Assignment 1: Bank of America Case Study
Dr. Marie-Line Germain
HRM 532 – Talent Management
January 22, 2012
1. Outline the talent management program that led to success for the company.
Bank of America has always been a leader in the financial services industry. Its
philosophy of talent management and development is driven by seven guiding principles that create a mindset that is pervasive across the bank’s executive ranks. They are:
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 are not necessarily tomorrow’s.
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.
Bank of America’s talent management and development efforts are structured around a
core set of frameworks that includes the Bank of America core values, a 70-20-10 development frameworks that includes experience based development, 70 percent, coaching and feedback, 20 percent, and learning, 10 percent; targeted transition development for leaders at each turn of the leadership pipeline; and regular assessment to gain deeper insight into the experiences, leadership capabilities and vulnerabilities, and ambition of senior executives. (Knighton, 2009). This combination of philosophy and structure provides an integrated approach to talent management and leadership development that focuses on enhancing performance today and preparing leaders for the future. With these solid foundations for developing leaders already laid, Bank of America turned its focus to improving he executive team’s line of sight to the bank’s top 50 executives and identifying leaders with the potential to hold one of the top jobs at the bank within the next five years. (Knighton, 2009).
2. Identify strengths of the program and how they led to goal accomplishment.
The strengths of Bank of American talent management programs is its practice of
deepening and diversifying the leadership talent bench to create a strong pipeline of leaders who are prepared to lead the bank to its desired status of being the most admired company in the world. The concept of deepening and diversifying the talent bench is integrated into the company’s regular operating measurement process. Human resources led the development of the set of metrics used to evaluate progress toward these goals with strong involvement and input from the senior leadership team. (Goldsmith and Carter, 2010)
The strength of the talent management program are leadership and organizational support for talent management practices, robust and diverse candidate pools, financial and human resource availability, coordination among talent management practices area leaders and tools available to collect stakeholder input. Some of the strength was building a talent dashboard, shifting talent management accountability, and health of bench. The most relevant metrics related to the growth of the leadership talent at Bank of America are summarized for the organization’s monthly business review. This set of metrics, known collectively as “health of the bench” is a leading group of indicators designed to minimize leadership vulnerability within the organization. (Silzer & Dowell, 2010). The metrics address three key areas: role vulnerability, talent management process efficiency, and senior leadership perceptions regarding the quantity and quality or existing latent in the organization. One of the strengths of the health of the bench is...