Assignment 1: Bank of America Case Study
DJhonna M. Jones
Dr. Daniel C. Frost
25 January 2015
Using the Bank of America Case Study found in chapter two, an outline of their talent management program, which was instrumental in the success of the company. An identification of the programs strengths and how these strengths have led to their goal accomplishments. A description of the different opportunities for improvement in their talent management planning process will be added. Another two effective processes will be explored in an attempt to provide 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 Amadeo Peter Giannini as the Bank of Italy in San Francisco Ca (Encyclopedia Britannica, 2015). It later became Bank of America and was originally owned by Mr. Giannini’s holding company Transamerica Corporation. The current Bank of America Corporation is the result of a merger between Bank of America and NationsBank 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.
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. Talen 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 (Knighton, 2009)
As part of their method to operationalize 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 (Knighton, 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 (Knighton, 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 program 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...
Cited: Encyclopedia Britannica. (2015). Encyclopedia Britannica: Bank of America Corporation . Chicago: Encylopedia Britannica.
Goldsmith, M. (2010). Best Practices in Talent Management. San Francisco: John Wiley and Sons.
Growth Point Consultancy. (2012). Strategic Talent Management. Singapore: Growth Point Consultancy.
Knighton, T. (2009). Next-Generation Leadership at Bank of America. Chief Learning Officer : Solutions for enterprise productivity, N/A.
Wellins, R. (2008). Nine best practices for effective talent Management. new york: Whiteaper.
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