Workforce Management

Quantum Workplace Secures Funding From LLR Partners

Employee Employee News
Quantum Workplace, a premier employee performance and engagement solutions provider, recently announced that it secured investment funding from a private equity firm, LLR Partners. Quantum Workplace is also known for being at the forefront of data collection for Best Places to Work Programs. With the partnership, both firms expect to leverage Quantum’s rapid growth by investing in cutting-edge software solutions and strategic growth opportunities within the industry.

Quantum Workplace CEO, Greg Harris, leads the company’s commitment to improving work experiences for millions of employees and providing them forums through innovation in the Best Places to Work Program software. The company was founded in 2002 and has metamorphosed into a premier provider of organizational assessment applications and comprehensive employee engagement, people intelligence, and performance management platforms.

“LLR’s significant experience in the HR technology space, coupled with the deep knowledge and capital resources they bring growing and scaling leading software businesses, makes them a strong, strategic partner for us. We look forward to the guidance LLR will afford the Company. This investment will aid in bolstering our sales and marketing efforts, accelerating our advancement in data science, and unlocking new strategic partnerships and acquisitions, With the war for talent becoming the thing employers struggle with most right now, we’re squarely in the middle of a very exciting market. We know there is an undeniable link between engagement, performance and retention, and employee success is critical to business success. With this funding, we believe we are well positioned to seize this enormous opportunity and achieve a new level of scale and growth by expanding our product portfolio as we help companies further leverage their talent to drive the growth and success of their businesses.”

- Quantum’s CEO, Harris

“As LLR’s long-time investment focus on HR tech evolved over the past two years, it became clear that the remote/hybrid workforce model is here to stay. There is increased importance to engage employees and conduct continuous performance conversations amid this competitive, hybrid environment. Quantum Workplace has emerged as one of the leaders in both areas, leveraging unrivaled analytics capabilities to draw essential connections between employee engagement and performance.”

- Sasank Aleti, partner at LLR Partners

Spotlight

You are not the leader of an administrative function focused on overseeing workforce activities, L&D, and recruiting. You are far more than that. You are a strategic advisor to the business, and your role, whether the C-suite fully understands it or not, is to help your organization transform to reach and even exceed audacious b


