According to a BMO announcement, the outsourcing agreement will result in 250 BMO layoffs in Canada and the US. The majority of those employees will be offered comparable positions in Exult or elsewhere within BMO, BMO said.
Exult will assume responsibility for managing HR services such as:
- payroll and benefits administration
- HR call center management
- employee records
- other technology-driven administrative functions.
Meanwhile, BMO Human Resources will retain internal responsibility for four areas: talent management, performance alignment and compensation, equity and employee engagement, and learning and development.
As part of the agreement, Exult will set up a new Client Service Center in Canada to serve BMO’s Canadian employees.