Canadian,Imperial,Bank,Commerce,Expands,EDS,Relationship
Canadian Imperial Bank of Commerce Expands EDS Relationship
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EDS and Canadian Imperial Bank of Commerce (CIBC) announced today a $71 (US) million extension of their $156 (US) million business process outsourcing services agreement originally signed in 2001.
Under the agreement EDS provides CIBC's 37,000 global employees and 9,000 retirees with a 7x24, one-stop-shop for human resources business process services including benefits, payroll, workforce administration and compensation management."We are pleased to expand our relationship with EDS," said Joyce Phillips, executive vice president, human resources, CIBC. "The recent successful implementation of PeopleSoft 8.3 is a significant milestone for us and the contract extension speaks to our continued confidence in EDS to execute CIBC's
e-HR strategy and deliver the benefits of Direct Access HR and business process outsourcing on a global scale. They have the capabilities and the
track record we need to help us meet our business objectives."
CIBC has also benefited from the completion of two key e-HR projects; the development of an on line e-Compensation Planning system and MyHR@CIBC - a self-serve portal which gives employees easy access to, and faster delivery of, HR services. "These, and other e-HR projects, have saved CIBC several million dollars in the first 2.5 years of the original seven year term. We are, therefore, gratified to extend our arrangement," says Phillips.
"EDS is proud of our strong relationship with CIBC," said John Dowd, president EDS Canada. "By developing an innovative, state-of-the-art HR environment, CIBC managers and employees have real-time online access to HR information and can perform all major HR functions such as benefits and compensation administration. Business intelligence is also built into the system to provide statistics and data to support strategic decision making."
EDS has been able to deliver value to CIBC by leveraging its core competencies in systems development, process re-engineering and call center management. EDS is uniquely positioned to provide HR business process outsourcing services because of its global delivery capability and proven experience.
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