The world of work has changed. Today’s talent pool isn’t just about full time employees, it’s a dynamic blend of W-2 staff, 1099 contractors, and freelancers from around the globe. This blended model, often called the extended workforce, offers incredible flexibility but also creates new management challenges. To navigate this new landscape, businesses rely on a specialized type of software, and for years, a key player in this work market has been WorkMarket.

This guide explores WorkMarket as a foundational platform and then zooms out to the broader U.S. job market, offering a clear picture of the trends shaping how companies hire and grow today.

What is WorkMarket? A Look at the Software

WorkMarket, now known as WorkMarket by ADP, is a cloud based workforce management platform. It was built to give companies a single system for managing both their traditional employees and their independent contractors. Think of it as a unified dashboard for the entire talent ecosystem.

Organizations use the WorkMarket platform to handle the complete lifecycle of their freelance talent, including:

• Onboarding and verification

• Assigning projects and tasks

• Tracking work in real time

• Processing payments and ensuring tax compliance

At its core, WorkMarket is a Freelance Management System (FMS). This category of HR technology is designed to automate the administrative burden of working with contractors, allowing companies to scale their flexible workforce without getting buried in paperwork.

The History of WorkMarket

WorkMarket was founded in 2010 in New York City, right as the gig economy started gaining serious momentum. Backed by prominent venture capital firms like Union Square Ventures and Spark Capital, the company raised over $50 million to build out its platform.

The major turning point in its history came in January 2018, when the HR and payroll giant ADP acquired WorkMarket for an undisclosed sum. This move integrated WorkMarket’s powerful freelancer management tools into ADP’s massive suite of services, giving ADP’s clients a native solution to manage their growing contingent workforce.

Recognition and Industry Standing

Upon acquiring the company, ADP praised WorkMarket as a “leading cloud-based workforce management solution provider” and a “proven expert in freelancer management.” This endorsement solidified its reputation as a pioneer in the space.

The platform’s credibility is also reflected in its diverse client base, which includes everything from small businesses to global Fortune 500 enterprises. On the software review site G2, WorkMarket holds a 4.2 out of 5 star rating from business users who praise its utility for managing on demand talent. With the acquisition, ADP became the only major Human Capital Management (HCM) provider at the time to offer a single, integrated system for managing both employees and contingent workers.

WorkMarket by ADP Reviews: A Tale of Two Users

User reviews for the WorkMarket platform paint a divided picture, largely split between the companies who use it and the individual freelancers who get paid through it.

On business focused review sites like G2, corporate administrators and managers generally rate it well (4.2/5 stars). They appreciate the centralized system for assigning work and processing payments. However, on consumer sites like Trustpilot, the platform holds a much lower score, with an average rating of just 1.9 out of 5. Many freelancers report frustrations with customer support and payment issues, feeling the platform is built for the client company, not the end worker. This highlights a common challenge for platforms in the work market, balancing the needs of the business with the experience of the independent contractor.

The U.S. Job Market is Slowing, Not Collapsing

Understanding any tool for the work market requires understanding the work market itself. Recently, you’ve likely heard a lot of conflicting news. The consensus among economists is that the U.S. job market is slowing, not collapsing.

This means that while job growth has cooled significantly from its red hot pace, we are not seeing the massive, widespread job losses that define a recession. For example, the economy is still adding jobs each month, just at a much slower rate. The unemployment rate has ticked up to around 4.3% as of mid 2025, the highest it’s been since 2021, but this is still a low figure by historical standards. A slowdown feels unsettling, but it’s a deceleration, not a free fall.

The Big Picture: Why is Hiring Cooling Off?

Zooming out, the slowdown isn’t happening in a vacuum. Several major forces are at play.

First, structural shifts like an aging population and slower immigration mean the labor force itself isn’t growing as fast. The economy now needs fewer jobs each month just to keep unemployment stable. Second, a massive wave of investment in AI and automation is boosting productivity. Companies can now achieve growth with fewer new hires. We’re seeing a rare combination of strong GDP growth (around 4% in late 2025) with very weak job creation. Finally, many large corporations that over hired during the pandemic are now rightsizing, announcing nearly 950,000 layoffs between January and September 2025.

The Job Market By the Numbers

To ground the discussion in facts, let’s look at the key statistics that define the current work market.

• Job Growth: Monthly job gains have fallen from hundreds of thousands in 2022 to just tens of thousands in late 2025.

• Unemployment Rate: The rate has climbed to 4.3%, up from a 50 year low but still well below recessionary peaks (like 10% in 2009).

