Press Release Archive
FORT LAUDERDALE, Fla. –
“This ground-breaking electronic payroll program underscores Spherion’s continued efforts to increase operational effectiveness,” stated Roy Krause, executive vice president and chief financial officer of Spherion Corporation. “It allows us to provide greater financial flexibility to our employees, while at the same time positioning our company to compete more cost effectively in the marketplace by reducing our payroll processing costs.”
While direct deposit is ideal for employees that maintain bank accounts, PayCard is an option for the estimated 12 million households in the that do not have bank accounts. It offers employees immediate access to their wages, 24 hours a day, seven days a week, regardless of job or location, from virtually any automatic teller machine.
The PayCard product reduces payroll processing costs and provides employees with a more secure alternative to paper checks, which can often be lost or stolen. Electronic payroll distribution helped combat an estimated $4.3 billion in attempted check fraud in 2001.
Spherion handles more than 55,000 weekly payroll transactions, 65% of which are currently processed electronically. The company has initiated an aggressive plan to transition the bulk of its payroll to an electronic basis within the next several months.
Comdata is honored that a leading recruitment company is now part of the Comchek eCash family," said Gary Krow, president of Comdata Corporation. "In the current economy, Spherion realizes the importance of providing innovative, cost-effective methods of payroll distribution for its employees."
About Spherion Corporation
Spherion Corporation provides recruitment, technology and outsourcing services. Founded in 1946, with operations in
Comdata Corporation (www.comdata.com) is redefining the movement of money and information through technology for businesses, their customers and employees. A leading provider of transaction and information services, Comdata provides Comchek® credit and debit processing and reporting for commercial fleets and merchants, SVS electronic cash, gift and chip card programs for retailers and governmental agencies, Comchek® eCash payroll services for food, retail and other service industries, and point-of-sale equipment for travel plazas and convenience stores. Headquartered in
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. Factors that could cause future results to differ from current expectations include risks associated with: Competition - our business operates in highly competitive markets with low barriers to entry; Economic conditions - a significant economic downturn could result in our clients using fewer flexible employees or the loss of a significant client; Changing market conditions - our business is dependent upon the availability of qualified personnel; Corporate strategy - we may not achieve the intended effect of our Business Transformation Strategy; Litigation - we are a defendant in a variety of litigation and other actions from time to time and we may be exposed to employment–related claims and costs; Other - government regulation may increase our costs; business risks associated with international operations could make those operations more costly; failure or inability to complete our outsourcing projects could result in damage to our reputation and give rise to legal claims; managing or integrating any future acquisitions may strain our resources, and certain contracts contain termination provisions and pricing risks. Additional repurchases, if any, of our Convertible Subordinated Notes are subject to the prevailing market price for the Notes, overall market conditions, the Company’s liquidity and other factors. No assurance can be given that the Company will repurchase any additional Convertible Subordinated Notes. These and additional factors discussed in this release and in Spherion’s filings with the Securities and Exchange Commission could cause the Company’s actual results to differ materially from any projections contained in this release.