Document:

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                                                                   EXHIBIT 10.33

August 6, 2000

Margot O'Dell
4221 Preserve Parkway South
Littleton, CO 80121

Dear Margot:

We are pleased to extend to you an offer of employment as Executive Vice
President, Chief Financial Officer of TeleTech Holdings Inc. The position will
be located at our corporate office in Denver, Colorado. You will start no later
than September 11, 2000 and will report to Scott Thompson, Chief Executive
Officer and President. Your annual base salary will be $250,000 with a target
annual bonus opportunity of 100% of your base. Your bonus will be based upon
both TeleTech performance and your individual achievement of MBO goals to be set
jointly by yourself and Scott. For 2000 the pro-rated portion of your on-target
annual bonus will be guaranteed.

You will receive vacation as per TeleTech's policy, which is accrued each pay
period to a maximum of four (4) weeks per year. You will be eligible for
TeleTech's executive medical and dental insurance, as well as a term Life
Insurance policy in the amount of $4,000,000 on your start date (subject to
standard physical exam). You will be eligible for a Long-Term Disability policy
that provides 50% of your base salary and annual bonus (calculated at 80%) on
the 91st day of your disability. Eligibility for the 401(k) plan begins during
the enrollment period following six (6) months of service. You will be eligible
to participate in the Employee Stock Purchase Plan during the enrollment period
following three (3) months of service.

TeleTech requires all employees to acknowledge the terms and conditions of their
employment by signing agreements regarding at-will employment, arbitration,
confidentiality, non-competition, non-disclosure, trade secrets, and invention
protection. These agreements will be provided by TeleTech and must be signed at
or before the start of your employment.

You will receive a sign on bonus of 250,000 stock options with an exercise price
equal to the closing price on your first day of employment. These options will
vest in equal annual installments over four (4) years.

In addition TeleTech will pay you the sum of $50,000 as a signing bonus within
30 days of your start date. If you voluntarily leave TeleTech or are terminated
for cause within the first two (2) years of employment this sum will be
repayable to TeleTech on a pro-rata basis.

You will be eligible to participate in a Management Stock Option Program, which
is designed to grant options at the end of each year. This is a discretionary
plan which awards options based upon personal achievements of business
objectives.

<PAGE>

Margot O'Dell
August 6, 2000
Page 2 of 3

If you cease to be employed by TeleTech or any of its subsidiaries or affiliates
(collectively, the "subsidiaries") for any reason other than (i) for "Cause" (as
defined in TeleTech's 1999 Stock Option and Incentive Plan), (ii) your death, or
(iii) your mental, physical or emotional disability or condition, the Options
shall be exercisable at any time prior to the date three months after the date
of termination of your employment.

Your option agreements will also provide that upon a "Change of Control" any
unvested portion of the options that are scheduled to vest within 24 months
following the date the Change of Control becomes effective shall vest and become
immediately exercisable as of the effective date of the Change of Control. If
your employment is terminated other than "For Cause" (as defined in TeleTech's
1999 Stock Option and Incentive Plan) within 24 months following a Change of
Control, 100% of your options will become immediately exercisable.

If your employment is terminated by TeleTech (or by a successor organization
that has acquired TeleTech) within the first two years of employment, other than
for "Cause," or your position or salary materially changes, you shall receive
(upon condition of executing and delivering a legal release in a form
satisfactory to TeleTech), a payment of 18 months of your on-target earnings
(base salary plus annual bonus) and the accelerated vesting of any unvested
options that would otherwise have vested at the next vesting date under your
option agreements. If you are terminated after the first two years of employment
other than for "Cause" the severance arrangements will be consistent with
TeleTech's protocol for severance at the senior executive level.

This offer is in effect until 5 PM MST August 8, 2000 and is contingent upon
your successful clearance of TeleTech's reference, background and drug screens.

I'd like to personally welcome you to TeleTech. We look forward to working with
you.

