Kronos Incorporated is a U.S.-based multi-national workforce management software and services company headquartered in Lowell, Massachusetts, United States, and employing more than 5,000 people worldwide.
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History
Kronos was founded in 1977 by Massachusetts Institute of Technology (MIT) and Simon Business School alumnus Mark S. Ain. Under Mark Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in software industry history. Ain's brother, Aron Ain, succeeded him as chief executive officer in 2005.
Originally a manufacturer of time clocks, the majority of Kronos revenue is now derived from software and services. The company provides cloud applications for workforce management and human capital management, as well as consulting, education, and support services to its customers.
In March 2007, Kronos was bought out for US$1.74 billion by the lead investor Hellman & Friedman and the secondary investor JMI Equity. 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
- 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
- Kronos hit major milestone and achieved $1 billion in annual revenue in 2014.*
- In January 2016, Kronos rolled out an unlimited vacation policy, offered at fewer than one in 20 U.S. companies
- In September 2017, Kronos moved its corporate headquarters from the nearby town of Chelmsford to the Cross Point Towers in Lowell, Massachusetts, consolidating multiple offices under one roof.
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Acquisitions
Kronos has conducted 71 acquisitions, some of the most notable including:
- Ad Opt Technologies
- Principal Decision Systems International (PDSI)
- The Workforce Solutions software division of SimplexGrinnell
- Stromberg
- 3i Systems
- SaaShr.com
- Unicru, Inc.
- SMART Computer Holdings and its Spanish affiliate SMART Human Logistics
- Time Link International Corporation (TimeLink)
- Empower Software Solutions
- Financial Management Solutions, Inc. (FMSI)
- Digital Instinct Pty. Limited
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).
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. 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.
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. Kronos contends that its assessments are compliant with all applicable requirements.
References
External links
- Kronos Inc Official Web site
Source of article : Wikipedia
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