<SUBMISSION>
<ACCESSION-NUMBER>0000950134-06-022899
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20061206
<ITEMS>1.01
<FILING-DATE>20061211
<DATE-OF-FILING-DATE-CHANGE>20061211
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TELETECH HOLDINGS INC
<CIK>0001013880
<ASSIGNED-SIC>7389
<IRS-NUMBER>841291044
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11919
<FILM-NUMBER>061268190
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>9197 S PEORIA STREET
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
<PHONE>303-397-8100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9197 S PEORIA STREET
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d41970e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported)</B>: <B>December&nbsp;6, 2006</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TeleTech Holdings, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


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    <TD width="30%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-21055</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>84-1291044</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>9197 S. Peoria Street, Englewood, Colorado 80112</B><BR>
(Address of principal executive offices, including Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Telephone Number: <B>(303)&nbsp;397-8100</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


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    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
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    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

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    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

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    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;6, 2006, the Company&#146;s Board of Directors, upon the approval and recommendation of the
Compensation Committee of the Company&#146;s Board of Directors approved the Company&#146;s 2007 Management
Incentive Plan (&#147;2007 MIP&#148;). The 2007 MIP shall be effective 1 January&nbsp;2007 and supersedes all
previous incentive/bonus plans for eligible participants issued by the Company, which shall be of
no further force or effect. All employees hired prior to 1 October&nbsp;2007 are eligible participants
in the 2007 MIP including the Chief Executive Officer and other executive officers and employees of
the Company&#146;s subsidiaries. The 2007 MIP shall exclude employees eligible for other sales
incentive or site management incentive plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2007
MIP is an annual incentive plan that funds based on the
Company&#146;s achievement of operating income in 2007. The Operating
Income goal shall be set by the Board of Directors and excludes
effects associated with M&#038;A activity. Awards are made during the
first quarter of 2008 except that the Chief Executive Officer, in his
sole discretion, may use up to one half of accrued incentive funds to
reward top performing employees excluding executive officers at mid year. The Chief Executive Officer is not obligated to make such mid-year awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each participant&#146;s target incentive opportunity is based on his/her assigned job and the
competitive compensation practice for each job. Incentive targets are a percent of each
participant&#146;s actual base pay during the 2007 calendar year. The decision to provide a participant
with an incentive award under this plan and the specific amount of the award, if any, shall be made
at the Company&#146;s sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each
Participant&#146;s award can vary from zero to one hundred and fifty
percent or more of their incentive
target determined at the Company&#146;s sole discretion. Awards from this plan are based on relative
ranking and available incentive pool funding. Eligible participants will be ranked according to
their impact on the success of the business using the following criteria:
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Impact on business and financial results</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Completion of strategic projects</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Demonstration of TeleTech&#146;s Core Values</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Chief Executive Officer has the sole and complete discretion to suspend or
modify the incentive pool downward in the event of financial exigencies.
</DIV>

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<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TeleTech Holdings, Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kenneth D. Tuchman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">KENNETH D. TUCHMAN&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: December&nbsp;11, 2006
</DIV>



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