CHICAGO, Oct. 8, 2012 /PRNewswire/ -- ADP®, a leading provider of human capital management solutions, today unveiled its next-generation ADP Workforce Now® cloud-based platform for midsized organizations. The company showcased its new platform at the annual HR Technology Conference & Exposition in Chicago. This enhanced platform broadens ADP's lineup of human capital management (HCM) services by providing midsized companies with access to more sophisticated tools to manage their workforce. As midsized companies struggle to compete in tough economic times, ADP Workforce Now enables businesses to be more strategic in how they manage their employees while reducing time spent on administrative tasks. To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/58119-adp-enhances-human-capital-management-platform-for-midsized-companies (Photo: http://photos.prnewswire.com/prnh/20121008/MM82922LOGO ) According to a recent survey by the ADP Research InstituteSM, only 15% of midsized business owners and executives are confident the U.S. economy will improve over the next 12 months compared to 52% who believe it improved during the last four years. Despite this pessimistic outlook, 43% plan to hire an average of 18 new employees in the next year. The same ADP Research Institute study entitled, " Top Concerns of Business Leaders in the Post-2008 Economy," revealed the top three business concerns on the minds of midsized business owners are:
The rising cost of health coverage and other benefits;
Slow economic growth; and
The level/volume of government regulations.
Of particular interest is the area of increased government regulation, where 81% of midsized business owners believe their business is in compliance with tax and labor regulations. Yet, 33% reported having incurred unintended expenses such as fines or penalties in the last year due to noncompliance – not once, but an average of 6.4 times. Midsized companies can ill afford such preventable expenses and need HCM tools that can help business owners reduce risks and operate more efficiently.