|Headquarters||Arlington, Virginia , United States|
Number of locations
|106 offices (2009)|
|John J. Haley – President, CEO, and Chairman of the Board|
Number of employees
Watson Wyatt Worldwide, Inc. was a global consulting firm that merged in January 2010 with Towers Perrin to form Towers Watson. The firm's services included managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial service companies; and delivering related technology, outsourcing and data services. Its principal operating subsidiary, Watson Wyatt & Company, was a human capital consulting firm with operations in the Americas, Europe and Asia Pacific. Its corporate offices were in Arlington, Virginia.
Management consulting is the practice of helping organizations to improve their performance. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialized expertise.
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson. The firm was a provider of reinsurance intermediary services and was active in the actuarial consulting arena with its Tillinghast insurance consulting practice.
Towers Watson & Co. was a global professional services firm. Its principal lines of business were risk management and human resource consulting. It also had actuarial and investment consulting practices. In January 2016, Towers Watson merged with Willis Group to form Willis Towers Watson.
In January 2009, Watson Wyatt had 7,700 employees in 32 countries around the world.On June 28, 2009, it was announced that Towers Perrin and Watson Wyatt had agreed to merge into a new publicly traded company to be called Towers Watson; the merger was completed in January 2010.
Watson Wyatt Worldwide traced its roots back to the oldest actuarial firm in the world, formed in 1878. Watson Wyatt's first client was still a client 130 years later.
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Reuben Watson formed the UK actuarial firm R. Watson & Sons in 1878. By the 1910s, the firm was the lead advisor to the government on social insurance programs. Over the years, the firm expanded throughout Europe, building on its long history of serving the UK’s largest companies.
The United Kingdom (UK), officially the United Kingdom of Great Britain and Northern Ireland, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world. The Irish Sea lies between Great Britain and Ireland. With an area of 242,500 square kilometres (93,600 sq mi), the United Kingdom is the 78th-largest sovereign state in the world. It is also the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017.
National Insurance (NI) is a tax system in the United Kingdom paid by workers and employers for funding state benefits. Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits. Citizens pay National Insurance contributions to become eligible for State Pension and other benefits. Anyone 16 years old and above are mandated to pay National Insurance provided the employee earns more than £162 a week or the individual is self-employed and makes a profit of £6,205 or more annually. It is necessary to obtain a National Insurance number before starting to pay contributions.
In 1946, B. E. Wyatt and seven co-founders established The Wyatt Company as an actuarial consulting firm. Over the next several decades, the U.S.-based firm branched out into other service lines, including health care and compensation consulting. In the 1980s, the firm broadened its global reach, establishing offices throughout Canada, Europe, Latin America, and Asia.
The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.
Health care or healthcare is the maintenance or improvement of health via the prevention, diagnosis, and treatment of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health professionals in allied health fields. Physicians and physician associates are a part of these health professionals. Dentistry, midwifery, nursing, medicine, optometry, audiology, pharmacy, psychology, occupational therapy, physical therapy and other health professions are all part of health care. It includes work done in providing primary care, secondary care, and tertiary care, as well as in public health.
Executive compensation or executive pay is composed of the financial compensation and other non-financial awards received by an executive from their firm for their service to the organization. It is typically a mixture of salary, bonuses, shares of or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive, and rewards for performance.
In 1995, the two firms formed a global alliance under the brand Watson Wyatt Worldwide. The U.S.-based arm of the alliance was renamed Watson Wyatt & Company and the UK firm was called Watson Wyatt LLP. In 2000, Watson Wyatt & Company completed a successful initial public offering and began trading on the New York Stock Exchange. In August 2005, the two firms formally merged and the new company was named Watson Wyatt Worldwide.
A strategic alliance is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations. A strategic alliance will usually fall short of a legal partnership entity, agency, or corporate affiliate relationship. Typically, two companies form a strategic alliance when each possesses one or more business assets or have expertise that will help the other by enhancing their businesses. Strategic alliances can develop in outsourcing relationships where the parties desire to achieve long-term win-win benefits and innovation based on mutually desired outcomes.
A brand is an overall experience of a customer that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising. Name brands are sometimes distinguished from generic or store brands.
Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
During 2007, Watson Wyatt acquired three companies in Europe. It acquired its Netherlands-based alliance partner, Watson Wyatt Brans & Co. in February. In July, Watson Wyatt bought a German human resources consulting firm, Heissmann GmbH. It purchased Oakbridge Consulting Group in Sweden in October.
Also during 2007, Watson Wyatt acquired the talent management technology and consulting firm WisdomNet. The acquisition of WisdomNet expanded Watson Wyatt's capability in the human capital space by adding a technology suite to its existing talent management consulting group.
Also during 2007, Watson Wyatt announced that it would spin off its multiemployer retirement practices in the United States and Canada.(A multiemployer retirement plan is set up under the terms of collective bargaining agreements involving more than one unrelated employer, generally in the same industry.) Under the plan, Watson Wyatt would not own any portion of the new companies — Horizon Actuarial Services in the U.S. and PBI Actuarial Consultants in Canada — but it would receive a portion of the new firms' revenue for the next five years.
On March 23, 2007, Watson Wyatt settled a lawsuit by the pension fund trustees of the Iron Workers, Local No. 25, of Michigan. The lawsuit alleged that the pension plan was underfunded as a result of the company's actuarial work. Under the settlement, Watson Wyatt paid $110 million but did not admit any wrongdoing.
