Ottawa, ON. - June 13, 2005 - Workstream Inc.(tm) (NASDAQ: WSTM), a provider of Enterprise Workforce Management software, today announced that the American Red Cross, a globally recognized non-profit charitable organization, has entered into a contract for Workstream Compensation to seek to improve its management of compensation at the American Red Cross National Headquarters operations.
The American Red Cross was trying to manage its pay-for-performance system through manually-driven spreadsheets. The organization will work with Workstream's On-Demand approach to enterprise-wide deployment with the expectation that it will simplify the IT infrastructure required, reduce the time and resources spent on the annual merit award process, enable more effective pay decisions and optimize compensation expenditures while only paying for what is used.
"Workstream Compensation is a flexible and scaleable application that helps solve a variety of compensation challenges that impact most organizations," said Michael Mullarkey, CEO and Chairman of Workstream. "Companies depend on Workstream to help streamline compensation planning cycles, gain better visibility and control costs around managing their people."
All Workstream Compensation products are designed to provide managers and compensation professionals with the information and online decision support tools necessary to help them make more informed, policy-based pay decisions. The compensation planning products can be implemented separately or together, allowing organizations to achieve the goal of realizing a pay-for-performance philosophy at their own pace. Workstream Compensation products include:
· Focal Planning, for annual salary, basic variable pay and stock evaluation across the enterprise, during a pre-determined planning window.
· Anniversary Planning, for evaluating individual employees on their 'effective' hiring date throughout the year.
· Advanced Variable Pay, for formulaic variable pay plans that are administered throughout the year.
· Total Rewards Statements, an integrated, Web-based product for employees to access, view, model and manage all of their corporate-sponsored financial benefits.