Kronos Incorporated

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Kronos Incorporated
Private
Founded October 31, 1977 (1977-10-31)
Founder Mark S. Ain
Headquarters Chelmsford, Massachusetts, United States
Number of employees
 4,500 (2016)
Parent Hellman & Friedman
Website Kronos.com

Kronos Incorporated is a U.S.-based multi-national workforce management software and services company headquartered in Chelmsford, Massachusetts, United States, and employing more than 4,500 people worldwide.[1]

History

File:Kronos-incorporated.jpg
Kronos Incorporated corporate headquarters in Chelmsford, MA, USA.

Kronos was founded in 1977 by Massachusetts Institute of Technology (MIT) alumnus Mark S. Ain.[2] Under Mark Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in software industry history.[3] Ain's brother, Aron Ain,[4] succeeded him as chief executive officer in 2005 with Mark Ain becoming executive chairman of the Board of Directors.[5]

Originally a manufacturer of timeclocks, the majority of Kronos revenue is now derived from software and services. The company provides applications for workforce management, as well as consulting, education, and support services to its customers, including cloud services.[6]

In March 2007, Kronos was bought out for US$1.74 billion by the lead investor Hellman & Friedman and the secondary investor JMI Equity.[7] In 2014, private equity firms Blackstone and GIC invested in Kronos alongside Hellman & Friedman and JMI Equity. In the transaction, Kronos was valued at $4.5 billion.[*]

  • Kronos was founded on October 31, 1977
  • Delivered the world's first microprocessor-based time clock in 1979
  • Kronos became a publicly traded company in 1992 (NASDAQ) and went private again in 2007[7]
  • Delivered its first PC-based time and attendance product in 1985
  • Under Mark Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in software industry history — second only to Microsoft [3][5][7]
  • Kronos hit major milestone and achieved $1 billion in annual revenue in 2014.*

Products and Services

Software

Available for enterprise and small and mid-sized businesses.

1. Time and attendance

2. Scheduling

3. Absence Management

4. HR & Payroll

5. Hiring

6. Labor Analytics

Hardware

1. Kronos InTouch

2. Kronos 4500

3. Kronos 4500 Touch ID with biometric verification

4. Kronos 4510 Touch ID designed specifically for Gaming

5. Workforce Teletime and TTE (telephone time entry solution) which provides employees with telephone time-tracking access to a workforce management system

6. Handheld devices which give anytime, anywhere access to mobile employees

Services

1. Cloud Services[6]

2. Implementation Services

3. Educational Services

4. Support Services

5. Optimization Services

Acquisitions

Kronos has conducted more than 60 acquisitions, some of the most notable including:

  • Ad Opt Technologies[8]
  • Principal Decision Systems International (PDSI)[9]
  • SimplexGrinnell[10]
  • Stromberg[11]
  • 3i Systems[12]
  • SaaShr.com[13]
  • Unicru, Inc.[14]
  • SMART Computer Holdings and its Spanish affiliate SMART Human Logistics[15]
  • Time Link International Corporation (TimeLink)[16]
  • Empower Software Solutions[17]

Litigation with EEOC

The Third Circuit Court of Appeals enforced a subpoena seeking production of documents by Kronos, Inc., in an administrative charge before the EEOC alleging disability discrimination. The charge was brought by an individual job applicant against Kroger Food Co., who did not hire the job applicant and used a Kronos assessment as part of its hiring process. EEOC v. Kronos Incorporated, Civ. Act. No. 11-2834 (September 14, 2012, Third Circuit).[18]

Kronos, which was not a party to the litigation, objected to the EEOC’s subpoena on the basis that the information requested was irrelevant, and production would require Kronos to disclose protected trade secret information. While the District Court sustained nearly all of these objections, the Third Circuit found that the District Court had abused its discretion in limiting the scope of the subpoena to documents pertaining to certain of the assessment tests.

This Kronos assessment, among other things, measures five personality attributes that collectively constitute the "five factor" model: conscientiousness; agreeableness; extroversion; openness; and neuroticism.[19] The Five Factor Model is a "dimensional" model of personality. A "dimension" refers to a continuum on which an individual can have various levels of a characteristic, in contrast to the dichotomous categorical approach in which an individual does or does not possess a characteristic. In the dimensional models of personality disorders, personality disorders are classified according to which characteristics are expressed at which levels. This stands in contrast to the traditional categorical models of classification, which are based on the Boolean presence or absence of symptoms and do not take into account levels of expression of a characteristic or its underlying dimension.[citation needed]

When using selection tests, or when contracting with others to administer such tests, employers need to make sure of three things in particular: First, the tests must have been properly validated for the specific positions and purposes to be used (meaning the test or other selection device must be job-related and its results appropriate for the employer's purpose). Second, the tests must be administered without regard to race, color, national origin, sex, religion, age, disability, or any other protected characteristic. Third, the tests must be routinely reviewed to be sure that they continue to be non-discriminatory as applied and from an adverse impact standpoint.[20] Kronos contends that its assessments are compliant with all applicable requirements.