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Recruitment & Retention

Retirement Expectations Evolve as Workforce Ages According to Principal® Survey

Principal Financial Group® | January 16, 2024

The picture of retirement is evolving with more Americans turning 65 in 2024 than any year1 before. According to new research from Principal Financial Group®, expectations around how and when to retire by generation vary greatly – placing increased focus on employee engagement and personalized investment strategies to help improve financial security and retirement readiness. Phased retirement appeals to younger workers who want to retire earlier According to the Principal Financial Well-Being IndexSM, among Americans in the workforce, gradually decreasing hours is the most desired way to retire (52%) and is most preferred by Generation X (67%) and millennials (56%). Baby boomers and Generation Z report similarities in how they want to retire, with nearly half preferring to move immediately from working full-time to not working at all. This echoes the most common approach taken by current retirees surveyed2, a group in which just over one quarter (28%) either transitioned careers or gradually phased down from their primary career. “Attitudes and expectations for retirement continue to evolve, and we expect the desire to approach retirement in phases will continue to grow with future generations,” said Chris Littlefield, president of Retirement and Income Solutions at Principal®. While there are some similarities in how generations want to retire, they have different expectations on timelines and the age at which they plan to retire. The youngest generation, Gen Z, expects to retire at 55 – approximately 10 years earlier than baby boomers (68) and Gen X (64), and four years sooner than millennials (59). Employees prioritize saving for retirement The survey revealed employees are focused on balancing basic needs with long-term savings outcomes against a backdrop of ongoing economic pressures that continue to top their list of concerns. Employees of all generations ranked saving for retirement as their top financial priority, followed by affording basic needs and paying off consumer debt3. "Saving for retirement is the No. 1 financial priority for employees surveyed, which validates that access to workplace benefits and financial wellness programs is helping Americans save for retirement and achieve better financial outcomes,” Littlefield said. “Going forward, increased personalization as well as tailored savings and investment strategies that take into account an individual’s financial goals, lifestyle, health care needs, dependent care obligations, retirement income expectations, and other unique factors will help achieve improved financial security in retirement.” Retention and recruitment of older employees critical for business success Employee interest in phased retirement has added value for employers. Most employers (77%) agree that the knowledge older employees have about their company is crucial to their business’s success. Employers concerned with “having valuable employees retire” are more likely to take actions to either retain them or hire employees who previously retired from other companies. Despite this, not all employers have experience with offering phased retirement. Only 11% of small and midsized businesses4 reported they offer phased retirement job opportunities on a regular basis compared to nearly one quarter of large businesses5. However, interest is there, as 61% of businesses that don’t offer a phased retirement still receive questions from employees about the options. See all results and insights from the latest Principal Financial Well-Being IndexSM (PDF). According to the Alliance for Lifetime Income This wave included a survey of 137 individuals between the ages of 50 and 75 who consider themselves retired or have previously fully retired and gone back to work. In order to be included in the survey sample, employees must work full-time, and their employer has to offer either health insurance or retirement as an employee benefit. Businesses with 2-499 employees Businesses with 500-10,000 employees About the Principal Financial Well-Being IndexSM The Principal Financial Well-Being IndexSM surveys business owners, decision makers and business leaders aged 21 and over who work at companies with 2-10,000 employees and offer either health insurance or retirement as an employee benefit. The nation-wide survey, commissioned since 2012, examines the financial well-being of American workers and business employers. In 2020, the Well-Being Index was transformed from an annual survey to a regular pulse, offering three waves, revisiting questions and measuring sentiment regarding timely issues in the small and midsized business marketplace. In the first pulse of the Well-Being Index in 2022, the employee audience was added to the survey to compare and contrast key sentiment from employers. The survey was commissioned by Principal® and conducted online by Dynata from November 6-13, 2023, with a total of 500 business owners, decision makers and business leader participants and a total of 200 employee participants. This wave included a survey of 127 individuals who consider themselves retired or have previously fully retired and gone back to work. The research report focuses on providing a holistic perspective on key trends and timely issues in the small and medium business market. About Principal Financial Group® Principal Financial Group® is a global financial company with 19,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 61 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere2, a member of the Bloomberg Gender Equality Index, and a “Best Places to Work in Money Management3.”

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Employee Benefits

Reperio Health Partners with Springbuk in Innovative New Health Intelligence Marketplace for Employers and Benefits Advisors

Springbuk | January 23, 2024

Reperio Health, the only provider of at-home and onsite biometric screenings with instant results, announced a strategic partnership with Springbuk, the leading health intelligence platform for employers and benefits advisors. By integrating Reperio’s full service biometric screening experience with insights from the Springbuk Activate partner marketplace, the solution will enhance healthcare outcomes through data-driven insights and personalized care. The Springbuk Activate marketplace matches employers with possible partners based on their population's health needs or risks, showing them potential opportunities in savings and program engagement – all in one place. "Reperio's innovative at-home and onsite health screening services bring convenience and timeliness to our employees,” said Joy Powell, CEO of Springbuk. “The instant results and metrics-driven insights empower our employer and broker clients and their members to take control of their wellness, marking a significant shift towards preventive care." Reperio worked with Springbuk to develop a customized “card” within the Springbuk application that identifies the number of members in the employer’s population who may qualify for Reperio’s annual biometric screening program and a 12-month savings opportunity estimate based on assumptions of program success. “We are excited to partner with Springbuk to offer their members an integrative, secure and easy-to-use biometric health screening kit,” said Travis Rush, CEO and co-founder of Reperio Health. “It’s our expressed intent to help them — and thousands of others — prioritize their preventive health with actionable insights. We’re proud to be in a collaborative effort to do just that.” About Springbuk Springbuk is a leading-edge health analytics intelligence platform that empowers employers and consultants to sharpen their benefits strategy, advance employee health, and contain costs. The innovative solution offers deep analytic insights, allows data-informed decision-making, and provides curated action steps and strategic direction to maximize return on employee benefit investments. About Reperio Health Reperio Health is the only provider of at-home and onsite comprehensive health screenings with instant results. An innovation in preventive care, Reperio’s patented technology pairs a mobile app with FDA-cleared devices, bringing a consumer-grade experience to biometric screenings. The solution modernizes the costly and inaccessible screening processes deployed today and reaches every corner of the healthcare industry—including employers, providers, payers and more. Clients are empowered by metrics-driven insights and HIPAA-compliant data integration to bolster their wellness, benefits and population health management offerings.