Sincerely,

/s/ David Gilbert

David Gilbert
Vice President, Human Resources

DG/emsf

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Margot O'Dell
August 6, 2000
Page 3 of 3

Please execute two copies of this Agreement, return the original to me and
retain one for your files. Please fax me a signed copy to 303 839 4731.

I agree to the terms and conditions of this offer of employment and will begin
working as Executive Vice President, Chief Financial Officer of TeleTech
Holdings Inc. on September 11, 2000 in our Denver office.

Signed: /s/ Margot O'Dell

Date: 8/6/2000

This offer is extended dependent upon reference checking, passing a drug test,
presentation of appropriate documentation to meet current Immigration and
Naturalization requirements, and the receipt of a signed
Non-Disclosure/Non-Compete Agreement. UPON YOUR ARRIVAL, A SOCIAL SECURITY CARD
AND ONE OF THE FOLLOWING DOCUMENTS IS REQUIRED: A VALID DRIVER'S LICENSE, ID
CARD, ORIGINAL OR CERTIFIED COPY OF BIRTH CERTIFICATE, CURRENT INS EMPLOYMENT
AUTHORIZATION, VALID U.S. PASSPORT, OR CERTIFICATE OF NATURALIZATION.<PAGE>

                             TELETECH HOLDINGS, INC.
                      NON-QUALIFIED STOCK OPTION AGREEMENT

         THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the "AGREEMENT") is entered
into between TELETECH HOLDINGS, INC., a Delaware corporation ("TELETECH"), and
Margot O'Dell ("OPTIONEE"), as of September 11, 2000 (the "GRANT DATE"). In
consideration of the mutual promises and covenants made herein, the parties
hereby agree as follows:

         1. GRANT OF OPTION. Subject to the terms and conditions of the TeleTech
Holdings, Inc. 1999 Stock Option and Incentive Plan (the "PLAN"), a copy of
which is attached hereto and incorporated herein by this reference, TeleTech
grants to Optionee an option (the "OPTION") to purchase 250,000 shares (the
"SHARES") of TeleTech's common stock, $.01 par value (the "COMMON STOCK"), at a
price equal to US$33.1875 per share (the "OPTION PRICE"). The Option Price has
been determined by the Compensation Committee of the Board of Directors of
TeleTech (the "COMMITTEE"), acting in good faith, to be the fair market value of
the Common Stock on the Grant Date based upon the last sale price for Common
Stock reported by The Nasdaq Stock Market, Inc. as of the close of business on
the Grant Date.

         The Option is not intended to qualify as an incentive stock option
described in Section 422 of the Internal Revenue Code of 1986, as amended (the
"CODE"). All provisions of this Agreement are to be construed in conformity with
this intention.

         2. TERM: OPTION RIGHTS. Except as provided below, the Option shall be
valid for a term commencing on the Grant Date and ending 10 years after the
Grant Date (the "EXPIRATION DATE").

                  (a) RIGHTS UPON TERMINATION OF EMPLOYMENT. If Optionee ceases
to be employed by TeleTech or any of its subsidiaries or affiliates
(collectively, the "SUBSIDIARIES") for any reason other than (i) for "Cause" (as
defined herein), (ii) Optionee's death, or (iii) Optionee's mental, physical or
emotional disability or condition (a "DISABILITY"), the Option shall be
exercisable at any time prior to the earlier of the Expiration Date or the date
three months after the date of termination of Optionee's employment.

                  (b) RIGHTS UPON TERMINATION FOR CAUSE. If Optionee's
employment with TeleTech and/or its Subsidiaries is terminated for Cause, the
Option shall be immediately cancelled, no portion of the Option may be exercised
thereafter and Optionee shall forfeit all rights to the Option. The term "Cause"
shall have the meaning given to such term or to the term "For Cause" or other
similar phrase in Optionee's Employment Agreement with TeleTech or any
Subsidiary; provided, however, that (i) if at any time Optionee's employment
with TeleTech or any Subsidiary is not governed by an employment agreement, then
the term "Cause" shall have the meaning given to such term in the Plan, and (ii)
"Cause" shall exclude Optionee's death or Disability.

