WorkMarket, a subsidiary of Automatic Data Processing, Inc. (ADP), is a cloud-based platform specializing in the management of independent contractors and freelancers. Founded in 2010 by Jeffrey Leventhal, WorkMarket was acquired by ADP in January 2018 to enhance its human capital management solutions for contingent workers.
Key Strategic Focus
WorkMarket's strategic focus is to provide businesses with an integrated system to efficiently and compliantly manage their extended workforce. The platform offers features such as automated onboarding, verification of credentials, assignment management, and payment processing for independent contractors. It also includes compliance support to mitigate risks associated with managing a contingent workforce.
Financials and Funding
Prior to its acquisition by ADP, WorkMarket raised over $50 million in venture funding from firms including Union Square Ventures, Spark Capital, and Foundry Group. In April 2017, the company secured $25 million from Accenture and Foundry Group, valuing the company at $72 million.
Technological Platform and Innovation
WorkMarket's platform is designed to automate and streamline the management of independent contractors. Key features include:
- Onboarding and Verification: Automated collection and verification of U.S. tax IDs, W-9 forms, and bank account information.
- Assignment Management: Tools to create, assign, and track work assignments, with real-time visibility into project status.
- Payment Processing: Flexible payment options, including direct deposit and pay cards, with automated invoice generation.
- Compliance Support: Automated guardrails to ensure compliance with business requirements and regulatory standards.
- Integration and Automation: Open API for seamless integration with existing systems such as accounting software, CRM, and ERP platforms.
Leadership Team
As of the latest available information, the leadership team includes:
- Chaayanath Mysore: Senior Vice President and General Manager of WorkMarket.
Competitor Profile
The market for freelancer management systems is competitive, with several notable players:
- Field Nation: A labor marketplace connecting companies with skilled technicians for on-site work.
- Deel: A platform simplifying payroll and compliance for hiring international contractors and employees.
- Gusto: Provides payroll, benefits, and HR management solutions for small businesses.
- Upwork: A global freelancing platform connecting businesses with independent professionals.
Strategic Collaborations and Partnerships
WorkMarket integrates with various third-party applications, including Workday, Oracle, and ZipRecruiter, to enhance its platform's functionality and provide a seamless experience for users.
Operational Insights
WorkMarket's integration into ADP's suite of human capital management solutions positions it uniquely in the market, offering a comprehensive approach to managing both traditional employees and contingent workers. This integration provides clients with a unified system to manage their entire workforce efficiently.
Strategic Opportunities and Future Directions
With the growing trend towards a gig economy and the increasing reliance on independent contractors, WorkMarket is well-positioned to capitalize on this shift. By continually enhancing its platform's features and integrations, WorkMarket aims to provide businesses with the tools necessary to manage a diverse and flexible workforce effectively.
Contact Information
For more information, visit WorkMarket's official website:
Note: Specific contact details such as email addresses and phone numbers are not provided in this profile.
