Created the Work Number and Developed It Into the Nation’S Largest Employment Database, with Over 60 Million Records
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created The Work Number and developed it into the nation’s largest employment database, with over 60 million records. Today, we’re America’s leader in two complementary markets — employment and income verification, and unemployment cost management. So, what’s next? TALX Corporation 2002 Corporate Report We’re taking the next steps: 1 Expanding our database 2 Extending our data-based service menu 3 Exceeding our clients’ expectations 1 COMPANY PROFILE TALX is a leading business process outsourcer (BPO) offering strategic human resource and payroll information services. TALX services transform human resource and payroll information via the Web, corporate portals, Intranets, and the telephone. TALX’s premier service, The Work Number,® is America’s leader in employment and income verification. To support key payroll processes, TALX also offers a suite of paperless pay services, W-2 services for employers and employees, electronic time reporting, and UC eXpress,SM the nation’s leading unemployment cost management service. TALX Corporation’s common stock trades on the Nasdaq Stock Market® under the symbol TALX. Table of Contents Our Service Menu and Focus Foldout Financial Highlights 2 Letter to Shareholders 3 Expanding Our Database 6 Extending Our Data-Based Service Menu 8 Exceeding Our Clients’ Expectations 10 Board of Directors, Executive Officers, and Management Team 12 Corporate and Shareholder Information 13 Our Clients 14 Client Testimonials 16 OUR SERVICE MENU TALX transforms TALX simplifies TALX delivers paper-based payroll and HR data a wide range of employment the savings, convenience, into electronically accessible data-related functions — and satisfaction that clients information — accurate and secure. from a single source. expect from a leader. This national database of employee Employers can outsource employ- Employers save staff time and payroll records is accessible to ment and income verification — expenses and reduce their risk of authorized users to verify employ- they simply transmit payroll data liability from providing erroneous ment and income for mortgage and directly to TALX each pay period. or unauthorized information. credit approval, pre-employment Authorized organizations can Employees have control over third- screening, tenant screening, and verify an applicant’s employment party access to information, with- social services eligibility. Information via Internet or phone with out the need to notify co-workers. is timely, accurate, and available interactive voice response. Verifiers get convenient access to at the touch of a button. Employees control release information, accurate and secure. of their income information. This suite of electronic paperless pay Employers can achieve truly paper- Employers eliminate paper-based services complements direct deposit, less pay by replacing the printed processes and manual keying and gives employees the ability to paystubs that are distributed to errors, reduce calls to the payroll review their paystubs and update employees with direct deposit. department, and increase their direct deposit information and Convenient self-service employee participation in direct deposit. W-4 forms, online or on the phone. access to payroll and direct Employees have anytime access deposit information reduces to current and historical payroll administrative burdens while information without filing and increasing employee satisfaction. retrieving paystubs. This suite of services provides an Employers transmit their W-2 W-2 eXpress relieves the burden end-to-end solution that automates data file to TALX, and we handle on payroll staff and the need for all aspects of the W-2 process from the printing and distribution temporary staff during tax season. printing and distributing the initial of W-2 forms to employees. Through TALX alliances, employees The Work The Work Number Services W-2 forms, to facilitating corrections Employees can request a W-2 can securely import their W-2 and issuing duplicate statements. correction and/or reissue via information directly into leading Internet or phone and can choose tax preparation software programs, among three delivery options: significantly reducing errors and Web printout, fax, or mail. speeding up filing. FasTime timesheet collection and Any employee can use a toll-free Automating time collection elimi- approval services automate the phone or the Internet to report nates inefficiencies of manually capture and reporting of time, time and expenses, creating an processing paper timesheets expenses and mileage. FasTime electronic timesheet that auto- and erroneous data entry. collects time in any format for matically goes to the manager FasTime is convenient for manager salaried, hourly, and contract for approval. The reviewed infor- approval, and employees don’t workers. It can be integrated mation then goes to the payroll have to fax, mail, or pick up or with the existing payroll system system in the appropriate format. drop off timecards. and is highly scalable. States track unemployment benefits TALX unemployment cost manage- UC eXpress handles the complex and charge them back to previous ment services help companies reporting and monitoring of unem- employers through unemployment manage and process unemploy- ployment insurance — especially taxes. Employers can control their ment claims and prepare reports for multi-state companies facing state taxes by managing employee on separations and claims. many different requirements. separations and the states’ unem- TALX files state reporting and tax By reviewing company procedures ployment compensation processes. forms, audits state unemployment and auditing unemployment TALX works with a company’s charges, and represents clients charges, TALX helps clients Unemployment Cost Unemployment Management Management Services employment database to help at appeals and hearings. save on unemployment tax. them do just that. This end-to-end electronic benefits Employers provide eligibility eChoice eliminates paper forms, enrollment service manages the data to TALX. Human resources reduces administrative costs, complex benefits enrollment administrators have secure Web and the likelihood of errors. process for employers. It supports access to set up eligible benefits, For employees, eChoice is annual and ongoing enrollments open an event, and update conveniently available at home and is customized to fit a information. Using the Web or or office, reduces the time company’s specific set of health phone, employees can review spent on enrolling in plans, and welfare plans. last year’s benefits, complete and provides instant feedback Human Human Resources and a full enrollment, or update on elections. Benefits Application Application Benefits Services choices for the coming year. OUR FOCUS TALX services are centered on the data in employers’ human resources and payroll systems. TALX automated services make it easier for employers and employees to enter direct deposit account information, time reports and benefits changes. In addition, by simply transferring employee data to TALX, employers can outsource a whole range of data-based functions such as employment and income verification. Our Lines of Business* % % % % 6% 23 62 9 6 9% The Work Number Unemployment Cost Human Resources and Software 23% Services Management Services Benefits Application Services and Support With approximately 70 million With the acquisition of Our hosted employee self- Our software products employee payroll records The Frick Company and the service solutions include include customized human 62% under contract from over 800 unemployment cost manage- eChoice benefits enrollment. resource and payroll solutions clients nationwide, including ment (UCM) business of Gates eChoice is our advanced, that reside at the client’s federal, state and local McDonald in March 2002, packaged enrollment service site. These products and the government agencies, The TALX became the nation’s that can be customized associated services comprise Work Number (TWN) provides leading provider of UCM to fit a company’s specific two reporting segments in instant employment and services. Through UC eXpress, set of healthcare plans. our financial statements: income verification via the we contract with employers All services are hosted in customer premises systems, Web or telephone. A network to handle the management our St. Louis data center. and maintenance and support. of 30,000 verifiers uses The and reporting of their unem- Declining revenues reflect a Work Number. In addition, ployment claims and taxes. strategic shift to discontinue all 50 states use TWN for The acquired businesses actively marketing software social services verifications. had combined 2001 annual to new clients and to focus TALX also offers employers revenue of approximately on our growing businesses FasTime automated time $70 million. that provide predictable reporting services, ePayroll revenue. electronic paperless pay services, and W-2 eXpress initial print, reissue, and correction services. *Information based on proforma fiscal year 2002 revenues. iii FINANCIAL HIGHLIGHTS (In thousands, except per share data) March 31, 2002 2001 % change Revenues: The Work Number services $ 27,412 $19,094 44% Unemployment cost management services 848 – * Human resources and benefits application services 10,797 10,694 1% Customer premises systems 2,870 6,882 -58% Maintenance and support 3,893 4,417 -12% Total revenues $ 45,820 $41,087 12% Operating income† $ 8,469 $ 6,736 26% Net earnings† $ 6,310 $