Talent Management for Bank of America
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The talent management program that led to success for the Bank of America
The executive strategy for retention used by the Bank of America focus on attracting is based its performance, retaining, and developing great leaders (Fishel &Conger, 2009, p. 22). The process of attracting great leaders calls for adequate compensation and concise and standardized criteria for screening for areas that recruitment specialists have expertise. The company has excellently integrated business skills to extend the existing executive team and human resource silo competencies. These efforts are to avert derailment through conflict or loss of credibility with the change and organizational culture (Fishel & Conger, 2009, p. 24). Therefore, the company's success significantly relates to job development, which occurs before the selection process. This process integrates the objectives and needs of the stakeholders on the newly recruited executive with focus on mitigating any revolts in the organization during the succession period.
After defining their critical roles in banks, the company focusses on getting the right people via extensive assessment and ranking with a close link with the leadership development contractors and key stakeholders (Fishel & Conger, 2009, p. 22). Three distinctive and crucial stages follow selection:
1. “on the first day” – a prepositional phrase.
2. “at mid-point” – a prepositional phrase.
3. “the end…” – not a prepositional phrase.
(p. 24). The initial phase intends to have the new executive master the bank's business model, identify with and achieve an understanding of the cultural norms they will operate while taking charge of the strategic opportunities of the human resource department. The company also aims at obtaining realistic goals that make its leadership more credible and prepared. This also allows the company to present orientation and coaching with a precise plan for skills mastery.
In adition to that the bank’s development consultant offers a new way with bulletproofed strategy and workforce resources. Any present obstacles are well identified and outlined in the company integration plan, which incorporates senior executives, subordinates, and peers into a reciprocal orientation (Fishel & Conger, 2009, p. 25). This form of orientation involves forming a horizontal, vertical, upwards, and the downward relationship between the culture and the new leader. The new leader is introduced to the company's culture as well as the culture itself being inducted to the new leader. The outcome of this is that the business has more clarity and practicality in its immediate short-term objectives to further engage them in more confidence and credibility in a success path (Cheese, Thomas, & Craig, 2008). The new executive is deployed to play a strategic role in this component of success.
Further, the business has mentorship programs for senior executives and senior management that impact the understanding of organizational complexity and teamwork (Fishel & Conger, 2009, p. 29). The program involves leadership development specialists who help to identify the objectives, key concerns, and critical priorities that the new leaders, existing staff, superior, and peers relate to one another in an anonymized, reassuring, and mediated group. These multiple-stages of stakeholder coordination orientations extensively climax in a crucial impact on the corporate view. For instance, the CEO's office in the initial months with excellent leadership program brought together, all executives for an informal networking and mentoring direct orders as well as CEO’s expectations relevantly sought for “a safe haven or resource group” for the company (Fishel & Conger, 2009, p. 29).
On top of that, the culture of Bank of America is built on a feedback-rich management environment, which is supported by the executive talents who share responsibility in the success of the new leaders and the organization (Fishel & Conger, 2009, p. 30). Such a scenario allows the company to focus on identifying and revising the new leaders' intentions with regards to the actual performance in terms of short-term objectives and impressions. This is the best way since the company makes it clear what the stakeholders’ expectations are for the new executive (Fishel & Conger, 2009, p. 29). The company's:
· value chain
· formal review by seniors
· inputs ongoing feedback system has had a significant contribution to its success.
Both the completing and re-initiating of 360 degrees’ cycle have satisfactorily sustained the bank’s dominance amid the intense competition in the banking industry. The cyclical integration presents the bank with "rich, candid, and ongoing data" that is crucial to its ongoing progress (Fishel & Conger, 2009, p. 33).
How strengths of the program led to goal accomplishment
Here, the significant power for Bank of America is its prior field testing. The outcome of the onboard program is evident in the bank's turnover rate, which is significantly lower than other industry players (Fishel & Conger, 2009, p. 18). One of the bank's strategies is to increase its profit margins and reduce the turnover, since it can help in the accomplishment of the organizational goals as the right personnel is led to become more effective. Fishel and Conger (2009) depict various implied, pull-cost drivers such as stalled corporate initiatives, business knowledge loss, damaged relationships with customers and staff, loss of opportunities, and stifled employee’s morale that relies on this turnover rate (p. 19). The foregone opportunities because of the failed recruitment process on the other side increased their respective performances, helps in achieving goals for the company focused on building equity for the shareholders, leverage with creditors, and promote customer satisfaction.
Moreover, Mathis, Jackson, Valentine, & Meglich (2016) describe how sustainable organizational change utilizes leadership, mentorship, stakeholder buy-in, and ownership within and across organizational units. If Bank of America’s organizational change is a prerequisite in response to the changing technologies and consumer preferences, then the initiatives could favor it in the attainment of its goals. The continuity and adaptability of a business to change has considerable value as well as high costs if the failure occurs. Bingham and Galagan (2011) refer to Mary Slaughter's demonstration of how the competitors of Bank of America are rivaling this strategy intentionally. 360-degree development is practically one of the best banking management practices that could lead an organization to greater heights.
Opportunities for improvement in the talent management planning process
Here, the bank continues to check in too late and assesses performance too early. These aspects can allow suboptimal relations to mature further from rehabilitation and undermine the new executives while limiting stakeholders' impression build-up, respectively. The company can enable the new leaders, staff, and superior to have enough time to identify relevant patterns that can be improved and provide meaningful feedback for the senior partners and new executive who oversee these operations (Fishel & Conger, 2009, p. 30). A cyclical feedback system would climax when the new executive fully attains a complete performance cycle and demonstrates an acute focus to the objectives identified by the stakeholders in the official reviews.
