HR STRATEGY

Affiliates of the Pritzker Organization to Acquire Epic Staffing Group

The Pritzker Organization | April 19, 2022

Merger News
On April 18th, The Pritzker Organization (TPO) and Epic Staffing Group announced that the affiliates of TPO have signed a definitive agreement to acquire the Epic Staffing Group. TPO is the Tom Pritzker family’s family merchant bank.

"We are truly excited to be partnering with TPO for the next chapter of Epic's growth story. We have enjoyed outstanding organic growth, completed several successful acquisitions during our time with Webster Equity Partners, and our business has never been better positioned to help our clients across healthcare, life sciences, and schools."

- Mark Siegel, CEO of Epic

"Epic is exactly the type of company that we look to partner with – a sustainable, growing business with an outstanding management team that is committed to further growth. Mark and his team have done a great job building the Epic platform, and we are very optimistic about the ability of Epic to continue to expand its business through providing high-quality service to its existing customers and growing its customer base organically and through further acquisitions."

- Larry Tarschis, Managing Director of TPO

The transaction will be an all-cash transaction and is expected to be completed by the second or third quarter.

Spotlight

Different generations in the workforce. Uncertainty in the healthcare market. The rise of the gig economy. As an HR professional, you have a lot on your plate. And when it comes to making decisions about benefits, it can be challenging balancing the needs of your current employees with finding ways to attract new talent.


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HR ANALYTICS, HR STRATEGY

Wisq Brings Power of Social Connection Platform to Companies of All Sizes

Wisq | October 07, 2022

Wisq, the first platform designed for the social connection needs of employees, announced the launch of two new plans to help businesses foster personal connections and belonging in their organizations. With the new Free and Plus plans, Wisq enables more organizations to help their remote and in-office employees connect, discover and share interests, and create a greater sense of belonging. As hybrid, remote and distributed work structures grow more popular, companies and teams of all sizes face the challenge of building personal connections. Wisq is creating a space in which employees can connect, discover common interests, create employee-led groups like employee resource groups (ERGs) and share experiences. The tiered pricing model with two new plans, in addition to the current Wisq Enterprise plan for teams of more than 500, makes Wisq accessible to everyone: Wisq Free:Designed for core groups just getting started, this no-cost offering supports a single administrator and up to 50 team members with unlimited groups, posts and messages. This option is ideally suited for small companies or divisions of larger employers that would like to try Wisq before a broader deployment. Wisq Plus: For growing teams that want more functionality, this option supports up to five administrators and teams of up to 500 people while offering more robust administrative tools and reporting at a cost of $5 per individual each month. These new plans are in addition to the core Wisq Enterprise version, which offers greater functionality tailored to companies' unique needs, including advanced admin and reporting capabilities, security assertion markup language (SAML)-based single sign-on for added security, priority inbox support, and dedicated customer success and account management teams. "With this announcement, Wisq is responding to a clear market need for personal connection at work, Any team, big or small, can greatly benefit from the kind of connection that Wisq makes possible. Our customers' experiences have shown us that offering employees a distinct space for connection can deepen ties, enrich relationships and support a sense of belonging, community and happiness." -Wisq co-founder and CEO Jim Barnett The Importance of Belonging and Connection in the Workplace As companies seek to retain and hire workers in a competitive job market, a sense of belonging to an organization is equally as important as pay and benefits. Happier employees are not only less likely to leave a company, but also are healthier, have lower rates of absenteeism, are highly motivated to succeed and have better relationships with their peers, according to MIT Sloan. Additionally, by increasing the feeling of belonging at work, companies have seen a 56% increase in job performance, a 50% drop in turnover risk and a 75% reduction in sick days, Harvard Business Review reported. Companies that thrive socially and support a sense of belonging build resilience to disengagement. Trends like quiet-quitting, or choosing to not go above and beyond in a role, reflect a low sense of connection and belonging in an organization. The day-to-day relationships that individuals establish with their co-workers play an important role in belonging, which is why Wisq has built its platform to support employee-driven communication. By carving out a specific space for belonging and connection in the workplace, Wisq is strengthening personal development and interpersonal relationships, which help individuals grow and thrive, and play a role in building a healthy, vibrant organization. Hear what companies using Wisq have to say: While we have a great culture, Torch employees have voiced difficulties connecting with people outside of their immediate team. Wisq helps us bring the amazing and unique stories of all our employees together to build a stronger foundation for our culture, as well as our individual and collective success, said Amy Lavoie, vice president of People Success, Torch. FICO uses Wisq to strengthen relationships throughout our 3,500-person, globally distributed company. Our team was looking for a way to recreate in-person water cooler conversation and casual, fun moments of socialization. Through Wisq, we're meeting this need and getting to know colleagues across teams, departments and time zones like never before, Richard Deal, executive vice president, chief human resources officer, FICO By utilizing Wisq, our team can get to know each other without the pressure or stress of getting a task done or trying to solve a problem. Even the smallest moments of connection can move mountains for our relationships, helping our team get to know each other on a more personal level, Alex Jones, vice president for Institutional Advancement, Roberts Wesleyan University About Wisq Wisq is a space for life at work. The Wisq platform helps employees improve social well-being by enabling them to connect, share and build relationships at work. Organizations increase employee engagement, improve belonging and retention and build happy work cultures. Wisq enables smart profiles, intuitive sharing, community building and audio lounges for informal hangouts. Based in Redwood City, CA, the company was founded by three former Glint executives: Jim Barnett, chief executive officer; Goutham Kurra, chief product officer; and Chih-Po Wen, chief technology officer. Wisq has raised more than $40 million and is backed by True Ventures, Norwest Venture Partners and Shasta Ventures.

