-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OCIc+fFFmxhBpX+5Z1ynOMP80GQVWCxTeycHAaaSoCbUq376fx57dmDwXJ1MyvaG
 5VGq8AWXj0xiGmByu/OHew==

<SEC-DOCUMENT>0000950134-08-019512.txt : 20090309
<SEC-HEADER>0000950134-08-019512.hdr.sgml : 20090309
<ACCEPTANCE-DATETIME>20081105201348
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-08-019512
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELETECH HOLDINGS INC
		CENTRAL INDEX KEY:			0001013880
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				841291044
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9197 S PEORIA STREET
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		303-397-8100

	MAIL ADDRESS:	
		STREET 1:		9197 S PEORIA STREET
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">November&nbsp;5, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><u>Via EDGAR</u></I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Securities and Exchange Commission</FONT><BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: H. Christopher Owings and John Fieldsend

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Re:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> <I>TeleTech Holdings, Inc.<br>
<u>Annual Report on </u></I><I><u>Form 10-K</u></I><I> <u>for the Year Ended December&nbsp;31, 2007 (File No.&nbsp;1-11919)</u></I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have set forth below the responses of TeleTech Holdings, Inc. (the &#147;Company&#148;) to comments
of the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) set forth in a letter dated
October&nbsp;23, 2008 from H. Christopher Owings, Assistant Director, to Kenneth D. Tuchman, Chief
Executive Officer of the Company. The Staff&#146;s comments were made with respect to the Annual Report
on Form 10-K of the Company with respect to the year ended December&nbsp;31, 2007 (the &#147;Form&nbsp;10-K&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For convenient reference, the Company has set forth below in italics each of the Staff&#146;s
comments set forth in the letter dated October&nbsp;23, 2008 and has keyed its responses to the heading
and numbering of those comments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Item&nbsp;9A. Controls and Procedures, page 64</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note that your response to comment 4 in our letter dated September&nbsp;29, 2008. In that
response, you state that you will disclose whether your principal executive and financial
officers concluded that your disclosure controls and procedures are &#147;effective at a reasonable
assurance level or are not effective.&#148; In future filings, if true, please confirm also that
you will state that your disclosure controls and procedures are not effective at a reasonable
assurance level for which they were designed.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings, we will also disclose, if true, that our disclosure controls and procedures
are &#147;not effective at a reasonable assurance level for which they were designed.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Compensation Discussion and Analysis, page 73</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your response to comment 7 in our letter dated September&nbsp;29, 2008. In that response,
you state that you have disclosed the compensation committee&#146;s policies regarding stock option
grants under the &#147;Equity-based compensation accounting&#148; sub-heading of your response to
comment 6 in our letter dated September&nbsp;29, 2008. However, it appears that your response
discussed only your compensation committee&#146;s policies and practices regarding how it accounts
for stock option grants, and not whether the compensation committee has any formal procedures
regarding how it grants stock options to employees. In future filings, please clarify whether
the compensation committee has formalized any procedures for granting stock options. In the
regard, please address the fact that the first two bullet points under the &#147;Equity-based
compensation accounting&#148; sub-heading seem to indicate that the compensation committee does not
have to approve all equity awards.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings, we will disclose that the Compensation Committee has adopted formal
procedures regarding the grant of stock options. Furthermore, we will revise the first two
bullet points under the &#147;Equity-based</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Securities and Exchange Commission</FONT><br>
November&nbsp;5, 2008<br>
Page 2
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensation accounting&#148; sub-heading to clarify that the Compensation Committee approves all
equity grants. Specifically, please see the revisions to bullet points 1, 2 and 4 below:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compensation Committee makes annual equity awards to named recipients at a set
time each year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compensation Committee makes all periodic equity awards, including new hire,
promotion and special circumstance grants, at pre-scheduled monthly meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A senior member of the Human Capital Department, supported by designated members of
the Legal, Tax and Accounting Departments, is responsible for ensuring that the
accounting treatment, recipient notification requirements, and required disclosures
have been determined for each equity award before the award is authorized by the
Compensation Committee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In advance of each meeting, the Compensation Committee is provided with information
on the accounting treatment and any non-standard terms of each proposed equity award;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than as approved under new grant procedures, changes to grants after their
approval date are prohibited, other than to withdraw a grant to an individual in its
entirety because of a change in circumstances between approval and issuance of the
grant (or to correct clear clerical errors); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hired an Accounting Manager to oversee equity-based compensation with specific
experience in equity-based compensation accounting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>The Role of Cash Compensation, page 78</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your response to comment 8 in our letter dated September&nbsp;29, 2008. In that response,
you state that you use objective financial criteria in determining your contributions to fund
the incentive benefit pool from which you pay performance-based cash incentives and
discretionary cash bonuses to individual executives based on completely subjective criteria.
Also, you state that you will not report any specific forward-looking targets or goals with
respect to the quantified objective financial criteria, if any, upon which you rely to fund
the incentive benefit pool. Please tell us why you believe that the disclosure of that
information would result in competitive harm such that the information could be excluded under
Instruction 4 to Item&nbsp;</I><I>402(b)</I><I>. If disclosure of the performance-related factors would cause
competitive harm, please discuss how difficult or how likely it will be for you to achieve the
target levels or other factors. Please also discuss any discretion that may be exercised in
granting awards absent attainment of the stated performance goals. Please see Instruction 4
to </I><I>Item 402(b)</I><I> of Regulation&nbsp;S-K.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As discussed in our letter to you dated October&nbsp;13, 2008 with respect to comment 8 in your
letter dated September&nbsp;29, 2008, in future filings the Company will disclose objective financial
criteria, if any, used in determining the Company&#146;s contributions to fund the incentive benefit
pool from which the Company pays performance-based cash incentives and discretionary cash
bonuses to the Company&#146;s named executive officers with respect to the last fiscal year, unless
the Company determines that disclosing such information would materially harm the Company.
However, the Company will not disclose any information with respect to any financial criteria
relied upon to the fund the incentive benefit pool for the then current year unless such
disclosure would be material to a fair understanding of the compensation of the Company&#146;s named
executive officers for the last fiscal year (i.e., the financial criteria for 2009 is material
to a fair understanding of 2008 executive compensation). If the Company determines that such
disclosure would be material to a fair understanding of the compensation of the Company&#146;s named
executive officers for the last fiscal year and would not materially harm the Company, the
Company will disclose forward-looking targets or goals for the current fiscal year<I>.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * *
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Securities and Exchange Commission</FONT><br>
November&nbsp;5, 2008<br>
Page 3
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions regarding the responses set forth above, please do not hesitate to
contact the undersigned at 303.397.8353, Adriana Langston, Vice President and Controller, at
303.397.8681, or J. David Hershberger, Vice President and Assistant General Counsel, at
303.397.8944.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ John R. Troka, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">John R. Troka, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Senior Vice President and<BR>
Interim Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scott Stringer<br>
Donna DiSilvio<br>
Kenneth D. Tuchman<br>
J. David Hershberger<BR>
Adriana Langston<br>
PricewaterhouseCoopers LLP</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