Additionally, the executive roles encompass enormous accountability, teamwork, trust, and visibility. It is an exceptionally demanding position that offers limited time to learn on the job, and minimal developmental feedback and coaching for the executive are offered. The company can make use of the intermittent opportunities for formal coaching and executives’ education programs to provide the management and leadership team with a maximum chance to improve on organizational talent management processes. Significantly, the promotion of managers to executive leadership positions would be a steep jump of careers and could consist of least transitional support. This would limit developmental support as functional line management responsibilities vary from executive roles and provide the least of preparatory experiences for such positions.
In the past, the promotion of the management team itself can create a sense of misplaced self-confidence in the new executives towards their new roles. As Fishel and Conger (2009) put it, the sense of self-assurance might dampen the new executives’ abilities to seek developmental feedback and limit them from proactive-ness in personal reflection and continuous learning. The company, in its talent management planning process, might need to utilize coaching and implement a feedback system that to help such executives who dispel their relevance. In conjunction with this is a more politicized environment. In any organization, peers at executives are highly competitive for the top roles. This might limit Ceo's insights to see coaching as an essential aspect and end up providing provide limited or no developmental guidance.
The bank’s baseline assumption is fruitful on-boarding happens overtime for the executive on the job. It is there crucial that the company supports its onboard talent management activities with multiple interventions (Fishel and Conger, 2009, p. 23). For efficiency reasons, intervallic on-boarding must be backed with numerous stakeholder resources as a way of engaging the fullest spectrum of stakeholders. This would see the intervention and maximize the opportunities more interactive for the optimally desired outcomes.
Effective approaches to meet talent management challenges in the future.
Besides the strategic methodologies that Bank of America has put in place, various approaches can be employed to handle any future challenges that might come across. First, proactive job design is a unique approach for managing talent pool retention (Cappelli & Keller, 2014, p. 317). This approach can either be the inclusive or exclusive way to provide employees of the bank with the prospect of proactively modifying their jobs, responsibilities, tasks, and employment terms and conditions in the best way desirable. The proactive approach is very crucial in job crafting, role adjustment, and distinctive. As such it can be reasonable in allowing the managers, employees, and executives to shape their activities about their roles identities, past experiences, stay motivated, and in pursuit of both personal and professional objectives (Sanchez & Levine 2012, p. 403). The approach should have positive effects on voluntary turnover factors such as job stress, organizational commitment, and job satisfaction. To an extent, this approach would work to ensure that new executive expands their competencies instead of just shaping them to the existing ones. Such initiatives are what makes the method critical in the talent development process.
Another critical approach is the integrated systematic approach. In the dynamic technological environment, the executives need to respond to the workplace demands through innovative ways towards their talented workforce retention and conservation. New methods should help the company to develop leadership and management competencies to keep pace with the dynamics and complexities of technological innovations (Hejase, Hejase, Mikdashi, & Bazeih, 2016, p. 505). Individuals in the organization must attain flexibility in their career paths, and the organization needs to be flexible to the dynamics of the workforce. The Bank of America, with its key focus and drive towards the best leadership, must rethink its hiring, training, and rewards systems as it places tasks to the epicenter of its business plans. It can then address its problems through a unified, integrated program that limits resource wastage. According to Hejase, Hejase, Mikdashi, & Bazeih (2016), when a systematic approach is followed in talent management, it becomes crucial in the facilitation of a strategic analysis of the comprehensive human resource processes. It allows for a coordinated performance-oriented approach to be implemented. Therefore, developing and adopting an integrated and proactive strategic approach to talent management would impact on turnover rates and contribute to workforce retention.
References
Bingham, T., and Galagan, P. (2011). Success at SUNTRUST begins and ends with talent T + D, 38-42 Retrieved from www.astd.org > T+D > At-C-level
Cappelli, P., & Keller, J. (2014). Talent Management: Conceptual Approaches and Practical Challenges. Annual Review of Organizational Psychology and Organizational Behavior, 1(1), 305-331. doi:10.1146/annurev-org psych-031413-091314
Cheese, P., Thomas, R. J., & Craig, E. (2008). The talent powered organization: Strategies for globalization, talent management, and high performance. London and Philadelphia: Kogan Page.
Fishel, B., & Conger, J. (2009). 2. Bank of America. In Best Practices in Talent Management.
file:///C:/Users/owner/Downloads/Casestudy.pdf
Hejase, H. J., Hejase, A. J., Mikdashi, G., & Bazeih, Z. F. (2016). Talent Management Challenges: An Exploratory Assessment from Lebanon. International Journal of Business Management and Economic Research (IJBMER), 70(1), 504-520. Retrieved from http://www.ijbmer.com/docs/volumes/vol7issue1/ijbmer2016070105.pdf
Mathis, R. L., Jackson, J. H., Valentine, S. R., & Meglich, P. (2016). Human Resource Management. Boston, MA: Cengage Learning.
Sanchez, J. I., & Levine, E. L. (2012). The Rise and Fall of Job Analysis and the Future of Work Analysis. Annual Review of Psychology, 63(1), 397-425. doi:10.1146/annurev-psych-120710-100401
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