1 unchanged sentence
Founded on the simple idea that growing businesses of all sizes wanted and needed access to best in class professional services with a personalized, local approach, CBIZ is now one of the largest accounting, insurance brokerage, financial and advisory services providers in the country.
−Removed: Over 25 years, CBIZ has grown to a team of approximately 6,000 professionals working through more than 100 offices located in 32 states and the District of Columbia.
+Added: Over 27 years, CBIZ has grown to a team of more than 6,500 professionals working through more than 120 offices located in 33 states and the District of Columbia.
Shares of our common stock are traded on the New York Stock Exchange (“NYSE”) under the symbol “CBZ.”
25 unchanged sentences
Financial Services
−Removed: Financial Services is comprised of core accounting service including traditional accounting, tax compliance, advisory, and specialty services, like transaction and risk advisory services, litigation support, valuation, and federal and state government health care compliance and consulting.
+Added: Financial Services is comprised of core accounting services including traditional accounting, tax compliance, advisory, and specialty services, like transaction and risk advisory services, litigation support, valuation, and federal and state government health care compliance and consulting.
The leader of each service line reports to the President of Financial Services.
6 unchanged sentences
Mayer Hoffman has 201 stockholders.
−Removed: Mayer Hoffman maintains an eight member board of directors.
+Added: Mayer Hoffman maintains a nine member Board of Directors.
There are no board members of Mayer Hoffman who hold senior officer positions at CBIZ.
1 unchanged sentence
We also have an ASA with Myers and Stauffer LC (“MSLC”), an independent national governmental health care consulting firm headquartered in Kansas City, Missouri.
−Removed: MSLC has thirteen equity members, all of whom are also our team members.
+Added: MSLC has fourteen equity members, all of whom are also our team members.
MSLC maintains a five-member executive committee, none of whom hold senior officer positions at CBIZ.
11 unchanged sentences
Benefits and Insurance Services
−Removed: Benefits and Insurance Services provides brokerage and consulting expertise for group health benefits and property and casualty insurance in addition to retirement plan advisory services, payroll, human capital management, and other related services.
+Added: Benefits and Insurance Services provides brokerage and consulting expertise for group health benefits and property and casualty insurance in addition to retirement plan advisory and investment services, payroll, human capital management, and other related services.
The leader for each service line reports to the President of Benefits and Insurance Services.
21 unchanged sentences
We do this by offering our clients a personalized service experience that is backed by national resources.
−Removed: This approach enables our clients to access a breadth of services locally and depth of expertise typically not available through smaller, regional professional services providers but with a more tailored client experience than what is delivered by many national firms.
+Added: This approach enables our clients to access a breadth of services and depth of expertise typically not available through smaller, regional professional services providers but with a more tailored client experience than what is delivered by many national firms.
Our ability to coordinate services and offer more comprehensive solutions enables us to provide additional value to our clients.
• Cross-serving provides us with the opportunity to offer and deliver multiple services to our existing clients.
−Removed: Cross-serving opportunities are identified by our professionals as they provide services to our existing clients.
+Added: Cross-serving opportunities are identified by our professionals and then through internal coordination, we can offer a more comprehensive solution that may engage different business service lines.
Being our clients’ preferred partner allows us the opportunity to respond to our clients’ needs with diverse and integrated services and solutions.
• From the time of our founding, we have pursued growth through strategic acquisitions.
−Removed: We seek to acquire businesses that strengthen our existing service offerings, to add new services or specialties, enhance our expertise or expand capacity to better serve our clients and enter into or expand in desirable geographies and growing markets.
−Removed: Using clear criteria, we seek to identify, cultivate and pursue acquisitions that will make us a stronger company and position us for future growth.
−Removed: We prioritize positive market reputation, shared values and alignment of culture, commitment to exceptional client service, and strong leadership.
−Removed: In 2021, we completed six business acquisitions and purchased one client list.
+Added: We pursue acquisitions to enter attractive geographic markets, strengthen our presence in an existing market, add services or deepen our expertise for our existing offerings, expand into higher growth industries and services niches and access top talent.
+Added: Using clear criteria, we seek to identify, cultivate and pursue acquisitions of the most highly regarded, best in class financial, insurance, and advisory firms that demonstrate a desire for a greater national platform and enhanced client service capabilities, possess strong leadership, positive market reputation, cultural fit, commitment to exceptional client service, and a client base with cross-serving potential.