                  (c) RIGHTS UPON OPTIONEE'S DEATH OR DISABILITY. If Optionee's
employment with TeleTech and/or its Subsidiaries is terminated as a result of
(i) Optionee's death, the Option may be exercised at any time prior to the
earlier of the Expiration Date or the date six months after the date

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of Optionee's death, or (ii) Optionee's Disability, the Option may be exercised
at any time prior to the earlier of the Expiration Date or the date six months
after the date of Optionee's employment is terminated as a result of Optionee's
Disability.

         3. VESTING. The Option may only be exercised to the extent vested. Any
vested portion of the Option may be exercised at any time in whole or from time
to time in part. Vesting shall commence on September 11, 2001 and Optionee shall
vest in the Option according to the following schedule (each date set forth
below, a "VESTING DATE"):

<TABLE>
<CAPTION>

                                                              Cumulative
                                                              Percentage of
                  Vesting Date                                Option Vested
                  -------------                               --------------
                  <S>                                          <C>
                  September 11, 2001                                   25%

                  September 11, 2002                                   50%

                  September 11, 2003                                   75%

                  September 11, 2004                                   100%
</TABLE>

Optionee must be employed by TeleTech or any Subsidiary on (a) September 11,
2001 in order to vest in any portion of the Option, and (b) on any Vesting Date,
in order to vest in the portion of the Option set forth in the chart above that
vests on such Vesting Date. No portion of the Option shall vest between Vesting
Dates; if Optionee ceases to be employed by TeleTech or any Subsidiary, then any
portion of the Option that is scheduled to vest on any Vesting Date after the
date Optionee's employment is terminated automatically shall be forfeited as of
the termination of employment. If Optionee's employment with TeleTech or any
Subsidiary is terminated for any reason, any portion of the Option which is not
then vested shall be immediately forfeited; provided, however, that a transfer
or reassignment of Optionee from TeleTech to any Subsidiary, or VICE VERSA,
shall not constitute a termination of employment for purposes of this Agreement.

3A.      VESTING FOLLOWING A CHANGE IN CONTROL.

                  (a)      ACCELERATED   VESTING.   Notwithstanding   the
vesting  schedule   contained  inSection 3,

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                           (i) upon a Change in Control (as hereinafter
         defined), any unvested portion of the Option that is scheduled to vest
         (pursuant to Section 3) within 24 months following the date the Change
         of Control becomes effective shall vest and become immediately
         exercisable as of the effective date of the Change of Control, with the
         remainder of the unvested portion of the Option vesting pursuant to
         Section 3, as accelerated by this Section 3A and clarified by the
         following example:

                  For example, assume that on June 1, 2000 an optionee was
                  granted an option to acquire 10,000 shares of Common Stock,
                  which option vests over five years, pro rata, on each
                  anniversary of the grant date. On June 5, 2001, a Change of
                  Control is consummated. As of June 5, 2001, the optionee will
                  be fully vested in the option with respect to 6,000 shares
                  (i.e., the 2,000 shares that vested on June 1, 2001, plus an
                  additional 4,000 shares that vested on June 5, 2001 in
                  accordance with the accelerated vesting provisions of this
                  Section 3A), and the remaining unvested portion of the option
                  would vest (assuming all other conditions to vesting are
                  satisfied) with respect to the remaining 4,000 shares on each
                  of June 1, 2002 (2,000 shares) and June 2, 2003 (2,000
                  shares).

                           (ii) if Optionee's employment with TeleTech or any
         Subsidiary is terminated within 24 months following a Change in
         Control, then the entire amount of the Option shall become 100% vested
         and immediately exercisable as of Optionee's Termination Date (as
         defined herein); PROVIDED, HOWEVER, that the accelerated vesting
         described in the foregoing clause (ii) shall not apply if Optionee's
         employment with TeleTech is terminated (A) by Optionee for any reason
         other than for "Good Reason" (as defined herein), or (B) by TeleTech
         for "Cause" (as defined herein).

