Bank Of America Outsources Benefits Administration

[OhioChick]

Under a five-year deal, ExcellerateHRO will provide Bank of America operations in the United Kingdom, Ireland, and Canada with benefits plan services for a total of about 10,000 employees.

By Paul McDougall
InformationWeek

Dec 7, 2006 02:00 PM

Financial services giant Bank of America has outsourced the management of its benefits administration operations in the United Kingdom, Ireland, and Canada to ExcellerateHRO, a service provider jointly owned by Electronic Data Systems and Towers Perrin.

Under the five-year deal, ExcellerateHRO will provide Bank of America operations in those countries with benefits plan services for a total of about 10,000 employees. The contract extends an existing deal between Bank of America and ExcellerateHRO.

Financial terms weren't disclosed.

EDS and Towers Perrin jointly launched ExcellerateHRO in March 2005. To date, the company has inked more than $550 million in human-resources services contracts.

Human-resources business process outsourcing is the fastest growing segment of the HR services market and will grow at a compound annual rate of 16% in the United States, reaching $18.9 billion in spending by 2010, according to market researcher IDC.

http://www.informationweek.com/outsourcing/showArticle.jhtml?articleID=196602446

[mcscajun]

1. Well, pardon me for laughing hysterically.

I think the poetic justice of this is worthy of a chuckle. Human Resources staff and executives have been giving the bad news to others for a long, long time now. I recall the HR VP that sat in on the meeting in 1992 when my whole department got the ax; and there were HR reps present when my department's work got sent off to India in 2003.

Now, it's their turn (figuratively speaking; I'm sure the actual people that I encountered in the above two scenarios were victims themselves of one merger or another).

[Stargazer99]

6. Anyone that gives a damn about the American worker

ought to boycott this bank and anyone doing business with it. If we acted together as a group these corporations would taste the lash of American labor. Hit 'em in the pocketbook that is the only way they pay attention because we have let them become TOO powerful.

[Voltaire99]

11. Pardon me, too.

And looking past the schadenfreude, I'll just add that the increasing outsourcing of middle class jobs will soon have put voters in a fiery spirit. Finding themselves betrayed by voting for corporate duopoly candidates, they'll begin looking for better representation.

Bring on the economic populism.

[rgbecker]

2. Is that why they call it Bank of AMERICA?

[Democrats_win]

3. Bank of America = shysters and chisellers.

[w4rma]

4. The newest CEO for Bank of America is a jerk. (nt)

[onehandle]

5. Bank Of America is the worst bank of all.

They treated us like shit while we were settling my mother-in-law's estate.

Greedy assholes.

[Telly Savalas]

7. ExcellerateHRO is based in Plano, TX.

Outsourcing something doesn't mean it's being sent overseas. It just means that a given task or process is not being done in house.

Firing Americans so that you can pay people in a third world country pennies a day for the same work is evil, but this isn't the only thing that the word "outsourcing" describes.

[greccogirl]

8. This is nothing new. MOST companies outsource

this stuff. Defense contractors and other big countries have done it for years.

[OhioChick]

10. I'm Aware........

ExcellerateHRO is the jointly owned HR outsourcing business of "EDS" and Towers Perrin.

EDS to move jobs to India

Sunday, December 03, 2006

London, Dec 03: Texas-based Electronic Data Systems, the largest supplier of IT services to the UK government, is set to offshore thousands of jobs to India and four other countries next year.

The off-shoring proposal is part of an EDS global restructuring plan under which staff numbers in service centres in India, China, Argentina, Hungary and Poland will more than double to over 13,500 next year.

The bulk of the off-shored work is in IT applications and user support. The company insists the work will go to the most appropriate location and not just the cheapest, 'The Observer' weekly said today.
http://www.zeenews.com/znnew/articles.asp?aid=339683&ssid=54&sid=BUS

Where do you think that the jobs are going?

[Telly Savalas]

12. If you search ExcellerateHRO's job listings

the locations are Plano, TX and Mississauga, Ontario.

I wouldn't really consider the latter location to be shipping the job out of the country, since ExcellerateHRO services Canadians and wages in the Greater Toronto Area are pretty competitive with those in the United States.


EDS may be shipping jobs overseas, but for the time being ExcellerateHRO isn't.

[Bozita]

9. Didn't BoA recently buy MBNA's credit card business? If so, BoA is found in more American ...

... wallets and purses than any competitor.

IIRC, MBNA was HUGE in the passage of the famed Bankruptcy Bill.

Say your electric bill was a day late? Didya notice the interest rate on your credit card soar?

Thank MBNA and its adoptive parent, Bank of America.