BeyondWork Announces Cypress Semiconductor As 1000th Member Company; Membership Growth Exceeds 1800 Percent Heading Into the New Millennium.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Dec. 13, 1999-- BeyondWork(TM), the leading supplier of online employee work/life benefits programs, today announced that its corporate membership has exceeded 1000 member companies. This announcement follows on the heels of the company's recognition of its 500th member company (see company release October 26, 1999, BEYONDWORK LANDS 500TH MEMBER COMPANY) and marks the sixth consecutive month of record-breaking member company registration for its Worksite Virtual Marketplace(TM). The WorkSite Virtual Marketplace, which has rapidly become the most widely deployed vehicle for outsourcing work/life quality benefits, provides member companies with a free, Internet-based program that complements traditional employee benefits like health and life insurance programs at companies including United Airlines, AboveNet and Oracle. "We are very proud to have been BeyondWork's 1000th member company," said Judy DeSherlia, Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. Representative for Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange : CY). "Work/life benefits programs are important to a dynamic, rapidly growing business like ours. Employee productivity and quality of life both improve so this is a win-win situation that we will continue to encourage as part of our benefits program." Cypress Semiconductor's Human Resources Department is one of a growing number of organizations harnessing the power of the Internet to deliver superior work/life benefits programs for their employees. Growing to $37 Billion Dataquest reported on November 22, 1999 that the Human Resources portion of the business processes outsourcing market would grow from its current size of $13.9B to an estimated $37.7B in 2003. In its study, the company found that approximately 70 percent of the companies interviewed currently use or plan to use HR outsourcing services, making HR outsourcing one of the most widely accepted business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in solutions. Rebecca Scholl, industry analyst for Dataquest's Business Process Outsourcing North America program remarked, "In the mid- to long term, Web-based services will come to dominate the HR outsourcing market as a result of the decentralized de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. nature of many HR processes. As the concept of boundaryless employment expands, the Internet will become even more critical." "We are extremely pleased with the market's acceptance of our Worksite Virtual Marketplace," commented Israel Niv, BeyondWork's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of Opal, a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. that was acquired by Applied Materials (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMAT AMAT Applied Materials (stock symbol) AMAT Average Memory Access Time AMAT Automatic Message Accounting Transmitter AMAT Anti-Materiel (bomb or mine) AMAT Ageing Management Assessment Team ). "Our present levels of growth can easily be attributed to two factors. The first is the power of our pure-play web-based strategy, which rapidly serves both large and small companies. The second is the real value that our customers, both employers and employees, recognize each day by using our work/life quality products and services." Improved Quality of Life for Employees Oracle Corporation (NASDAQ:ORCL ORCL Oracle (stock symbol) ) has enjoyed the benefits of BeyondWork membership for some time. Joyce Li, a BeyondWork member at Oracle remarked, "The BeyondWork service at Oracle frees my time. With the time I save using BeyondWork to plan my leisure activities outside the office and take care of other daily things that are important to me, I devote more attention to my work. I feel an improvement in the quality of both my work-time and my life outside of the office." Introduced earlier this year, the BeyondWork Worksite Virtual Marketplace is readily accessible from both office and home, saving employees time and money when ordering products and services. Orders placed through a secure online catalog are available for immediate shipment. In addition, access and use are free to both the end-user and registered companies. BeyondWork's customers include a wide variety of high technology and traditional brick and mortar See bricks and mortar. companies in a variety of industries. About BeyondWork BeyondWork is the leading provider of Corporate Sponsored Work/Life Benefits and an exclusive Internet Worksite Virtual Marketplace. Through a comprehensive and user-friendly web site (beyondwork.com), BeyondWork provides members with savings on a wide variety of recreational, leisure, travel, vacation and gift products and services. Customers include Oracle, Cadence Design Systems (company) Cadence Design Systems - A company that sells electronic design automation software and services. http://cadence.com/. See also Verilog. , Peoplesoft, Abovenet and United Airlines. BeyondWork.com, the BeyondWork logo and Worksite Virtual Marketplace are trademarks of BeyondWork Incorporated. All other marks are the property of their respective owners. For more information, visit www.beyondwork.com. |
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