         (b) DEFINITION OF "CHANGE IN CONTROL". For purposes of this Agreement,
"CHANGE IN CONTROL" means the occurrence of any one of the following events:

                           (i) any consolidation, merger or other similar
         transaction (A) involving TeleTech, if TeleTech is not the continuing
         or surviving corporation, or (B) which contemplates that all or
         substantially all of the business and/or assets of TeleTech will be
         controlled by another corporation;

                           (ii) any sale, lease, exchange or transfer (in one
         transaction or series of related transactions) of all or substantially
         all of the assets of TeleTech (a "DISPOSITION"); PROVIDED, HOWEVER,
         that the foregoing shall not apply to any Disposition to a corporation
         with respect to which, following such Disposition, more than 51% of the
         combined voting power of the then outstanding voting securities of such
         corporation is then beneficially owned, directly or indirectly, by all
         or substantially all of the individuals and entities who were the
         beneficial owners of at least 51% of the then outstanding Common Stock
         and/or

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         other voting securities of TeleTech immediately prior to such
         Disposition, in substantially the same proportion as their ownership
         immediately prior to such Disposition;

                           (iii) approval by the stockholders of TeleTech of any
         plan or proposal for the liquidation or dissolution of TeleTech, unless
         such plan or proposal is abandoned within 60 days following such
         approval;

                           (iv) the acquisition by any "person" (as such term is
         used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
         1934, as amended), or two or more persons acting in concert, of
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the Securities Exchange Act of 1934, as amended) of 51% or more
         of the outstanding shares of voting stock of TeleTech; PROVIDED,
         HOWEVER, that for purposes of the foregoing, "person" excludes Kenneth
         D. Tuchman and his affiliates; PROVIDED, FURTHER that the foregoing
         shall exclude any such acquisition (A) by any person made directly from
         TeleTech, (B) made by TeleTech or any Subsidiary, or (C) made by an
         employee benefit plan (or related trust) sponsored or maintained by
         TeleTech or any Subsidiary; or

                           (v) if, during any period of 15 consecutive calendar
         months commencing at any time on or after September 1, 1999, those
         individuals (the "CONTINUING DIRECTORS") who either (A) were directors
         of TeleTech on the first day of each such 15-month period, or (B)
         subsequently became directors of TeleTech and whose actual election or
         initial nomination for election subsequent to that date was approved by
         a majority of the Continuing Directors then on the board of directors
         of TeleTech, cease to constitute a majority of the board of directors
         of TeleTech.

         (c) OTHER DEFINITIONS. For purposes of this Section 3A, the following
terms have the meanings ascribed to them below:

                           (i) "CAUSE" has the meaning given to such term, or to
         the term "For Cause" or other similar phrase, in Optionee's Employment
         Agreement with TeleTech or any Subsidiary, if any; PROVIDED, HOWEVER,
         that if at any time Optionee's employment with TeleTech or any
         Subsidiary is not governed by an employment agreement, then the term
         "Cause" shall have the meaning given to such term in the Plan;
         PROVIDED, FURTHER, that, notwithstanding the provisions of Optionee's
         Employment Agreement or of the Plan, for purposes of this Agreement,
         TeleTech shall have the burden to prove that Optionee's employment was
         terminated for "Cause."

                           (ii) "TERMINATION DATE " means the latest day on
         which Optionee is expected to report to work and is responsible for the
         performance of services to or on behalf of TeleTech or any Subsidiary,
         notwithstanding that Optionee may be entitled to receive payments from
         TeleTech (e.g., for unused vacation or sick time, severance payments,
         deferred compensation or otherwise) after such date; and

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                           (iii) "GOOD REASON" means (A) any reduction in
         Optionee's base salary; PROVIDED THAT a reduction in Optionee's base
         salary of 10% or less does not constitute "Good Reason" if such
         reduction is effected in connection with a reduction in compensation
         that is applicable generally to officers and senior management of
         TeleTech; (B) Optionee's responsibilities or areas of supervision
         within TeleTech or its Subsidiaries are substantially reduced; or (C)
         Optionee's principal office is relocated outside the metropolitan area
         in which Optionee's office was located immediately prior to the Change
         in Control; PROVIDED, HOWEVER, that temporary assignments made for the
         good of TeleTech's business shall not constitute such a move of office
         location.