• Job Openings: There were about 7.2 million job openings in August 2025. This means for every unemployed person, there is roughly one available job, a sign of a more balanced market.

• Quits Rate: The rate at which workers voluntarily leave their jobs has fallen to 1.9%, an eight month low. This suggests workers are more cautious about job hopping.

• Wage Growth: Pay increases have moderated to around 4% year over year, down from 5 to 6% previously.

The “Yes, But” Reality of Today’s Labor Market

The current situation is full of contradictions, best described with a series of “yes, but” statements.

• Yes, unemployment is still low, but public anxiety about the job market is at its highest level since the 2008 recession.

• Yes, the economy is growing, but that growth isn’t creating many new jobs due to productivity gains.

• Yes, some sectors like government and healthcare are hiring, but others like manufacturing and tech are shedding jobs.

This mixed reality means there is no single, simple story. The health of the work market depends heavily on your industry and location.

A Reality Check on Job Market Fears

With so much uncertainty, it’s easy for fear to outpace facts. A reality check is in order. The current slowdown is a cooling off from an unsustainably hot period, not a repeat of 2008 or 2020. Layoffs are concentrated in specific sectors, not spread across the entire economy. Most importantly, consumer spending has remained resilient, suggesting that while people are worried, their financial situations have not collapsed. The data points to an adjustment period, not a catastrophe.

The Bottom Line for Today’s Evolving Work Market

So, what is the key takeaway? The U.S. job market is recalibrating to a new normal. This new era demands more strategy from both employers and workers.

For businesses, especially startups, agility is everything. For a real‑world example, see how a sports gaming platform built a full engineering team in under five weeks. The slowdown is a signal to operate more efficiently. Instead of racing to hire full time staff, many are turning to flexible talent models, building teams with a core of employees and a ring of expert contractors. This is where modern, all in one platforms truly shine. For instance, solutions that combine recruiting, payroll, and global compliance into one system allow companies to scale their teams up or down quickly and affordably. For startups looking to find and hire top engineers without the friction of multiple vendors, this integrated approach is a massive advantage. See how Bolto helps startups build world class engineering teams.

For workers, the job hunt may take longer, but opportunities are still plentiful for those with in demand skills. Flexibility and continuous learning are crucial. Being open to contract work or remote roles can unlock new possibilities in a tighter domestic work market.

Go Deeper: How to Stay Informed

If you want to move beyond the headlines, you can dive deeper into the data and analysis shaping the work market.

• Read Official Reports: The Bureau of Labor Statistics (BLS) JOLTS report provides granular data on job openings, hires, and separations.

• Follow Expert Analysis: Economists and journalists at outlets like Reuters, Axios, and The Wall Street Journal offer nuanced takes on labor trends.

• Explore Modern Hiring Solutions: To understand how companies are adapting, investigate how all in one platforms are changing the game. An integrated system for recruiting, hiring, and paying global talent is no longer a luxury but a necessity for growth. Book a demo to see an all in one platform in action.

Frequently Asked Questions about the Work Market

What is a freelance management system (FMS)?

A freelance management system, or FMS, is a software platform that helps businesses find, onboard, manage, and pay their independent contractors. It automates administrative tasks and ensures compliance, making it easier to leverage a flexible workforce.

What are WorkMarket’s company details?

WorkMarket was founded in 2010 in New York City. It was acquired by ADP in 2018 and now operates as “WorkMarket, an ADP Company.” To get in touch, your best bet is to go through the official WorkMarket or ADP websites, as they handle all sales and support inquiries.

Is the U.S. job market in a recession?

No, based on current data, the U.S. job market is not in a recession. While hiring has slowed down and unemployment has risen slightly, the economy is still creating jobs, and the unemployment rate remains low by historical standards. It is more accurately described as a slowdown or a cooling off period.

How can startups hire in a slow work market?

In a slow work market, startups can gain an edge by being strategic. This includes looking for talent globally, not just locally. Using an Employer of Record (EOR) service allows you to hire the best person for the job, no matter where they live. Additionally, focusing on efficiency with an integrated hiring and payroll platform can save precious time and money.

What’s the difference between WorkMarket and newer platforms like Bolto?

WorkMarket was a pioneer in managing freelance work and is now part of the large ADP ecosystem, making it a strong choice for enterprises needing to manage contractors alongside ADP payroll. Newer, startup focused platforms like Bolto are built as all in one solutions from the ground up, integrating AI powered global recruiting, EOR, and payroll into a single, seamless workflow. This can offer greater speed and agility for tech companies that need to hire top engineers quickly.