BofA shifts HR services to Hewitt Associates and Plateau Systems from Fidelity
Written on April 5, 2010
Bank of America Corp. is switching to Hewitt Associates Inc. and Plateau Systems as its human-resource service providers, beginning in 2011.
Charlotte-based BofA is currently under contract with Fidelity Investments for such services. The bank says the move will bring cost and operational efficiencies, as well as provide market-leading technologies to BofA managers and employees.
Under the new agreements, Hewitt will offer human-resources administration, payroll services and health-management administration, as well as information technology. Plateau Systems will provide employee training across BofA’s departments.
Financial terms weren’t disclosed.
Last year, Fidelity cut its investment in its large-client human-resources administration and payroll-outsourcing business to focus on small and midsized markets. BofA says it evaluated options to continue with its contract with Fidelity but decided to request bids for a new human-resources provider.
Fidelity will continue to administer retirement services for BofA (NYSE:BAC).
Boston-based Fidelity is one of the world’s largest providers of financial services. It offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services.
Illinois-based Hewitt (NYSE:HEW) markets human-resources consulting and outsourcing services. The company has 23,000 workers in more than 30 countries. Last week, it announced plans to add 463 jobs in Charlotte during the next three years. Hewitt has 534 workers in North Carolina. The vast majority of them are in Charlotte.
The new jobs, primarily in HR and information technology, will be added to the company’s leased operations at University Research Park in north Charlotte.
Virginia-based Plateau Systems is a provider of work-force management technologies.
Filed in: management.