Prudential Financial has signed a ten-year business process outsourcing agreement with California-based Exult covering the management of its human resources operation.
Under the agreement, Exult will assume responsibility for managing core administrative and transactional HR services including payroll, benefits administration, HR call-centre management, HR information services and systems support, employee data and records management, and training and staffing for the Prudential Financial group of companies.
Exult will also manage third-party providers and have responsibility for processing more than $3 billion in annual transactions related to Prudential's accounts payable management functions.
Michele Darling, executive vice president, human resources for Prudential Financial, says: "Our agreement with Exult enables us to rapidly introduce business efficiencies and establish a more favorable cost structure."
Transfer of Prudential's HR resources to Exult's client service centers in North Carolina and Texas will begin promptly and is scheduled for completion in the fourth quarter of 2002.