ALBANY, NY, August 29, 2005 – Newkirk, a nationally known provider of communications for defined contribution plan providers, today announced a number of educational services designed to increase knowledge about, and facilitate decision-making with respect to, the new Roth 401(k) plan option.
Roth presents a communication issue at many levels, said Peter Newkirk, president of Newkirk. Providers want to make sure their administrative people know whats going on, and they want to be able to communicate with plan sponsors about the new option
LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–Aug. 4, 2005–Hewitt Associates (NYSE:HEW), a global human resources services firm, announced today it will provide HR business process outsourcing (BPO) services to Wachovia Corporation (NYSE:WB), one of the nation’s largest financial services providers. The deal is an expansion of the companies’ long-standing HR partnership, as Hewitt has provided benefits outsourcing and HR consulting services to Wachovia since the late 1990s.
Under the new seven-year agreement, Hewitt will provide HR BPO services, including contact center, payroll, learning and benefits outsourcing to more than 90,000 Wachovia employees
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Aug. 3, 2005–Regions Financial Corporation (NYSE: RF) has sold a majority stake in Strategic Outsourcing Inc., a leading professional employer organization, to Clarion Capital Partners, LLC, a New York-based private equity firm, and to Strategic Outsourcing’s management team for approximately $70 million.
Clarion, a middle market private equity firm focused on growth-oriented businesses, funded the acquisition through a combination of equity and senior debt
AlphaStaff to provide human resource services for more than 5,000 employees
Boca Raton, FL August 3, 2005 — AlphaStaff Group, Inc., a market leader in Human Resource Outsourcing (HRO), and Tamarac Administrative Services, LLC, a leader in the senior housing industry, today announced their HR Outsourcing and Co-Employment partnership. AlphaStaff will provide high-end safety, human resource (HR) and tax services, along with worker’s compensation coverage, for over 5,000 Tamarac employees in 27 locations throughout Florida and Georgia
ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Aug. 1, 2005–Danka Business Systems PLC (Nasdaq: DANKY) today announced an agreement with Gevity HR, Inc. (Nasdaq: GVHR) under which Danka will outsource to Gevity all Human Resources and health, welfare and benefits programsOperations for the company’s approximately 3100 current US employees. Gevity also will manage Danka’s US health, welfare and benefits programs, and provide additional cost effective HR programs and capabilities
|ACS Wins BPO Contract for Health Plan Administration Services With Celtic Insurance Company|
DALLAS, July 20 /PRNewswire-FirstCall/ — Affiliated Computer Services, Inc., (NYSE: ACS), a premier provider of business process and information technology outsourcing solutions, announced today that it has been awarded a business process outsourcing (BPO) contract with Celtic Insurance Company, a provider of individual health insurance plans
Firm Expands Retail Client Base in HR BPO
LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–July 18, 2005–Hewitt Associates, a global human resources services firm, announced today it will provide comprehensive HR business process outsourcing (BPO) services to Mervyns, a California-based retailer with more than 250 department stores in 13 states. Mervyns represents Hewitt’s second HR BPO retail client, joining Circuit City.
Under a seven-year agreement, Hewitt will provide HR, payroll, defined contribution (401k), and health and welfare administration services to more than 29,000 of Mervyns’ U
Firm Signs First HR BPO Client in Communications Industry
LINCOLNSHIRE, Ill. Hewitt Associates (NYSE: HEW), a global human resources services firm, announced today that it has been selected by Omnicom Group Inc
How to make sure your outsourcing arrangement stays on course.
Outsourcing is like deciding whether to buy or lease a car. If you buy, the cost of repairs, upkeep, and eventual replacement are all in your control. If you lease, you expect to turn the car in for a new one every few years. The lease decision provides access to current technology and offers the advantage of upgrades available in the newer models. So if outsourcing is, like leasing, an expectation of always having the latest engineering, why do so many relationships fail to deliver continuous development and improvement?
Of course, upgrading the HRO space is certainly more difficult than going to a dealership and turning in your old car for a newer model. Often, process change and development start out full throttle, yet the expected continuous improvement fails to materialize after the heady results of the early transition effort. Given the obvious advantages of process or cost improvements to both provider and buyer, why do so many relationships eventually become stagnant? A typical pattern of events runs something like this:
The buyer and provider start out with a mutual commitment to focus resources on cost control and process improvement after live date. Presumably the providers team has the focus and expertise to execute the transition to the better future state, and contract provisions typically are set so that its in the providers financial interests to invest in improved processes.
During transition, all resources are focused on transition efforts, change management, and minimizing the adverse impact on employees and business partners, while continuing to meet the buyers ongoing service needs.
Once services have transitioned, the reality of changing requirements, corporate transactions, special projects, and competing buyer demands distracts the change management resources assigned to the core optimization efforts. The vendor has to redeploy change management resources toward what the buyer now needs to have done rather than the intended process improvements or implementations. At the time, redeployment seems to be a win-win: The buyers needs are met and the vendor provides revenue-generating special projects.
At some point however, the long-term impact of this shift in focus becomes apparent when the promised continuous improvement fails to materialize. Somehow, everyone was working hardyet the service delivery and cost controls have lagged behind expectations.
So how can you realign with your original objectives while continuing to meet interim needs? Below are the steps necessary to get things back on track.
1. Assess where you are and why. Make sure that the primary obstacle to achieving improvement is the diversion of resources and not a decision not to pursue certain efficiencies. There may be other reasons why the transformation has stalled or been deemed not feasible. Spend time with the teams to gain the reassurance that the goal is still worth the investment and the resources are still appropriate to the goal.
2. Examine alternatives for the destination state. Has interim technology or process improvement created alternatives that did not exist in the past? Evaluate what levels of improvement in service or process can be achieved and what other tangible and intangible advantages such as increased flexibility, responsiveness, or employee appreciation might result. Finally, assess if these advantages are realizable for the employee population involved.
3. Evaluate the resources needed to move from assessing to implementing the selected improvements. Building the full project plan for the transition is necessary for identifying and putting a price on resources. The resulting cost benefit analysis (reflecting cost and return sharing arrangements in the contract) will be used to validate the investments made by all parties.
This planning process can be time-consumingespecially when there is an eagerness to just get started. Although you have to get the ball rolling, both the buyer and provider owe it to themselves and their employees to keep the improvements smart, focused, and timely. To keep the new initiatives moving, you may need separate resource teams from those deployed against other initiatives using the existing team has not worked in the past. Added dedicated resources are typically neededalong with the commitment to keep them isolated from the distractions that may have derailed past efforts. In short, a more disciplined investment approach may be necessary to keep you in the latest HRO model.
21 Jun 2005, 17:16 GMT – The acquisition is expected to contribute approximately $2.5 million in revenue to USI on an annual basis.
USI Holdings provides specialty property and casualty insurance and financial services such as employee benefits outsourcing
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