Road Report: ADP's 2022 Analyst Day

September 14th, 2022

Late last week, I had the opportunity to spend a day with the senior leaders at ADP in their Innovation Lab in NYC. It was a flawlessly run event and I appreciated the opportunity to both listen to execs and actively participate in conversations on how to improve their products. This blog is a quick round-up of my takeaways from the event. You can also check out the Twitter thread at #adpaday.

At a high level, here are my key takeaways from the day:

  • Consistent revenue growth: ADP grew 10% in revenue in FY2022 to $16.5 billion and experienced a 15% increase in new business bookings, growing $1.7 billion last year. The company is just short of 1 million clients, reporting 990,000 clients as of the end of FY22.
  • Continued focus on comprehensive and unique HCM data set: A highlight of the session was ADP’s announcement of its new National Employment Report, which seeks not to be a forecast of the Bureau of Labor Statistics (BLS) report, but instead an independent estimate of employment. This report is being augmented by a 2,500 US adult worker survey of sentiment on things like engagement, connection, resilience, etc.
  • Growth – though not as much as expected – in HCM platforms: ADP’s Workforce Now HCM platform for mid-market customers continues to perform well whereas its Next Gen HCM, targeted at larger, global customers, got off to a slower start than ADP hoped for, but is fully underway now.
  • Increased focus on EX: Like many others in the space, ADP is focusing heavily on employee experience and engagement. They are making additional investments into their employee experience offering and launched an employee voice survey offering in July 2022.

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Stacia Garr Redthread Research
Stacia Garr
Co-Founder & Principal Analyst