for organizations aiming to retain and engage their workforce effectively. By uncovering these dynamics, businesses can develop strategies to support career advancement while mitigating the risk of employee turnover.
The ADP Research Institute's insights are derived from its extensive dataset, representing over 25 million U.S. workers, and surveys conducted in 29 countries, providing a global perspective on workforce dynamics.
The report provides a multifaceted view of workforce-related topics, including the impact of promotions on employee retention and the development of the EMC Index as a tool to measure worker motivation and commitment. It emphasizes the importance of understanding these aspects to enhance productivity and informs decision-makers about the business outcomes.
The report delves into the significance of promotions, highlighting their impact on businesses under specific conditions. ADPRI conducted a thorough analysis of job histories for over 1.2 million U.S. workers between 2019 and 2022 to uncover a relationship between promotions and employee turnover. It revealed that, within a month of their first promotion, 29 percent of individuals left their employer, compared to 18 percent who would have left without the promotion. The report also explores various factors influencing promotion impacts, such as job requirements and industry.
Additionally, the report introduces the Employee Motivation and Commitment (EMC) Index, a tool designed to gauge worker allegiance. The EMC Index, built on a decade of surveys involving over 490,000 workers across 29 countries, offers real-time insights into employee motivation and commitment. The report underlines the connection between worker motivation commitment and productivity, emphasizing the importance of understanding and boosting these factors. The EMC Index also revealed a correlation between employee motivation, commitment and output. Those with a high level of productivity are 2.6 times more likely to respond to inquiries regarding their motivation and work positively.
The ‘Today at Work’ series of reports offers a unique blend of data and surveys, delivering actionable insights to decision-makers in areas where data has traditionally been limited. The focus on employee motivation, commitment, and the impact of promotions provides valuable guidance for businesses looking to optimize their workforce strategies.
Business Wire | October 26, 2023
iQor, a leading managed services provider of digitally enabled business process outsourcing (BPO) customer experience solutions, has launched Symphony [AI]TM, a generative AI ecosystem that will redefine the landscape of employee training and development. By leveraging iQor's accumulated process knowledge honed over decades supporting customers, Symphony [AI] integrates innovative AI tools and proprietary large language models (LLMs) with research-driven active learning methodologies to deliver an unmatched training experience that contributes to an enhanced employee lifecycle and an irresistible customer experience.
said iQor Senior Vice President of Global Learning and Development John Kruper.
Symphony [AI] encapsulates our unwavering commitment to our people. By blending our process expertise with artificial intelligence, Symphony [AI] will facilitate more effective and meaningful learning and development experiences that contribute to a thriving workplace culture of excellence.
Symphony [AI] will reshape the employee training, nesting, and development experience in three primary ways to empower agents from the outset. This drives a better employee experience that promotes growth and development, resulting in excellent customer experiences.
Training Techniques: Drawing from methodologies that accelerate learning, Symphony [AI] helps ensure employees grasp concepts faster and retain knowledge longer to create smiles from the start.
Active Learning: Through dynamic learning modules and iQor’s active learning expertise, Symphony [AI] helps make training more interactive and engaging, promoting active participation and holistic development.
Development Paths: Based on iQor's accumulated process knowledge, Symphony [AI] facilitates personalized training experiences that address individual strengths and areas of growth while cultivating an irresistible work culture.
iQor's generative AI experience underscores the BPO’s dedication to investing in its most valuable asset—its people. iQor remains at the forefront of innovation, ensuring employees are equipped, engaged, and inspired throughout their career journey.