Payroll-services provider ADP, which currently puts out a monthly employment report based on its massive trove of payroll data, announced today that it plans to start providing a quarterly workforce index that will offer “deep insights into U.S. workforce dynamics. The first index will be released next month, says ADP. Data from the new index will form the basis of a high-level panel discussion at the HR Tech Conference on October 9 in Las Vegas. David Gergen, senior political analyst for CNN, will chair a panel entitled “Workforce 2020: How Data and Analytics Will Shape the Workplace” that will discuss the implications of data analysis and the workforce from an economic, academic and talent management perspective.
“The U.S. labor market is as dynamic and complex as it has ever been, and this new index will help uncover key factors driving workforce trends,” said ADP president and CEO Carlos Rodriguez in a statement. “The index will provide a clearer picture of the vitality of today’s workforce.”
The new index is intended to answer “critical questions” about the state of the U.S. workforce, according to ADP, such as: How is the workforce thriving as a whole? How do major regions and large states compare? Which industries are doing well? What are the wage trends? What roles do age and gender play?
The index will measure quarterly changes in metrics such as employment growth, wage growth, job turnover and hours worked, says ADP. The index will be compiled by the company’s ADP Research Institute, which also puts out the monthly employment report, and will be derived from its warehouse of 24 million aggregated payroll data sets from companies of all sizes. ADP will collaborate with Moody’s Analytics Inc. on the quarterly report.