+Added: In 2022, we completed two business acquisitions.
From time to time, we divest, through sale or closure, business operations that do not contribute to our long-term objectives for growth or are not critical to our service offerings or markets.
−Removed: In 2021, we sold one business in the Benefits and Insurance Services practice group.
+Added: In 2022, we sold a small book of business in the Benefits and Insurance Services practice group.
For further discussion regarding acquisitions and divestitures, refer to Note 18, Business Combinations, to the accompanying consolidated financial statements.
3 unchanged sentences
Our largest client comprised approximately 2.4% of our consolidated revenue in 2022 and is included in the National Practices group.
−Removed: Management believes that the diversity of our client base helps insulate us from a downturn in a particular industry or geographic market.
+Added: Management believes that the diversity of our client base helps insulate us from a downturn in a particular industry
+Added: or geographic market.
Nevertheless, economic conditions among select clients and groups of clients may have an impact on the demand for the services that we provide.
Our operations are subject to regulation by federal, state, local and professional governing bodies.
−Removed: Accordingly, our business services may be impacted by legislative changes by these bodies, particularly with respect to provisions
−Removed: relating to payroll, benefits administration and insurance services, pension plan administration and tax and accounting.
+Added: Accordingly, our business services may be impacted by legislative changes by these bodies, particularly with respect to provisions relating to payroll, benefits administration and insurance services, pension plan administration and tax and accounting.
We remain abreast of regulatory changes affecting our business, as these changes often affect clients’ activities with respect to employment, taxation, benefits, and accounting.
29 unchanged sentences
We are also embedded in local and regional markets and build meaningful relationships to foster deeper understanding of our clients’ business and industry.
−Removed: We believe that our strong client relationships, high quality of professional services, range of service offerings, industry expertise, geographic proximity, as well as our ability to provide national expertise on a local level give us a competitive advantage.
+Added: We believe that our strong client relationships, breadth of professional service offerings, and depth of expertise, as well as our ability to provide national expertise on a local level give us a competitive advantage.
Human Capital
−Removed: At CBIZ, our value proposition to our clients is the breadth of our services and the depth of expertise, including our unique ability to provide multi-disciplinary, coordinated solutions that respond to the complexity and uncertainty of today’s business environment.
+Added: At CBIZ, our value proposition to our clients is the breadth of our services and the depth of our expertise, including our unique ability to provide multi-disciplinary, coordinated solutions that respond to the complexity and uncertainty of today’s business environment.
CBIZ brings value because of the talent, expertise and commitment of the over 6,500 professionals that make up our team nationwide.
We are diligent in our efforts to attract, retain and develop talent.
−Removed: Recruitment is managed through a combination of local and national teams based on a process that consistently and fairly utilizes best practices and various recruiting tools to source top talent.
+Added: Recruitment is managed at the national level and supported by national and local resources based on a process that consistently and fairly utilizes best practices and various recruiting tools to source top talent.
CBIZ recruiters cultivate relationships to establish strong networks of candidates, and are full life-cycle recruiters who stay with their candidates from first contact through their first 60 days as a CBIZ team member.
−Removed: Our recruiters source candidates through multiple channels including professional associations, career websites, community organizations and social media networks, as well as schools, universities and institutions with a special emphasis on those entities that attract a diverse population.
+Added: Our recruitment team sources candidates through proactive research across multiple channels including professional associations, career websites, community organizations and social media networks, as well as schools, universities and institutions with a special emphasis on those entities that attract a diverse population.
CBIZ is an equal opportunity employer and does not discriminate in hiring or employment in accordance with the requirements of all applicable state and federal laws, including race, religion, national origin, ancestry, age, gender identity, marital status, military status, sexual orientation, disability, or medical condition.
1 unchanged sentence
We believe the protection of human rights is fundamental to conducting great business, and believe we have both the ability and responsibility to drive positive change through our culture and business practices.
−Removed: CBIZ is proud of its efforts to be a learning organization that provides opportunities for education, technical training, professional development, leadership development, and coaching and awareness at every step in a team member's career.
+Added: CBIZ is proud of its efforts to be a learning organization that provides opportunities for education, technical training, professional development, leadership development, coaching, and mentoring at every step in a team member's career.
These opportunities are offered through in-person, virtual and on-demand programs.
−Removed: Most recently, CBIZ expanded and enhanced our diversity and inclusion training and education for all team members and continues to introduce additional resources as we advance our own efforts in this area.