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Payroll

ADP® Assist with Generative AI Features Makes HCM Decisions Easy, Smart and Human

ADP | February 02, 2024

ADP®, a leading global technology company providing human capital management (HCM) solutions, announces the availability of ADP Assist, a cross-platform solution powered by generative AI (GenAI). ADP Assist enhances HR productivity, aids decision-making with data-driven insights, and streamlines day-to-day tasks for practitioners, managers, employees and executives with simple, human-like conversations. It harnesses the power of ADP's unparalleled data and expertise along with GenAI to simplify the world of work. ADP Assist builds on ADP's current AI capabilities and is currently in early release with some ADP clients today with a planned rollout for all clients. "For 75 years, ADP has been at the forefront of payroll and HR innovation. With ADP Assist, we're providing an intelligent platform that simplifies HR tasks, leaving time for people leaders to be more strategic," says Maria Black, president and chief executive officer of ADP. "It's not just another technical solution; it's a comprehensive experience that combines ADP's unmatched HCM dataset and expertise to empower HR professionals, leaders and employees." Data Drives Innovation Data is at the core of all ADP products and solutions, informing and driving ADP's approach to innovation and AI technology. ADP has the industry's largest and deepest HCM dataset with over one million clients spanning 140 countries and 41 million wage earners globally. ADP's extensive and unique dataset is used to train ADP's AI to anticipate what users want and need. ADP Assist turns unmatched data into highly credible and actionable insights so that clients can make smarter decisions. Easy, Smart and Human "In a constantly changing workplace, innovation must keep up and meet people's real-world needs," says Sreeni Kutam, president of global product and innovation at ADP. "ADP Assist is the next step in our vision to create an HR ecosystem that is not only efficient but empowers employees and HR professionals alike. We've created a platform that understands the complexities and dynamics of modern HR management and offers smart, user-centric solutions. And, as always, we are committed to the secure and ethical use of data to support these technologies." ADP Assist seamlessly integrates with ADP products across multiple ADP platforms. It anticipates what users want and proactively delivers actionable insights in plain language. Using an intuitive, conversational interface, ADP Assist provides valuable and contextual insights which touch every aspect of HR – payroll, time, talent, benefits, recruitment, analytics, reporting and compliance. ADP's portfolio of currently available GenAI- and AI-powered tools deliver the following capabilities Easy payroll. ADP Assist validates payroll information. It checks for payroll anomalies and uses GenAI to identify and help resolve missing tax registrations and answer questions by drawing on ADP's large, up-to-date dataset of compliance information. This saves HR effort and helps clients to ensure employees are paid accurately and on time. Smart analytics. ADP Assist uses GenAI to dramatically simplify report creation by understanding context and generating insightful reports in an easy-to-understand format. HR practitioners and leaders can easily access internal, national and global workforce data from ADP's deep HCM dataset to analyze compensation, turnover, candidate profile relevancy and talent market insights. Human insights. Intelligent and AI-based HR support for employees and clients can anticipate and solve common employee problems across HR, payroll, time and benefits. This reduces frustration for employees and eliminates certain low-value tasks for managers and HR practitioners. ADP Assist can send personalized, proactive notifications to employees on their mobile device or desktop to help resolve HR issues quickly, keeping them productive. AI-powered conversational interface makes it easy for employees to get the information they need without involving HR. Search by Intent. The RUN Powered by ADP payroll and HR solution features an omni search bar that understands intent behind the search terms and uses GenAI to mine ADP's deep knowledge base to deliver easy-to-use and effective content. "In the age of AI, the better the data, the better the artificial intelligence," says Holger Mueller, vice president and principal analyst for Constellation Research, Inc. "ADP is uniquely well-positioned in the field of HCM vendors given the breadth and depth of its data. ADP is using that data to make AI more human, focusing on customer success in a worldwide space. This really makes a difference not only for HR practitioners but for leaders and employees." About 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.

