ADP acquires workforce management platform provider WorkMarket
ADP this week announced it has acquired WorkMarket, a cloud-based workforce management provider that enables employers to build and manage a workforce comprised of both full-time and freelance employees.
The payroll provider said it will integrate WorkMarket with its human capital management tools, giving customers a way to better manage contractors and freelancers.
Financial terms of the deal were not disclosed.
“WorkMarket allows us to provide ready access to a growing contingent labor pool and the tools to manage and pay them in a secure, efficient and compliant manner,” says ADP’s president and CEO Carlos Rodriguez. “Through this acquisition, ADP continues its tradition of helping clients keep pace with change and manage increasing complexity.”
WorkMarket software includes tools to source and vet independent workers, manage their engagements, and pay and evaluate each freelancer.
The growing gig economy makes it important to HR professionals to have digital solutions to help them manage these workers, explains John Kostoulas, a research director at Gartner who is focused on human capital management technologies and processes.
“Although most human capital management processes are relevant for non-employees as well, in most organizations these are left unstructured or to the discretion of managers,” he says. “The increasing number and importance of non-employees across industries requires unified management of both employees and non-employees as flexible workforce through structured processes and digital technology support.”
ADP data finds that approximately 80% of U.S. businesses already rely on independent contractors, and the number of contingent workers as part of the overall workforce is growing. According to Gartner, by 2020 nearly 60% of human resource leaders will use a unified talent strategy for employees and contractors.