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EMPLOYEE EXPERIENCE

CentralSquare and UKG Partner to Bring Seamless Work Experience to Government Employees

CentralSquare Technologies | November 17, 2022

CentralSquare Technologies, an industry leader in public sector technology, today introduced a new technology partnership with UKG, a leading provider of HR, payroll, and workforce management solutions for all people. This partnership offers government agencies a more flexible and seamless technology experience via an integrated solution that allows people to focus on completing important actions related to finance and human capital management (HCM) without disturbing the flow of work. With this collaboration, CentralSquare’s Finance Enterprise and UKG Ready will fully integrate to provide municipalities and special districts a comprehensive, single-entry solution that combines administrative management of both financial and HR activities, empowering teams to achieve more by reducing the disruptions people regularly experience switching between business applications. “CentralSquare and UKG share a common commitment and it starts with people. Our public servants work tirelessly often with limited resources to improve the lives and communities they serve, By uniting two powerful GovTech solutions they can benefit from the smarter utilization of resources and real-time data to maximize their impact.” -Dara Brenner, CentralSquare’s Chief Product Officer CentralSquare Finance Enterprise provides broad, comprehensive financial software with Payroll including an integrated highly configurable general ledger, and powerful analytics. With a robust workflow engine, customers can accomplish complex tasks by automating multi-level approvals, notifications, and configuration options. In tandem, UKG Ready provides the same users with a streamlined solution for HR, talent, time and attendance, and scheduling to deliver a modern, personalized experience that increases efficiency, simplifies compliance, and unlocks happier outcomes. UKG is committed to strengthening the capacity and capability of government and does so every day by helping our public sector customers increase efficiencies for their most valuable resource – their people, Partnering together with CentralSquare is the right move as together we’ll provide an unmatched technology experience that will help local agencies better serve their communities by streamlining critical business processes and creating a seamless work experience for all employees,said Bob Lavigna, senior fellow, public sector, UKG. About CentralSquare Technologies: CentralSquare Technologies is the largest independent provider of public sector software solutions that empower local and state governments to build smarter, safer and more connected communities. Over 8,000 agency customers across North America rely on CentralSquare’s technology to deliver solutions ranging from computer-aided-dispatch systems, 911 and records management solutions which enhance public safety, to administrative products with finance, asset, compliance and case management capabilities that run government agencies more efficiently. As the market driver for advancing safety and justice with innovative technology, CentralSquare serves 3 out of 4 citizens across North America. The company is headquartered in Lake Mary, FL and has locations in North Carolina, South Dakota and British Columbia.

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EMPLOYEE EXPERIENCE, EMPLOYEE BENEFITS

