Another two effective processes will be explored in an attempt to roved a better approaches to talent management than is displayed in the case study. The sum of this paper is to evaluate Bank of America’s approach to talent management. Bank of America’s history starts in 1904 with its founder Madame Peter Gaining as the Bank of Italy in San Francisco Ca (Encyclopedia Britannica, 2015). It later became Bank of America and was originally owned by Mr.. Gassing’s holding company Transoceanic Corporation.
The current Bank of America Corporation is the result of a merger between Bank of America and Nominations on 1998 (Encyclopedia Britannica, 2015). Their current headquarters are now in Charlotte, North Carolina. From 2001 to 2008 Bank of America hired on 196 external new hires with only 24 terminations during that time. They amassed a twelve percent new hire turnover rate for new hires in comparison to the average 40 percent turnover rate with other large corporations (Goldsmith, 2010). Outline the talent management program that led to success for Bank of America.
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Since the banks opening in its current form in 1998, Bank of America has been considered a worldwide leader in the financial services industry. Bank of Americas talent management and development philosophy has a core of seven principals used to guide, create and set a thought process across all of the banks executive offices. These seven principals include: 1. Leaders really do matter in managing and driving accountability, results and culture. 2. Performance Rules: Top performers, then high potentials. 3. Talent is an enterprise resource. 4. Today’s top-performing leaders aren’t necessarily tomorrows 5.
A broad set of experiences and assignments is the best classroom; yet a balanced approach is necessary for development 6. Today’s top 100 must leave a legacy of future talent by teaching, mentoring and serving as role models to others on what it takes to succeed. 7. Invest in the best and focus the rest (Knighting, 2009) As part of their method to operational their development outline they included a 70-20-10 approach to their training. This breaks down to 70 percent in experience based development, twenty percent in coaching and feedback while the last 10 percent is used for traditional learning (Knighting, 2009).
This includes an aimed metamorphosis in leadership development at every stage of their Leadership pipeline. Adding regular assessments and evaluations increases the amount of insight gained into the different experiences, leadership styles and vulnerabilities, and the ambition of the senior executives. With this combination philosophy, structure approach they have made a talent management and leadership development focused on today’s performance and preparing the leadership of the future (Knighting, 2009). Identify strengths of the program and how they led to goal accomplishment.
Some of the Bank of America Program strengths within their talent management program that have come to light research include the fact that the aerogram is focused on a specific category of employees. These employees are essentially the basis for the ultimate success of the program. The program itself is cyclic meaning it occurs in cycles and is regularly repeated, as part of their business model. This also means it does not show any signs of interruptions during the process and has not instances of individual implementations. All of the results from the program are received company wide.
This is due to the results impacting every aspect of the company, for example the operational staff, resources allocation, and the planning of the budget. In addition the program has a marked positive impact on the overall culture by inspiring a sense of empowerment in the trust teamwork and accountability found in every level of the organization, but most especially in the executive ranks. Describe opportunities for improvement in the talent management planning process. Like there are strengths to the program there is also room for improvement.
As was pointed out earlier the program at Bank of America is a well-oiled machine developed to manage the staffs at the company. However there are shortfalls in the level of planning. There is little flexibility despite being a cyclical system. Once in the program and on a set track there is no opportunity to alter this track to meet the specific needs of the employee. The program can also be highly intense. It is not unusual for the company to expect a great deal from their executives considering the amount of time it takes to reach such a position.
However any standardized program is not able to completely bring out the potential in any individual. Utilizing their program as a frame work there is room to tailor certain aspects to fit each individual as the progress and evolve. The program is also focused on the executive personnel. This leave a large gap in improvement between executives and the rest of the personnel. It provides a great opportunity for the rest of personnel to attempt to reach the executive ranks by being cognizant of their executive’s training.
It is an opportunity and perhaps a draw back as there is a definite gap in training and professional development in a system meant to encourage future leadership development. Despite this the program does accomplish preventing many of the shortfalls that other executive onboard programs fail in. It encourages the executive to continue developing as well as to seek mentoring and advice in their development. This is accomplished by providing an atmosphere that encourages it.
Ensuring development in the executive personnel can encourage the other personnel to take their own training and development more. Create at least two (2) more effective approaches to meet the talent management challenges in the future. Like the all programs in a successful company the place to start is the business strategy and combining whatever other best practices need to be soused on and improved. In the case of talent management the talent strategy should start with the end product in mind by ensuring that it is in full compliance and alignment with the business strategy.
The first sign of an effective talent management is that it is in complete cohesion with the business strategy (Welling, 2008). An effective talent management strategy requires you goals and strategies to energize the quality and quantity of personnel talent necessary. In some companies there is a belief that business and talent decisions are one and the same. Another aspect is to note that the executives should be setting up places for their replacements instead of being so worried about being on the executive board.
This goal is not to negate the hard work of being part of the board but it is to emphasize that you are to train those that work under you in order to preserve future advancement of the company. Linking both the strategy and the need for leadership to help improve and develop future leaders are the basis of a well-orchestrated talent strategy (Welling, 2008). Over all it is often best to remember the basics of effective talent management. This includes remembering to select a plan, this identifies right talent with the right competency.
Then plan the talent out by designing the right talent strategy to fit the company’s needs and requirements. Following planning the talent there is the need to grow the talent you have acquired or currently have, by developing the talent in order to build their capability (Growth Point Consultancy, 2012). Final stage is to engage your talent by retaining it with incentives such as learning opportunities that in turn energize your talent. Used in a cyclical tatter the company is able to acquire grow and maintain their talent (Growth Point Consultancy, 2012).
A strategic execution of the talent management plan include plan acquire, engage, develop, deploy, lead, retain, and measure (Growth Point Consultancy, 2012). Then it repeats over in a circle of talent management practices as a method of ensuring that the talent and business strategy are in continuous improvement evolutions. Conclusion: Though the talent management strategy of Bank of America has made a number of impressive strides to making it one of the leaders in the financial world, there re still some areas to either improve or elaborate their development strategy for.