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.
Recruitment & Retention
ZipRecruiter | November 08, 2023
ZipRecruiter's labor market data provides an edge with current insights, diverse industry details, and a blend of surveys and actual data.
The newly launched portal will offer vital labor market insights using exclusive data, including the Job Seeker Confidence Index, New Hires Survey, and monthly economist commentary.
The Economic Research team leverages ZipRecruiter's exclusive data, proprietary research, and government data to unveil dynamic labor market trends, regularly updated on the site.
ZipRecruiter, a prominent online employment marketplace, has introduced its latest initiative, ZipRecruiter-Research.org, a dedicated platform for housing its economic research endeavors.
This newly launched website showcases in-depth commentary and analysis provided by its team of distinguished economists and data scientists, focusing on the most recent labor market data. Apart from this, it also offers valuable insights derived from the company's proprietary marketplace data and quarterly surveys.
The team's effort to collect and study a lot of job data will help them share helpful information on the new platform. This information will make it easier for job seekers, employers, and policymakers to make good choices. Besides, the team will also work hard to find new trends and opportunities for people and businesses.
ZipRecruiter's extensive repository of labor market data offers three distinct advantages compared to publicly accessible sources. Firstly, it furnishes current insights, ensuring the most recent information is available. Secondly, it provides comprehensive details, key takeaways, and noteworthy trends from a diverse array of industries and geographic locations. Lastly, this data is derived from surveys and actual behavioral data from employers and job seekers.
The latest research, now featured on the new site, encompasses the Q3 2023 edition of ZipRecruiter's Survey of New Hires. It indicates that, despite many U.S. residents who began their careers or switched jobs in the past six months finding satisfactory positions relatively quickly, there is an emerging trend of growing job-seeking challenges. This is reflected in significant declines across key survey metrics, such as the proportion of new hires experiencing salary increases, receiving signing bonuses or being actively recruited for their new positions, suggesting a notable shift in worker bargaining power.
The report also highlights several key findings, including a decrease in the percentage of new hires receiving salary increases and signing bonuses. Additionally, it reveals a significant interest in part-time seasonal roles during the winter holidays and a potential rise in 'quiet cutting,' wherein employees are quietly reassigned to less attractive roles to encourage their voluntary departure, which has become more prevalent in 2023. Among those reassigned, a substantial number chose to resign, while others faced termination or layoffs.
ZipRecruiter-Research.org features insights from the Economic Research team, utilizing ZipRecruiter's exclusive data, including job posting volumes, salaries, benefits, and more. It regularly uncovers vital labor market trends. Each quarter, it releases the Job Seeker Confidence Index and the Survey of New Hires, providing valuable insights into job seeker optimism and the experiences of new hires. Additional reports on labor market topics are available, and the team offers daily commentary on important economic indicators while remaining accessible for inquiries, interviews, and data requests.
PR Newswire | November 01, 2023
InsureTech Connect Workday, Inc. a leader in enterprise cloud applications for finance and human resources, today announced continued momentum within the insurance industry, as organizations including American Financial Group, AssuredPartners, Farmers Mutual of Nebraska, Penn Mutual, Reliance Matrix, Resolution Life, and Telesure Group Services are using or have selected Workday to drive agility and keep pace with an evolving industry.
The company also announced that the Workday Industry Accelerator for Insurance — an industry-first approach to how Workday and its partner ecosystem drive more value for customers — now includes the deep industry experience of Deloitte (InsureAcceleration Solution), KPMG, and PwC.
Accelerating Insurance Industry Transformation
According to an IDC infographic*, 70% of insurance organizations either expressed pessimism about insurance market prospects or feel unprepared for potential disruption. Amid shifting regulations, evolving workforce demands, and volatility of external events impacting claims payouts, it is crucial that organizations leverage technology including AI and ML to adapt and better anticipate the complex realities of an ever-evolving, unpredictable industry. The Industry Accelerator for Insurance will help organizations accelerate their cloud transformations, scale with open ecosystems, and collaborate to drive innovation.
said Shera Chase, vice president of total rewards and HR operations, Reliance Matrix.
For the insurance industry, new technology is critical to eliminate data silos created by multiple legacy systems that are difficult to use and manage. With Workday, we were able to move our operations and data to the cloud, which provides us with a real time view of our business. With this access to data and more streamlined processes, rather than simply reacting to risks, we're able to make more strategic decisions quickly that can save countless hours, boost productivity, and help prevent loss.
Delivering Insights Across the Insurance Enterprise
To keep pace with the evolving industry landscape, Workday is helping organizations move beyond legacy ERP systems to the cloud. With Workday, insurance customers can break down data silos to unify data from across the enterprise for deeper business insights. Users can combine data from operational solutions, including claims, policy and actuarial systems, with internal financial and workforce data for a unified system of insight to drive decision making. With a composable architecture, Workday enables customers to interoperate with existing technology ecosystems and extend solutions with low or no code technology, all while maintaining the same level of security.
Organizations also gain real-time visibility across workforce, skills, and labor spend. Workday Skills Cloud with ML at the core helps organizations understand the skills and capabilities of their entire workforce, enabling them to quickly align people resources to critical needs. In addition, AI and ML embedded into the Workday platform drives efficiency, helping insurance organizations deliver more engaging employee experiences to better attract, hire, and retain talent.
"The insurance industry is facing major challenges due to changing customer and market expectations, new sources of competition, external factors like climate change and cyber-security, and the evolving regulatory landscape," said Jay Rabinowitz, vice president, head of financial services, Workday. "With Workday, organizations can leverage technology to create agility and be better prepared for an uncertain future where things can change quickly."