Benchmarking’s Time to Shine: ADP Solution Named One of Top HR Products of 2016 and ‘Awesome’ New Technology
Human Resource Executive® recently revealed that Benchmarking, powered by the ADP® DataCloud, has been selected as one of its “2016 Top HR Products” and “Awesome New Technologies for HR.” With a record-breaking number of nominations to consider this year, the magazine relied on a combination of staff reviews and comments from outside experts and analysts to choose the top products of the year.
So what, exactly, is Benchmarking and why was it honored?
Benchmarking was introduced as part of the ADP DataCloud analytics platform in October 2015. The solution gives companies the ability to compare their workforce data with up-to-date aggregated and anonymized HR and pay data from ADP’s database of more than 95,000 client organizations.
By harnessing this data, HR leaders can see how their companies stack up to the competition in such areas as compensation, workforce change and workforce demographics. For example, an ADP benchmark may reveal that the average tenure for a specific job in a specific industry is two years. If your company has employees who’ve spent four years in that same role, it may be time to consider whether being in that job for too long has impacted an employee’s engagement level and may increase the chances he might leave.
Benchmarking enables employers to filter data by geography, industry, company size and salaried vs. hourly status, making the data more relevant and actionable so users can quickly formulate talent management plans. Further, the data is updated quarterly versus many survey-based benchmarks that are updated annually.
ADP’s Don Weinstein accepting the HRE “Top HR Products” award at the HR Tech Conference in Chicago
According to HRE, while many HR technology providers offer analytics and reporting capabilities, most lack the ability to provide the context needed to help HR and business owners see how their company stacks up to the competition. The ADP Benchmarking solution stands out because it provides context from ADP’s vast customer database, consisting of the 30 million employees within ADP’s Big Data platform.
HRE adds that “given the richness of the data, HR and business leaders will no doubt welcome the addition of this new tool, which gives them the ability to make more informed HR and people decisions.”
We agree and couldn’t be more honored!
For more information about Benchmarking click here.