FRAMINGHAM, Mass.--Workscape Inc., a provider of benefits and workforce management solutions, today announced that it has acquired the business of Performaworks, Inc., a leading developer of Goal-Driven Performance Managementsoftware based in Burlington, Mass.
The acquisition unites Workscape's award-winning enterprise compensation management solution with Performaworks' leading products for employee performance management under the OneForce product family. The combined offering results in a highly adaptive and configurable "pay for performance" solution that is designed to be used by employees and managers, is built to handle both the complexity and the scale required by large enterprises, and is available in both licensed and hosted deployment options. Financial terms of the transaction were not disclosed.
"In order to realize the highest possible levels of workforce performance, and deliver increased shareholder value, companies must improve their ability to successfully align corporate business goals, employee performance, and employee compensation," said Tim Clifford, president and CEO of Workscape.
"As a result, more and more HR executives are placing 'pay-for-performance' technologies at the top of their priority list. Performaworks has evolved into a prominent industry player by helping their blue-chip customer base transform the performance management process from a once-a-year administrative nightmare, to an ongoing strategic process that is embraced by employees, managers, HR professionals and senior executives alike. By combining our respective strengths in compensation and performance management, Workscape and Performaworks can help our customers drive enhanced workforce performance and achieve the business goals most critical to their success."
"When compensation and performance management are effectively linked, organizations will reap the benefits of a measurable, performance-based human capital management strategy.
This allows them to set employee performance expectations and incentives that are clearly aligned with the company's larger business objectives, assess and develop employees based on these expectations, and then link that performance data directly into the compensation planning and review cycle to ensure employees are appropriately recognized and rewarded," said Paul Schaut, president and CEO of Performaworks. "The combination of Performaworks and Workscape will deliver an integrated experience for managers and HR professionals, and provide great visibility for employees."
Workscape's purchase of the Performaworks solutions marks its third acquisition in less than a year, following the Company's purchase of the operating assets of CallConnect in August 2003 and TALX Corporation's benefits line of business in April 2003. The Performaworks acquisition expands Workscape's workforce management product line with a comprehensive HR technology solution enabling companies to:
- Implement a consistent performance management process across the enterprise
- Streamline employee performance assessments and evaluations;
- Use accurate and relevant employee performance measurements to drive compensation decisions;
- Align the entire organization with the strategic goals of the company; and
- Identify and develop key employee talent.
"Our research indicates significantly increased market demand for more holistic, performance-driven compensation systems," said Ron Hanscome, senior program director, META Group. "Total compensation represents more than 60% of total corporate expenditures, and most Global 2000 firms are not fully leveraging their compensation investment due to antiquated pay programs that do not properly reward high-performing workers. With optimal resource utilization being a major concern in an uncertain economy, organizations should now look to realize increased return on their people-related spending with the implementation of solutions that successfully link compensation with employee performance."
Source: Workscape
