Hewitt Associates
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| Private | |
| Industry | Professional services |
| Fate | Acquired by Aon plc |
| Successor | Aon plc |
| Founded | Lake Forest, Illinois, United States (1940) |
| Defunct | October 1, 2010 |
| Headquarters | Lincolnshire, Illinois, United States |
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Key people
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Kristi Savacool, Co-CEO Bal Dail, Co-CEO |
| Services | Human capital and management consulting services |
| Revenue | $3.2 billion in fiscal 2008 |
| Owner | Aon plc |
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Number of employees
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~29,000 |
| Website | www |
Kristi Savacool, Co-CEO
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.
Hewitt was founded in 1940 and ceased to exist as an independent entity at the completion of its purchase by the Aon Corporation 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 the war, Hewitt's particular expertise became immensely 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 and thrived. Hewitt began offering its clients statements to track their employee benefits and had pioneered the use of specific 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 cutting edge 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, creating more sophisticated programs for its clients. During the decade the firm revolutionized employee benefit packages once again, as the first company to design pension and benefit plans tied to a corporation's revenue and growth projections. While such a practice became commonplace in the pension and employee benefits of larger corporations, it was another in Hewitt's growing list of industry firsts. Hewitt was so respected for its work in the field that it 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.
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Wikipedia