Hrm 532 – Talent Management
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Assignment # 1Cheryl S. AshleyDr. Tonya D. MooreHRM 532 – Talent ManagementOctober, 25, 2015Introduction Bank of America is a national financial institution. The bank has made great strides and has grown considerably over the last twenty years. It was started in a small region in North Carolina, and was named North Carolina National Bank. It is one of the largest financial companies in the world. Bank of America is a multi-cultural industry. Not only does the bank serve individuals in the community, but spans in many other areas such as, small as well as large businesses. Some other attributes of the institution are, investing, financial risk management, asset management, plus other products and services.After the acquisition of Merrill Lynch, in January of 2009, they are among the world’s leading wealth management companies. Bank of America is a global leader in investment banking and trade across a large range of asset classes that also serve corporations, governments, institutions and other individuals around the globe. Bank of America operates in more than 150 countries. Criteria # 1way Bank of America Talent Management Success Program as noted by Goldsmith, et al (2010) is outlined belowSuccess Executive on boarding programsMulti-Phase ApproachComprehensive feedbackCoaching mechanismPre-empting leadership failuresAccelerating knowledge and relationships for an executive roleLeadership DilemmaExpectations are high for incoming executivesMust master the demanding rolesThe probability of derailment is high for the incoming executivePrice of leadership failures Costly for an organizationa. Direct cost for job developmentb. Severance and Recruitmentc. Small organization initiativesd. Loss of business knowledge (Place content)e. Damage to staff and customer relationshipsf. Dampened employee morale and lost opportunities B. Cost of Replacement a. Recruiting a replacement b. Cost of time for the new recruit to master the job c. Cost of development interventions and pre-empting failures for seniors D. On- Boarding Interventions a. Formal on-boarding b. Simple orientation programs c. Opportunity to network with CEO and executive team E. Avoid failures a. Continuous formal performance feedback b. Careful selection of jobs and bosses over the life span of the manager Criteria #2 Talent is driven by utilizing a multitude of components. Many corporations are strategic and enable their executives to develop and acquire as many skills in order for the organization over all to be successful. Top management focus on activities that will benefit and focus on individuals. This is a very important component for companies to succeed. Some activities would include recruiting, staffing, development, performance management and retention as referenced by, Silzer et al, (2010).
Executive and Human Resource Managers can better steer their team toward success by recognizing the need to train and develop their employers. Bank of America identified their strengths of their program and discovered a process to accomplish their goals. Top leaders were committed to develop critical activities for the company that was mentioned by Goldsmith et al, (2010). This was achieved by Compensation Programs that paid employees for their outstanding performance. This was achieved by putting the right people in critical roles and managing their performance. Bank of America continually upgraded the team through grooming them and developing them. Trust was to be established as an important aspect for the entire team to be held accountable at all levels of the organization. The corporate culture of Bank of America is one that strives for truth as a value that drove them to goal accomplishments which has given them a competitive edge over many other baking and financial institutions.Criteria #3 Different phases were set forth to include opportunities for improvement. Bank of America used different phases and interventions to bring on board the selection of new executives into an entry executive role, a mid-point of one hundred to one hundred and thirty days on the job, and then a final review phase at the end of the first year as Goldsmith, et al (2010) referred to. In the selection phase they were to ensure that the leadership had the ability to fit within their culture. The individual needed to have certain interpersonal skills and sensitive to the brand of Bank of America. The entry phase was put in place to follow through with the process of actually developing the individual to their new role. This phase also included learning the organization’s culture. It was very important for the new executive to master all of the demands as a leader and to concentrate on continuously building the critical relationships within the organization. Once the new executive reached the mid-point phase, they could be mindful of any written documentation that would involve interventions and verbal feedback. These phases were for progression and to develop a means to build on working relationships in order to be a more effective leader. This leadership approach not only included the team within the organization but the how the stakeholders looked at the leaders.