BANK OF AMERICA

Bank of America Case Study



Abstract

The paper discusses that how bank of America evolved it strategy of talent management. Through multi interventional techniques they redefined the role of stake holders and are able to take talent management into new dimensions. Recruitment process has been redefined completely as a result best candidate is selected for executive position.

Bank of America

Introduction

Bank of America experienced impressive growth in the last 20 years by acquiring different banks. Bank of America has grown into one of the largest companies of the world. Extensive acquisitions have led Bank of America to design an onboard executive leadership program. Results of the research of employee derailment in Bank of America initiated the leadership program. The purpose of the program is to acquaint the leaders of the acquired companies with the goals and objectives of the Bank of America (Goldsmith, and Carterm 2008, pp 17-32).

The program consists of 5 steps:

Getting the right people

Performance management through 360 degree feedback

Upgrade them

Develop them with the help of training and coaching

Compensate them with respect to their performances

Outline of the Talent Management Program

Ken Lewis, CEO focused on the employee intervention activity. Lewis personally meets the executive and inquires about organization challenges, performance of the business units and the targets they have set for the upcoming years. These meetings thoroughly assess the executive performance in the business unit. Executives bring snapshots of the strengths, weaknesses and challenges they face in their business units. During these critical meetings, executives make some commitment regarding their future projects and assignments. Lewis keeps a quarterly follow up of the executives that are they fulfilling the commitments or not?

The introduction of differentiating individual performance program is the key to tolerance and acceptance of the performance of the employee. Lewis believes that anyone can be a potential leader and any potential leader can fall behind (Goldsmith, and Carterm 2008, pp 17-32).

Stake holders associated to newly hired individual make multiple interventions in the first 12-18 month of job in order to ensure proper integration into companies polices and environment. Multiple resource intervention is the key to quality hiring and grooming an Executive as per Bank of America's values and beliefs. These interventions occur at different phases of the recruitment and placement levels.

In the selection phase, Leadership development partners of the bank ask questions from the candidate to assess the traits and cultural fit within the bank's environment. Leadership development officer then asks interviewers about the candidate potential to fit-in within the business environment. The crux of the questions asked from interviewers is to see the potential of the candidate from the perspective of the interviewers. LD matches both the results to see the consistency. Stakeholders are critically questioned about the requirements of the job description for a particular job. This activity acts as a guide in the selection process when assessing capabilities possessed by the candidate. LD partners hold profound experience in the selection of the employees therefore; they act as Chief talent officers during the selection ...