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Bank of America,Hewitt, & others partner for Innovative Human Resources Delivery Platform
CHARLOTTE, N.C., April 2 /PRNewswire/ -- Bank of America announced today it would enter into key human resources partnerships with Hewitt Associates and Plateau Systems with service starting in 2011 and narrow its relationship with Fidelity in a strategic move to deliver the next generation of human resources capabilities.
The bank's new service delivery model uses multiple human resources service providers, with one primary provider delivering the core human resources technology platform and operational integration with the other specialists. This model will continue to deliver costs and operational efficiencies as well as provide market-leading human resources technologies to the bank's managers and associates. It will also enable providers to focus on their core competencies and continue to provide a high level of service to associates.
As part of a new 5 1/2 year ongoing service contract, Hewitt – a global human resources consulting and outsourcing services company – will support human resources administration, payroll, and health and life management administration; provide enabling technology for timekeeping, recruiting applicant tracking; global talent and performance management and offer core service center support for all U.S. Bank of America associates. The global learning management system, provided by Plateau Systems, will be integrated into the Hewitt platform to manage the administration, delivery and tracking of learning and training across the Bank of America enterprise.
U.S. associates will experience a change in tools and customer service support for health and life management benefits, human resources/payroll administration, timekeeping, and recruiting applicant tracking systems starting in 2011 through a phased integration. All associates, including those outside of the U.S., will experience a change to the global learning and talent and performance management human resources tools.
Access to all services will be integrated through Hewitt's online portals, including myHR® (human resources and payroll self-service) and Your Benefits Resources™ (benefits self-service).
In 2009, Fidelity scaled back and adjusted its investment and growth strategy in the large-client human resources administration/payroll outsourcing business to focus its investment on small- and mid-size markets. Bank of America evaluated options to continue with the current contract but decided to initiate a request for proposal in 2009 with HRO market leaders to define and select the next generation delivery model for the company.
Fidelity will continue to administer retirement services for Bank of America associates under the current contract. Retirement services and stock plan administration for Merrill Lynch associates will remain with Bank of America Merrill Lynch Retirement and Philanthropic Services (RPS). Stock plan administration for Bank of America associates will migrate to RPS by year-end 2010.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. www.bankofamerica.com
Hewitt Associates
Hewitt Associates (NYSE: HEW) provides leading organizations around the world with expert human resources consulting and outsourcing solutions to help them anticipate and solve their most complex benefits, talent, and related financial challenges. Hewitt works with companies to design, implement, communicate, and administer a wide range of human resources, retirement, investment management, health care, compensation, and talent management strategies. With a history of exceptional client service since 1940, Hewitt has offices in more than 30 countries and employs approximately 23,000 associates who are helping make the world a better place to work. For more information, please visit www.hewitt.com.
Plateau Systems
Plateau Systems is the industry's premier provider of enterprise-class SaaS talent management suites. Major global corporations and government agencies, including General Electric, the U.S. Air Force and Capital One Services are using Plateau's integrated talent management solutions to improve productivity and facilitate strategic workforce initiatives around learning, performance, compensation and career and succession management. Plateau is widely recognized throughout the industry for its commitment to customer satisfaction, forward-thinking vision and for consistently delivering best-in-class functionality. Founded in 1996, Plateau is headquartered in Arlington, Va., and has offices across the United States, Europe and Asia Pacific. For more information about Plateau, visit www.plateau.com.
Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of over $3.2 trillion, including managed assets of $1.5 trillion as of February 28, 2010. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket, a leading online brokerage firm and one of the largest providers of custody and clearing services to financial professionals. For more information about Fidelity Investments, visit www.fidelity.com.
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