                  (d) If Optionee's employment with TeleTech is terminated by
TeleTech within two years of the effective date of this Agreement other than for
"Cause," or if Optionee's salary or position is materially decreased by TeleTech
without Optionee's consent, then any unvested Options which would otherwise vest
at the next vesting date under this Agreement shall vest and become immediately
exercisable. For purposes of clarification, a material decrease in position
shall not include a voluntary or required election between Optionee's role as
CFO and Optionee's role as EVP of Human Resources (or the election of any other
role at the executive officer level).

         4. PROCEDURE FOR EXERCISE. Exercise of the Option or a portion thereof
shall be effected by the giving of written notice to TeleTech in accordance with
the Plan and payment of the aggregate Option Price for the number of Shares to
be acquired pursuant to such exercise.

         5. PAYMENT FOR SHARES. Payment of the Option Price (or portion thereof)
shall be made in cash or by such other method as may be permitted by the
Committee in accordance with the provisions of the Plan. No Shares shall be
delivered upon exercise of the Option until full payment has been made and all
applicable withholding requirements satisfied.

         6. OPTIONS NOT TRANSFERABLE AND SUBJECT TO CERTAIN RESTRICTIONS. The
Option may not be sold, pledged, assigned or transferred in any manner other
than by will or the laws of descent and distribution, or pursuant to a qualified
domestic relations order as defined in Section 414(p) of the Code. During
Optionee's lifetime, the Option may be exercised only by the Optionee or by a
legally authorized representative. In the event of Optionee's death, the Option
may be exercised by the distributee to whom Optionee's rights under the Option
shall pass by will or by the laws of descent and distribution.

         7. ACCEPTANCE OF PLAN. Optionee hereby accepts and agrees to be bound
by all the terms and conditions of the Plan.

         8. NO RIGHT TO EMPLOYMENT. Nothing herein contained shall confer upon
Optionee any right to continuation of employment by TeleTech or any Subsidiary,
or interfere with the right of TeleTech or any Subsidiary to terminate at any
time the employment of Optionee. Nothing contained herein shall confer any
rights upon Optionee as a stockholder of TeleTech, unless and until Optionee
actually receives Shares.

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         9. COMPLIANCE WITH SECURITIES LAWS. The Option shall not be exercisable
and Shares shall not be issued pursuant to exercise of the Option unless the
exercise of the Option and the issuance and delivery of Shares pursuant thereto
shall comply with all relevant provisions of law including, without limitation,
the Securities Act of 1933, as amended (the "SECURITIES ACT"), the Securities
Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which Common Stock
may then be listed, and shall be further subject to the approval of counsel for
TeleTech with respect to such compliance. If, in the opinion of counsel for
TeleTech, a representation is required to be made by Optionee in order to
satisfy any of the foregoing relevant provisions of law, TeleTech may, as a
condition to the exercise of the Option, require Optionee to represent and
warrant at the time of exercise that the Shares to be delivered as a result of
such exercise are being acquired solely for investment and without any present
intention to sell or distribute such Shares.

         10. ADJUSTMENTS. Subject to the sole discretion of the Board of
Directors, TeleTech may, with respect to any unexercised portion of the Option,
make any adjustments necessary to prevent accretion, or to protect against
dilution, in the number and kind of shares covered by the Option and in the
applicable exercise price thereof in the event of a change in the corporate
structure or shares of TeleTech; provided, however, that no adjustment shall be
made for the issuance of preferred stock of TeleTech or the conversion of
convertible preferred stock of TeleTech. For purposes of this Section 10, a
change in the corporate structure or shares of TeleTech includes, without
limitation, any change resulting from a recapitalization, stock split, stock
dividend, consolidation, rights offering, spin-off, reorganization or
liquidation, and any transaction in which shares of Common Stock are changed
into or exchanged for a different number or kind of shares of stock or other
securities of TeleTech or another entity.

