Exult to Provide myHRSM Applications to Bank of America
Exult, Inc., one of the leading providers of integrated Human Resources Business Process Outsourcing to Global 500 companies, announced that Bank of America, one of the worlds leading financial services companies, will utilize Exults myHRSM online HR self-service applications as part of its HR delivery model.
Exult?s myHR toolkit is a set of online applications that are expected to significantly simplify HR transactional capabilities for Bank of America by enabling associates and managers to easily, accurately and efficiently conduct a broad range of HR self-service functions from the convenience of desktop work stations. The toolkit will work within an overall Bank of America associate portal strategy, and integrate with the HR process management services that Exult provides to the bank, as well as other applications that the bank is developing to provide web-enabled HR capabilities to associates.
"We are excited about including Exult?s myHR toolkit among other online capabilities we will offer our associates,? said Craig Buffie, Senior Vice President at Bank of America. ?Once again, Exult has provided Bank of America with an effective solution to help us meet our strategic business objectives.?
Exult?s myHR will be implemented at Bank of America in two phases beginning in September of 2002. The initial phase will focus on employee self-service by enabling bank associates to update personal data, review personal earnings statements, maintain emergency contact information, and perform other routine administrative tasks. This new service is conveniently offered online rather than through traditional paperwork or time-consuming processes that require personnel resources. In addition, real-time access to current and historical information regarding job history and compensation will be available.
The next phase, a manager self-service component, will empower bank managers with fingertip access to rosters of direct reports, along with key career-related personal data for the reports. Using the online toolkit, they can efficiently and conveniently complete transactional requests associated with important business decisions such as employee transfers, staff development and job changes. The deployment of additional enhancements and capabilities to the myHR toolkit is expected over time.
?We are thrilled that Bank of America has chosen Exult?s myHR applications and are confident that we can rapidly implement the applications, and deliver the functionality and scalability necessary for the ongoing development of the bank?s HR self-service capability,? said Barbara Williams, Exult vice president and Bank of America account executive. ?We want to thank our valued partner for their confidence in Exult?s capabilities and look forward to continuing to deliver superior service.?
In November 2000, Exult and Bank of America signed the largest HR Business Process Outsourcing deal in history, a 10-year agreement calling for Exult to apply its business process expertise to enhance the way in which key HR, finance and accounting functions are delivered to Bank of America. That relationship was expanded in March 2001 and again in September 2001 to include additional services and, now covers more than $ 1.6 billion in revenue over its anticipated term.