Aon Hewitt
 |
|
| Subsidiary of Aon Corp. | |
| Industry |
Human resource consulting Outsourcing |
| Founded |
Lake Forest, Illinois, United States (October 1, 1940) |
| Founder | Edwin "Ted" Hewitt |
| Headquarters |
Lincolnshire, Illinois, United States |
|
Key people
|
Kristi Savacool (CEO) |
| Services |
Human capital Management consulting |
| Owner | Aon Corporation |
|
Number of employees
|
~29,000 |
| Website | aonhewitt |
Aon Hewitt (formerly known as Hewitt Associates) 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 provides consulting, outsourcing, and reinsurance brokerage services.
The company was founded in 1940 and ceased to exist as an independent entity at the completion of its purchase by Aon in October 2010. Hewitt's operations were merged at that time with some elements of Aon's consulting arm to become a new subsidiary of the Aon Group called Aon Hewitt.
Edwin "Ted" Hewitt founded Edwin Shields Hewitt and Associates on October 1, 1940, as a brokerage house focusing on insurance and personal financial services. During and after World War II, Hewitt's expertise became valuable when the government instituted "pay-as-you-go" income taxes in 1943 and the U.S. cost of living increased more than 25 percent in 1945. Once the war and its rationing ended, Americans returned to work and the economy recovered. Hewitt's clients, many of whom had manufactured goods for the war effort, returned to their customary businesses.
Hewitt began offering its clients statements to track their employee benefits and had pioneered the use of financial goals for company investments. Hewitt's programs were the first of their kind to be approved by the Internal Revenue Service; they were so useful that the U.S. Department of Labor asked the firm to create forms for the welfare and pension programs of the 1950s.
By the 1960s the Hewitt firm continued to expand its pension and benefit plans, and Hewitt became the first company to design pension and benefit plans tied to a corporation's revenue and growth projections. Hewitt was the only company asked by the U.S. government to consult on the Federal Interagency Task Force from 1964 to 1968. The task force was responsible for the design and implementation of the new Employee Retirement Income Security Act.
In the next decade Hewitt began offering its clients its Benefit Index to track the performance of benefit programs–an industry first. Hewitt also offered its clients flexible investment strategies for employee benefit packages, which led to the formation of a new consulting firm, the Hewitt Investment Group, in 1974.
In the 1980s Hewitt researched numerous issues and began issuing its findings industry-wide on subjects such as computer use for automated benefit calculations, offering benefits to part-time employees, full versus partial hospital reimbursement, fluctuating profit-sharing percentages, mental health benefits, 401(k) programs, and rising health plan deductibles.
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Wikipedia