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Payroll

Novo Announces Novo Payroll for Small Businesses, Powered by Check

Check | January 25, 2024

Novo, the powerfully simple® financial solutions platform for small businesses, announced Novo Payroll. Working with Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, Novo has launched a payroll solution that is fully integrated into Novo’s platform of small business banking, budgeting, and working capital solutions, enabling small businesses to manage their finances from a single platform. “Traditional small business payroll solutions consist of standalone applications characterized by high fees, burdensome cash-on-hand requirements, and either clunky or non-existent integrations between payroll and business bank accounts,” said Michael Rangel, founder and CEO of Novo. “In collaboration with Check, we built a payroll solution that simplifies and speeds up the process of paying small business employees." Novo leveraged Check’s embedded payroll API to build Novo Payroll. With coverage in all 50 states, Novo Payroll streamlines the entire payroll process, from calculating wages to facilitating direct deposits and managing tax withholdings. This provides businesses with a comprehensive payroll solution that not only reduces administrative burdens but also ensures accuracy and compliance with regulatory standards. Novo has conducted a beta of Novo Payroll, and will make the product available to Novo’s more than 200,000 small business customers in the coming weeks. Key features of Novo Payroll include Affordable, flat-rate pricing: Unlike other payroll platforms where individuals have to pay extra for a range of features, Novo offers all of its essential features — including state and tax filings, end of year reports, and more — at $35 per month plus a small fee per worker. Working capital for payroll: Small businesses who may need additional funds for a payroll cycle can apply for Novo Funding, a fast and flexible way to access working capital that’s available exclusively to Novo customers. Once approved for Novo Funding, customers can use the capital in minutes. Next day payments: With Novo Payroll, recipients can opt in to receive their paychecks the day after payroll is processed at no additional charge. Instead of needing the necessary payroll funds days in advance, small business owners simply need to have funds available the day of payroll processing. Built-in accounting and budgeting tools: Since Novo Payroll is fully embedded into the Novo platform, customers can seamlessly set aside funds for payroll, taxes, savings, and more using Novo Reserves. Single- and multi-state payroll: Novo Payroll automates state tax filings for small businesses that have employees in a single state, as well as in multiple states. Human-powered customer service: Novo Payroll customers have access to a range of resources to assist with payroll questions, including the option to call a Novo Payroll expert. “We founded Check with the goal of making payroll easier for as many small businesses as possible. By partnering with Novo, we’re able to reach an even broader set of businesses, giving them the tools they need to save time and money on what is all-too-often a cumbersome task,” said Andrew Brown, co-founder and CEO of Check. “Novo has already burnished its credentials as a leading provider of financial services for small businesses. By embedding Check’s payroll, Novo is able to provide a one-stop-shop for small business financial needs.” Novo Payroll is the latest in a series of products Novo has built for its small business financial solutions platform. Recently, Novo announced a range of updates to Novo Invoices, the company’s free invoicing application that small businesses have used to receive more than $500 million in payments. Novo also announced Novo Funding, offering small businesses a fast and flexible way to access working capital. About Novo Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. About Check Check is the leading payroll platform that pioneered the ability for companies to differentiate and open up new revenue streams by embedding payroll into their platforms. Historically, complex regulatory structures stagnated payroll innovation, making it harder for businesses to create their own payroll offerings. By building on Check’s best in class infrastructure, flexible API, and deep expertise, platforms can launch profitable payroll businesses much faster, and with little overhead or administrative burden. Since Check’s public launch in January 2021, leading vertical SaaS companies and large scale workforce management horizontal platforms have built successful payroll businesses on its infrastructure. Check’s partners collectively serve more than 250,000 businesses and over 4 million employees. Check is backed by Stripe, Thrive Capital, Index Ventures, and Bedrock.

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Spotlight

You are not the leader of an administrative function focused on overseeing workforce activities, L&D, and recruiting. You are far more than that. You are a strategic advisor to the business, and your role, whether the C-suite fully understands it or not, is to help your organization transform to reach and even exceed audacious b

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