Compt Benchmark Study Reveals Top Employee Perks for Open Enrollment

Compt | October 06, 2022

Compt, an employee perk stipend software company optimized for the modern, more-flexible workplace, released today its findings from its mid-year employee perks benchmarking study. The study pulls data from over 140,000 individual stipend purchases from January through July, 2022 and highlights a transformation in how companies support employees with an emphasis on wellbeing. These spending categories are top of mind for HR teams as they go into open enrollment and budget renewal discussions with a desire to continue improving the employee experience through personalization. The study supports evidence of higher utilization through personalized perk stipend programs over traditional, limited perk programs like HSA or FSA plans and vendor marketplaces or card-based models. Compared to last year, employers are paying more attention to lifestyle benefits as an inclusive business practice that also increases perk usage, raises employee engagement, and improves retention. There is a continued shift in how employees define health and wellness and other perk categories: In the first half of 2022, the “Health and Wellness” and “Food” perk categories represented over 40% of all claims and nearly one-third of perk dollars spent, but change is happening. “Health and Wellness” are no longer defined as simply gym memberships and receipts from health food stores; rather, there is a greater emphasis on mental health and wellbeing, for which employees expect support from employers. Employees' top spending categories reveal purchases to support home life: The “Family” category nearly doubled year over year and encompasses a wider variety of purchases like childcare, groceries, school costs (like tuition reimbursement), household supplies, and even rent. Inclusive benefits create a happier, healthier workplace: A review of the top 20 perk vendors in 2021 compared to 2022 revealed many employers are staying remote and supporting dispersed teams through a few key stipend categories like internet and phone reimbursement, as well as broadly defined health and wellness benefits. “Now more than ever HR teams are tasked with what feels impossible walking the line between competitive and frivolous benefits packages that satisfy both finance teams and the rest of the employee population, Our goal with this benchmarking study is to help HR professionals leverage data to design benefits that increase flexibility and engagement for the same dollar amount.” -Compt founder and CEO Amy Spurling Methodology: The data from the Compt 2022 Mid-Year Perks Study comes from a review of over 140,000 individual perk transactions that occurred between January 1st and July 31st, 2022. This data is pulled from real companies across a variety of industries, all of which have shifted to personalized perks. About Compt Compt is the number one employee stipends platform that gives people the freedom to choose the lifestyle perks that they really want. Founded by a former five-time CFO, two-time COO, Compt’s employee stipend and rewards software is fully customizable to a company's needs, IRS-compliant, and can support global teams. Compt is proud to be named the #1 HR Tech platform by SHRM’s Better Workplaces Challenge and a Built In Boston's 2022 Best Small Company to Work For. Compt is based in Boston, MA.

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HR PRACTICE,HR STRATEGY

Cognizant to Expand Workday Expertise and Services with Acquisition from OneSource Virtual

OneSource Virtual and Cognizant | November 03, 2022

Cognizant (NASDAQ: CTSH) has entered into an agreement to acquire the professional services and application management practices of OneSource Virtual, a Workday partner based in Dallas, Texas. Acquiring these practices will complement Cognizant's existing finance and HR advisory implementation services with Workday, expanding capabilities in consulting, deployment, and post-deployment support across North America and the United Kingdom. "Adoption and migration to the cloud to manage workflows is only accelerating, and the Workday platform ecosystem continues to be embraced as a critical tool to provide finance, HR, and other functions greater resiliency and agility. Acquiring the professional services and application management practices from OneSource Virtual enables Cognizant to expand our client offerings and provide end-to-end support in the business transformation journey, We are pleased to be welcoming the talented professionals from OneSource Virtual who will join Cognizant in growing and expanding our Workday capabilities globally." -Rob Vatter, Executive Vice President of Cognizant's Enterprise Platform Services Cognizant will gain nearly 400 new employees upon closing of the acquisition, enhancing its expertise and number of professionals holding certifications in Workday implementation and support. Located throughout the United States, Canada, and the United Kingdom, these individuals will join Cognizant as part of its Collaborative Solutions team, the hub of Cognizant's Workday practice. Acquired by Cognizant in 2020, Collaborative Solutions is one of the longest-tenured Workday Services Partners. We believe that our shared value of customer centricity makes Cognizant the ideal home for our professional services and application management services businesses while we concentrate on the Business Process as a Service (BPaaS) division going forward, We also believe customers will appreciate the way this sharpens the focus of the professional services, application management, and BPaaS teams and enables them to operate independently to speed up investment in new products and geographical expansion. In the end, what we are all about is providing growth and innovation for our customers, and we are confident that this will enhance our ability to do that more effectively,said Trey Campbell, Chief Executive Officer, OneSource Virtual. We are excited about Cognizant's acquisition of OneSource Virtual's professional services and application management practices, We look forward to continue partnering to help our customers embark on their digital transformation journeys and equip leaders with the finance and people insights they need to respond to shifting business needs,said Sam Alkharrat, Chief Partner Officer, Workday. The acquisition is anticipated to close by year-end 2022, subject to satisfaction of closing conditions. Financial details were not disclosed. About OneSource Virtual OneSource Virtual is a leading provider of Workday Services, Solutions, and Products. Founded in 2008 in Dallas, Texas, OSV operates in North America and Europe to deliver outcomes that boost productivity, improve compliance, and increase internal capacity for over 1,300 customers around the world. Since its founding, OSV has been awarded numerous accolades and has a 98% retention rate. OSV's leadership teams are composed of highly experienced professionals in their respective fields. Together they offer the expertise and deep knowledge of the global marketplace to deliver comprehensive solutions and services for HR and Finance and Accounting. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life.

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Spotlight

Different generations in the workforce. Uncertainty in the healthcare market. The rise of the gig economy. As an HR professional, you have a lot on your plate. And when it comes to making decisions about benefits, it can be challenging balancing the needs of your current employees with finding ways to attract new talent.

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