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Benefits December 5, 2000
Bank of America Outsources HR
December 5, 2000 (PLANSPONSOR.com) - Bank of America
has opted to outsource many of its human resource functions
for its 150,000 employees - and expects to realize a 10%
reduction in HR division costs after inking a 10-year, $1.1
billion deal with HR Exult.
Reported by Nevin E. Adams
The arrangement also calls for Bank of America’s financial services to be extended to other Exult customers via its HR portal, including BP Amoco and Unisys. Bank of America has also taken an equity stake in Exult.
OUT “TAKES”
Exult will pick up responsibility for
- payroll operations
- benefits administration
- employee data records and management
- HR information services
Initially, Exult will oversee those functions for personnel in accounts payable and travel and expense transaction processing, as well as asset management services. By the end of 2001, Exult will manage an upgrade to Web-based software and integrate the services it’s providing Bank of America with Exult’s self-service myHR.com.
More than 600 Bank of America employees in HR, finance, and IT will be offered jobs at Exult’s customer service center in Charlotte, N.C.