Convergys, Reports, $280 Million, Loss, HR, Outsourcing
Convergys Reports $280 Million Loss on HR Outsourcing
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Two years ago, HR outsourcing analyst Michel Janssen told Workforce Management that he wondered whether the HR outsourcing deal between Convergys and DuPont would make or break the Cincinnati-based HRO provider.
Now it looks like it might be the latter.
On Tuesday, October 28, Convergys announced a third-quarter operating loss in its HR management business of $280 million on revenue of $59.4 million.
In a call with analysts that day, David Dougherty, president and CEO of Convergys, attributed the loss to increased costs in the implementation of HRO contracts. He further cited “the complexity of global implementation and also actions taken by our clients that have contributed to project delays.”
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