Employee Retirement Income Security Act
Aon plc is a British global professional services company headquartered in London that provides risk, retirement and health consulting. Aon has approximately 500 offices worldwide, serving 120 countries with 50,000 employees.
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan" where a fixed sum is paid regularly to a person, or a "defined contribution plan" under which a fixed sum is invested and then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
Ernst & Young is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), EY is considered one of the Big Four accounting firms. EY has recently shifted its historical business focus towards consulting. In particular, EY advanced its market presence in strategic consulting and entered into direct competition with what has been a traditional field of "Big Three" companies, namely Bain, McKinsey and BCG. By series of acquisitions and shift of market focus, EY expanded its market share in areas including operations services consulting, strategy services consulting, HR services consulting, financial services consulting & technology services consulting.
Frank Russell Company is a subsidiary of London Stock Exchange Group (LSEG). However, its asset management division, as Russell Investments, was sold by LSEG to TA Associates in 2015. Russell Investments provides multi-asset investing solutions to institutional investors, as well as to individuals via financial advisors. Russell Investments is owned by private equity firms TA Associates and Reverence Capital Partners.
AllianceBernstein Holding L.P.(AB) is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors.
Hewitt Associates was an American provider of human capital and management consulting services. It operated 500 offices in 120 countries providing consulting, outsourcing, and insurance brokerage services.
Marsh & McLennan Companies, Inc. is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting.
The Conference of Consulting Actuaries, also known as the Conference or the CCA, is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to those employed by insurance companies. CCA members assist their clients with respect to pension, health, and other employee benefit plans; life insurance; and property and casualty insurance.
The human resource consulting industry has emerged from management consulting and addresses human resource management tasks and decisions. HR Consultants can fill two typical roles (1) Expert Resource Consultant (2) Process/People consultant. These two roles are defined by Steele F. (1975), Kubr,M. ; Niedereicholz (1996), Curnow-Reuvid (2003) and Kipping, K. and Clarck (2014).
Transamerica Retirement Solutions, is a recently renamed full service retirement firm formed via the mergers of several “AEGON” companies including Transamerica Retirement Services, The Employer Solutions and Pensions Group of Transamerica, Clark Consulting and Diversified Investment Advisors, in this new model they are a major player in all retirement markets from small to large with an emphasis on full service and a la carte consulting in nearly every area of retirement plan administration consulting and investment management "once a traditional mid market financial investment/record keeping firm that specialized in corporate retirement plans, with an avg. participant size of about 1000 to 5000 employees, they are active in the “RFP” process in nearly every market nationally except perhaps mega plans. They have received >40 cups in recent Plan Sponsor Survey’s across varied segments of the retirement market as measured by Chatham Partners and Plan Sponsor Magazine, in this new configuration they have > 3000 employees ."
Howard Weizmann was deputy director of the United States Office of Personnel Management. During his tenure, he led efforts to reform the Federal hiring process and worked to help modernize the Federal pension system. He also was responsible for the oversight of the Combined Federal Campaign (CFC) which manages the annual charitable contributions process for the Federal government. Previous to his appointment, Weizmann served as President of the Private Sector Council (PSC), part of the Partnership for Public Service, a not-for-profit organization that pairs private sector advisers with federal employees to improve agency performance management.
Tillinghast was the world's largest actuarial practice focused on insurance and a unit of Towers Perrin specializing in risk management and actuarial consulting. The Tillinghast business of Towers Perrin provided consulting and software solutions to insurance and financial services companies and advised other organizations on risk financing and self-insurance. In January 2010, Towers Perrin merged with Watson Wyatt Worldwide to form Towers Watson where Tillinghast became part of the risk management group.
Mercer is the world's largest human resources consulting firm. It is also the world's largest institutional investment advisor with over $10trn in assets under advice and more than $200bn in open architecture assets under delegated management. Mercer has also been ranked as the largest outsourced chief investment officer (OCIO) provider. Headquartered in New York City, Mercer has more than 23,000 employees, is based in more than 43 countries, and operates internationally in more than 130 countries. Mercer is a subsidiary of global professional services firm Marsh & McLennan, and Mercer's $4.3 billion in 2016 revenue represented 33% of the parent company's consolidated revenue.
Jardine Lloyd Thompson Group plc, also known as JLT Group or simply JLT, is a British multinational corporation that has its headquarters in London, England. It provides insurance, reinsurance, employment benefits advice and brokerage services. It was a constituent of the FTSE 250 Index until it was acquired by Marsh & McLennan Companies in April 2019.
Milliman, formerly Milliman & Robertson, is a large international, independent actuarial and consulting firm, with revenues of $838 million in 2014. Founded in Seattle in 1947, by Wendell Milliman and Stuart A. Robertson, the firm operates 59 offices worldwide with over 3,000 employees, including more than 1,300 consultants and actuaries. Milliman is owned and managed by approximately 350 principals. Milliman's primary business includes consulting practices in employee benefits, healthcare, investment, life insurance and financial services, and property and casualty insurance. Clients include a spectrum of business, financial, government, union, education, and nonprofit organizations. The firm also provides data analysis, predictive analytics, and big data services.
The Segal Group is a benefits and human resources consulting firm headquartered in New York City, with more than 1,000 employees throughout the U.S. and Canada. It is the parent of Segal Consulting, Sibson Consulting, Segal Waters Consulting,Segal Select Insurance Services, Inc.,Segal Marco Advisors,Rogerscasey, Segal Rogerscasey Canada and Segal Benz.
Aon Hewitt is a provider of human capital and management consulting services headquartered in the United States in Lincolnshire, Illinois. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services.