MARLBOROUGH, MA--(Marketwire - July 28, 2010) - Workscape, Inc., a leading provider of integrated HR solutions and services, today announced news of an outstanding second quarter, powered by the company's proven solutions for performance management, compensation planning, and benefits administration that drive total rewards. The quarter included signings of multiple new clients, numerous go-lives and client renewals, releases of several new and updated products, and the results of benefits and total rewards surveys.
"We have experienced first half year-over-year bookings growth of almost 100%, thanks to our continued dedication to developing our award-winning products, stellar people and strong client relationships," stated Tim Clifford, president and CEO of Workscape. "From new product releases to industry-leading research, we remain committed to helping companies engage employees in a total rewards experience, demonstrating the full investment that companies make to attract and retain top talent."
New Clients
In Q2, Workscape attracted many new marquee clients across all total rewards categories. A sample of the new customers that will be keeping compensation awards in line with budgets using Workscape Compensation Planner include:
- Brown Brothers Harriman & Company (BBH), the oldest privately owned bank in America
- Reed Elsevier Inc., a world leading publisher and information provider targeting the science and medical, legal and risk management, and business to business sectors
- Merck & Co., Inc. (
NYSE :MRK ), a global healthcare leader known outside the U.S. and Canada as MSD - Synopsys, Inc. (
NASDAQ :SNPS ), a world leader in software and IP for semiconductor design, verification and manufacturing
Organizations taking advantage of Workscape's proven ability to help clients reduce benefits costs without compromising employee satisfaction or productivity through the Workscape Outsourced Benefits Administration (OBA) solution include Thermo Fisher Scientific Inc. (
Product Releases, Updates
Workscape's Q2 growth was fueled by several new and updated product unveilings, including expanded capabilities for Workscape Manager Self-Service (MSS), an easy-to-use, workflow-driven manager self-service application that enhances management effectiveness by automating year-round compensation, organization and employee status changes.
The Company also released the new Workscape EligibilityManager™ in June 2010. Reducing HR's reliance on IT staff, the solution is a versatile business rules engine that enables HR departments to manage business changes by rapidly defining, editing and publishing the powerful eligibility assignment rules that drive complex compensation planning, performance management and other total rewards management processes.
"We are a dynamic global organization and our HR department must be able to quickly and easily create and update eligibility 'on the fly' as our business requirements change," said David Adent, Human Resource Director of Compensation, Cisco Systems, Inc. "Workscape EligibilityManager enables us to create rules using any criteria we need to define an eligibility group. It also allows our HR department to be nimble in responding to any ad-hoc business request without requiring technical skills or relying on IT staff."
Several companies -- such as Cisco, as well as Xerox -- have already begun to benefit from the simple yet powerful web-based EligibilityManager. The solution enables users to easily filter data from the ERP, HRIS or other system of record and manage group eligibility based on an unlimited number of criteria.
Groundbreaking Research
Workscape's reputation as an industry leader in HR-related research was strengthened with the release of its third annual benefits survey as well as a total rewards survey that examined how employers are managing post-recessionary total rewards. Findings of particular note from the surveys included:
- A large number of employers (71%) acknowledged that health benefits are important to employees, yet 64% said their organization had no plans to offer a richer benefits package.
- Merit increases (66%), performance-based bonus (52%), market/equity adjustment (24%), stock allocation (14%) and lump sum payment (12%) were cited among the possible compensation incentives planned to retain and engage employees.
- Among large organizations with more than 5,000 employees, outsourced benefits solutions have been growing in popularity, up to 40% from 34% in 2009.
- In contrast, mid-sized organizations (1,000-5,000 employees), which have fewer internal economies of scale, lag behind their larger counterparts -- only 24% of mid-sized organizations and 22% of small organizations (under 1,000 employees) outsource open enrollment.
- Adoption of consumer-driven health plans (CDHPs) and high-deductible health plans (HDHPs) has stabilized with about half of small and mid-sized organizations and close to two-thirds of large organizations providing these programs to employees.
International Standards, Significant Client Results Achieved
In Q2 2010, Workscape was the first company ever to be designated "fully compliant" with ISO 27002 information security regulations according to auditors from SystemExperts Corporation, the premier provider of IT compliance and network security consulting services. The ISO 27002 standard establishes guidelines and general principles for initiating, implementing, maintaining and improving information security management within an organization. Workscape's full compliance demonstrates the company's unflagging commitment to maintaining thorough system security standards to protect client data.
Clifford concluded, "2010 has been a banner year thus far for Workscape. There's a lot of excitement in the market about our total rewards offerings and we're looking forward to helping organizations fully leverage the positive impact of these solutions."
About Workscape
Proven experts in employee performance, compensation and benefits administration, Workscape is the only company with domain proficiency and extensive experience across these three vital pillars of human resources. The blend of Workscape's Total Rewards Platform™ and services helps clients solve complex HR challenges such as pay for performance, compensation planning, and benefits eligibility and enrollment. For more than a decade, Workscape has delivered the software and services that enable organizations to drive predictable outcomes through engaged, top performing workforces. For more information about Workscape, visit www.workscape.com, follow twitter.com/workscape or call 888-605-9620.