         11. NO OTHER RIGHTS. Optionee hereby acknowledges and agrees that,
except as set forth herein, no other representations or promises, either oral or
written, have been made by TeleTech, any Subsidiary or anyone acting on their
behalf with respect to Optionee's right to acquire any shares of Common Stock,
stock options or awards under the Plan, and Optionee hereby releases, acquits
and forever discharges TeleTech, the Subsidiaries and anyone acting on their
behalf of and from all claims, demands or causes of action whatsoever relating
to any such representations or promises and waives forever any claim, demand or
action against TeleTech, any Subsidiary or anyone acting on their behalf with
respect thereto.

         12. CONFIDENTIALITY. OPTIONEE AGREES NOT TO DISCLOSE, DIRECTLY OR
INDIRECTLY, TO ANY OTHER EMPLOYEE OF TELETECH AND TO KEEP CONFIDENTIAL ALL
INFORMATION RELATING TO ANY OPTIONS OR OTHER AWARDS GRANTED TO OPTIONEE,
PURSUANT TO THE PLAN OR OTHERWISE, INCLUDING THE AMOUNT OF ANY SUCH AWARD, THE
EXERCISE PRICE AND THE RATE OF VESTING THEREOF; PROVIDED THAT OPTIONEE SHALL BE
ENTITLED TO DISCLOSE SUCH INFORMATION TO SUCH OF OPTIONEE'S ADVISORS,
REPRESENTATIVES OR AGENTS, OR TO SUCH OF TELETECH'S OFFICERS, ADVISORS,
REPRESENTATIVES OR AGENTS (INCLUDING LEGAL AND

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ACCOUNTING ADVISORS), WHO HAVE A NEED TO KNOW SUCH INFORMATION FOR LEGITIMATE
TAX, FINANCIAL PLANNING OR OTHER SUCH PURPOSES.

         13. SEVERABILITY. Any provision of this Agreement (or portion thereof)
that is deemed invalid, illegal or unenforceable in any jurisdiction shall, as
to that jurisdiction and subject to this Section 13, be ineffective to the
extent of such invalidity, illegality or unenforceability, without affecting in
any way the remaining provisions thereof in such jurisdiction or rendering that
or any other provisions of this Agreement invalid, illegal, or unenforceable in
any other jurisdiction.

         14. REFERENCES. Capitalized terms not otherwise defined herein shall
have the same meaning ascribed to them in the Plan.

         15. ENTIRE AGREEMENT. This Agreement (including the Plan, which is
incorporated herein) constitutes the entire agreement between the parties
concerning the subject matter hereof and supersedes all prior and
contemporaneous agreements, oral or written, between TeleTech and Optionee
relating to Optionee's entitlement to stock options, Common Stock or similar
benefits, under the Plan or otherwise.

         16. AMENDMENT. This Agreement may be amended and/or terminated at any
time by mutual written agreement of TeleTech and Optionee.

         17. NO THIRD PARTY BENEFICIARY. Nothing in this Agreement, expressed or
implied, is intended to confer on any person other than Optionee and Optionee's
respective successors and assigns expressly permitted herein, any rights,
remedies, obligations or liabilities under or by reason of this Agreement.

         18. GOVERNING LAW. The construction and operation of this Agreement are
governed by the laws of the State of Delaware (without regard to its conflict of
laws provisions).

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         Executed as of the date first written above.

                                    TELETECH HOLDINGS, INC.

                                    By:  /s/ Michael Foss
                                       ----------------------------------------
                                         Michael Foss,
                                         Chief Financial Officer

                                    /s/ Margot O'Dell
                                    ------------------------------------------
                                    Signature of Margot O'Dell ("Optionee")

                                    ------------------------------------------
                                    Optionee's Social Security Number

                                       8

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