The Bank of England has signed a five year deal with supplier Logica, to integrate and run an Oracle human resources system.
The bank will implement the Oracle HCM system in order to improve HR services to its 1,750 employees and 7,000 retired staff. It will pay for the service based on the number of users accessing it each month.
Under the £1.5 million deal, Logica will work to optimise, standardise and automate HR processes at the bank, using the software.
It will also attempt to cut duplicated effort, by establishing shared service centre responsibilities. The bank is attempting to ensure HR staff spend less time on standard tasks.
The bank wants the software to help it improve performance management, recruitment, time and attendance, flexible benefits and self-service, payroll, and HR analytics processes. It also said the improvements would help it cut running costs.
Logica is promising a phased implementation with a 2010 go live date.