Awards & Accomplishments

  • In 2016, Kronos was Certified as a Great Place to Work® by the Great Place to Work Institute, with 90 percent of U.S. employees saying Kronos is indeed a great place to work in the confidential Trust Index® survey.[21]
  • Kronos has been named one of America’s Best Employers by Forbes for the second consecutive year, making the inaugural America’s Best Midsize Employers list in 2016.[22]
  • For the past two years, Kronos was named by The Boston Globe as one of the Top Places to Work in Massachusetts, where the company is headquartered. In 2014, Kronos was The Globe’s #1 Top Place to Work, and in 2015 the #2 Top Place to Work in the Largest Company category.[23]
  • In 2016, the Boston Business Journal named Kronos one of the Best Places to Work in Massachusetts for the third consecutive year.[24]
  • In 2016, Kronos was named a Healthiest Employer by the Boston Business Journal for the second year in a row.[25]
  • In 2016, Kronos received the CEdMA Impact Award from the Computer Education Management Association for the rapid delivery of high-quality educational services in support of the Kronos Workforce Central 8 launch.
  • In 2016, Kronos was named one of the Best Workplaces in Canada in the Large and Multinational category by The Globe and Mail for the second consecutive year.[26] That same year, Kronos made Canada's Top 100 Employers list as one of Greater Toronto's Top Employers.
  • In 2016, Kronos received the NorthFace ScoreBoard Award from the Omega Management Group Corporation for excellence in customer satisfaction for the 16th consecutive year.[27]
  • In 2015, Kronos received the Optimas Award: Benefits Category from Workforce Magazine.[28]
  • In 2015, Kronos was named one of the Top 50 Best IT-BPM Companies to Work For in India by the Great Place to Work Institute®.[29]
  • In 2014, The Indianapolis Star named Kronos a Top Place to Work.[30]
  • In 2012, Kronos’ Higher Education software was named a Readers' Choice Top Product in University Business Magazine.[31]
  • In 2012, Kronos CEO Aron Ain was named Entrepreneur of the Year by Ernst & Young.[32]
  • In 2012, Network Products Guide named the Kronos InTouch a winner of its Hot Companies and Best Products Awards.[33]
  • In 2011, Human Resource Executive magazine recognized Kronos’ workforce mobile applications as a Top HR Product of the Year.[34]
  • In 2011, Kronos Workforce Mobile™ applications won the TekTonic award from HRO Today for Best Workforce Management Solution.[35] That same year, Kronos Workforce Mobile™ also won a Mobile Star Award from MobileVillage.[36]
  • In 2011, Kronos received a Leadership Award in the HCM category from Ventana Research.[37]
  • In 2011 and 2010, Kronos was recognized as a Best HR Service Provider in Greater China by HRoot’s Human Capital Management magazine. In those same years, Kronos also received the China HR Pioneer Awards from TopHR.

References

  1. ↑ Kronos Employees Say Culture, Vision, and Innovation Drive Outstanding Engagement
  2. ↑ Kronos Corporate Governance: Executive Leadership Biographies
  3. ↑ 3.0 3.1 http://www.capehornstrategies.com/Kronos3.pdf
  4. ↑ Kronos Corporate Governance: Executive Leadership Biography
  5. ↑ 5.0 5.1 Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ 6.0 6.1 https://www.appsruntheworld.com/cloud-top-500-applications-vendors/kronos-inc/
  7. ↑ 7.0 7.1 7.2 Today In Business | Buyout Deal For Kronos
  8. ↑ Kronos acquires AD OPT for $68,200,000
  9. ↑ or http://www.kronos.com/pr/kronos-acquires-public-safety-scheduling-leader-pdsi-and-its-telestaff-product.aspx Venture Beat
  10. ↑ Kronos Acquires Australian Workforce Solutions Business of Simplex International Pty. Ltd. in Completion of 2001 Transaction
  11. ↑ Kronos Acquires Stromberg from Paychex…from Kronos
  12. ↑ Boston Business Journal: Kronos acquires 3i systems
  13. ↑ Market Watch: Kronos Acquires SMB Workforce Management Leader SaaShr.com
  14. ↑ http://www.businesswire.com/news/home/20060713005320/en/Kronos-Announces-Agreement-Acquire-Unicru-Combination-Workforce
  15. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ http://www.ca3.uscourts.gov/opinarch/112834p.pdf
  19. ↑ http://economics.mit.edu/files/599
  20. ↑ http://www.employmentlawwatch.com/2012/10/articles/employment-us/third-circuit-enforces-eeoc-subpoena-seeking-testmakers-files-on-employee-selection-tests-used-by-employer/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+EmploymentLawWatch+%28Employment+Law+Watch%29#more-253251
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  32. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  33. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  34. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  35. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  36. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  37. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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