ADP Takes Home 'Awesome New Tech' Award For Record-Breaking Fourth Straight Year
Human Resource Executive® recognizes Wisely by ADP™ for its innovative approach to employee financial wellness
ROSELAND, N.J., Sept. 12, 2018 /PRNewswire/ -- Announced today at HR Technology Conference, Wisely by ADP earns the brand's fourth consecutive year win in the 'Awesome New Tech' category, designed to uncover the best new HR products. As the world's largest payroll provider, ADP recognized a unique opportunity to help individuals transform the way they manage their money. Developed using an approach rooted in behavioral economics, Wisely by ADP empowers people to better understand where their money goes and then how to keep more of it, while building their financial confidence and stability.
ADP research determined that workers experience difficulties in setting aside funds for bills, everyday needs, emergency situations and savings goals. Wisely by ADP is a new and unique way for people to easily manage, budget and save more of their take home pay. In addition to the consumer benefits, a financially confident worker is more productive due to reduced financial stress and also absences tend to decrease. For employers, a more engaged workforce helps drive business forward.
"Through our consumer behavior research, we uncovered consumers struggle with managing their own money; in fact, 81 percent of lower income millennials admit they feel incapable of managing their finances on their own," said Belinda Reany, DVP and General Manager of the Employee Financial Services Venture at ADP. "With many consumers revealing they are unaware of how much money they have, or even forget about upcoming expenses, leading to overspending, ADP saw an opportunity to offer Wisely by ADP to improve the way people manage their financial lives."
The powerful suite of tools does the personal financial management work for workers. Key features include:
- Budgeting and Tracking Spending: The Wisely by ADP app helps the user plan for monthly bills and recommends how much of their day to day spending should be placed on the Wisely by ADP card. Users can also set budgets by spending category (such as groceries, gas and entertainment). As it learns more about a cardholder's behavior, the app will offer budget recommendations and other actionable insights to help the user maintain financial control.
- Setting Savings Goals: Allocating money toward a savings goal is made easy – money is moved automatically, and securely, from the user's pay until the goal is met. And the user can allocate some or all of his or her pay to the Wisely by ADP card.
- Making Deposits, Getting Cash: Users can direct deposit a portion of their pay to cover day to day expenses, add funds at participating retail locations, and get money from more than 2.5 million MasterCard ATMs globally.
Through Wisely by ADP, users also get automatic categorization of their purchases, personalized suggestions based on spending habits, and real-time alerts. These alerts can be expressed as visual cues in the app to foster mindfulness, one of many behavioral economic principles deployed by ADP in the development process to help encourage positive change for the users.
The Wisely by ADP app is currently in pilot and will be made available across the Wisely by ADP family of products as a unique way for people to manage their money and achieve their savings goals.
"Human Resource Executive has been evaluating HR products and conducting this competition for 30 years," explained Steve Boese, co-chair HR Technology Conference. "Our goal has always been to identify products and services that clearly offer value to the HR community while demonstrating innovation. It's rare to recognize the same company four years in a row, a testament to the way ADP is driving innovation to solve key issues for the HR community."
Winning solutions are selected based on their level of innovation, value added to the HR function, intuitiveness for the user and ability to deliver on what they promise.
Visit the ADP Booth #1904 at the HR Technology Conference to receive a preview of the new technology.
About ADP (NASDAQ-ADP)
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit ADP.com.
ADP, the ADP logo, and ADP A more human resource are registered trademarks of ADP, LLC. All other marks are the property of their respective owners.
Copyright © 2018 ADP, LLC.
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SOURCE ADP, LLC
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