+Added: Most recently, CBIZ expanded our mentoring program to provide opportunities to team members.
At the foundation of our culture and approach to employee experience and engagement is our core values.
−Removed: We recognize that our uncompromising commitment to our values starting with ‘we do the right thing’ is important to our people.
+Added: We recognize that our uncompromising commitment to our values starting with ‘we do the right thing’ is important to our team.
CBIZ views our commitment to advancing diversity and inclusion as an extension of our core values.
−Removed: At CBIZ, diversity and inclusion is a business imperative as we strive to become an employer of choice for attracting, retaining and developing diverse talent.
+Added: diversity and inclusion are a business imperative as we strive to become an employer of choice for attracting, retaining and developing diverse talent.
CBIZ has been honored with numerous workplace awards based on feedback gathered directly from our team members.
−Removed: In 2021, CBIZ was awarded 93 workplace awards including 17 national awards and 19 health and wellness awards.
+Added: In 2022, CBIZ was awarded 84 workplace awards.
A sample of the awards won include:
−Removed: • 2021 America’s Best Midsize Employers by Forbes – This is the fourth time we have received this award.
+Added: • 2022 America’s Best Midsize Employers by Forbes – This is the fifth time we have received this award.
50,000 Americans working for businesses with at least 1,000 employees were surveyed to rate, on a scale of zero to 10, how likely they would be to recommend their employer to others.
They were also asked to nominate organizations in industries outside their own.
−Removed: • Top Workplaces USA 2021 - This inaugural award celebrates nationally recognized companies that make the world a better place to work together by prioritizing a people-centered culture and giving employees a voice.
+Added: • 2022 Top Workplaces USA by Energage – This award celebrates nationally recognized companies that make the world a better place to work together by prioritizing a people-centered culture and giving employees a voice.
This award is based entirely on feedback from our team members.
−Removed: • Top Workplaces in the Financial Services Industry 2021 – CBIZ was named a winner among other Financial Services organizations that exceeded award criteria.
• Vault Accounting 50 – CBIZ ranked in the Top 10 based on survey results and feedback from those who are CPAs in Financial Services.
−Removed: • Best Places to Work in Insurance - We were selected and honored for the seventh consecutive year as a “Best Places to Work in Insurance” by Business Insurance magazine based on our commitment to attracting, developing and retaining great talent through employee benefits and other programs.
+Added: • Best Places to Work in Insurance – We were selected and honored for the eighth consecutive year as a “Best Places to Work in Insurance” by Business Insurance magazine based on our commitment to attracting, developing and retaining great talent through employee benefits and other programs.
We were recognized for this award based on core focus areas such as leadership and planning, corporate culture, communications, work environment and overall engagement.
−Removed: • 2021 Best and Brightest Companies in the Nation Top 101 - For the sixth year in a row, we were honored as a “Best and Brightest Company” by National Association of Business Resources ("NABR") based on our commitment to human resource practices and employee enrichment.
−Removed: • 2021 Best and Brightness in Wellness – We were honored by NABR, for the fifth consecutive time, as an organization that promotes a culture of wellness.
−Removed: • Top Workplaces Culture Excellence Awards 2021 for Appreciation, Clue-in Leaders, Employee Value Proposition, Employee Wellbeing, Empowering Employees, Formal Training, Professional Development, Work-Life Flexibility – These first-time awards recognize outstanding organizations across business-relevant culture categories.
−Removed: Insurance Awards Community Outreach Project of the Year – CBIZ was named a finalist by Business Insurance based on engagement with Dress for Success.
−Removed: CBIZ is a key corporate partner for Dress for Success through the CBIZ Women’s Advantage program.
+Added: • 2022 Best and Brightest Companies in the Nation Top 101 – For the seventh year in a row, we were honored as a “Best and Brightest Company” by National Association of Business Resources ("NABR") based on our commitment to human resource practices and employee enrichment.
+Added: • 2022 Best and Brightness in Wellness – We were honored by NABR, for the sixth consecutive time, as an organization that promotes a culture of wellness.
+Added: • 2022 Top Workplaces Culture Excellence Awards for Appreciation, Clue-in Leaders, Employee Value Proposition, Employee Wellbeing, Empowering Employees, Formal Training, Professional Development, Work-Life Flexibility by Energage – These second-time awards recognize outstanding organizations across business-relevant culture categories.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.