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NikolePPT.pptxTeam Development/Bank Of America
Nikole Kornegay
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Introduction
Developing the right team is very important for large organizations. A high performing team will allow an organization to see successful results if the team is developed properly. Fortune 1000 companies like Bank of America have learned to develop good quality teams and how teams bring employees from different cultures and backgrounds together in workplace environments.
TEAMS
A team can be defined in a few different ways. Organizational teams for the most part is a group of people working together for a common goal. There are a variety of that consist of a team:
Individuals working together for years.
Working together within an organization.
Working together for a short period of time to complete a task.
Clear understanding of team roles.
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TEAM DEVELOPMENT
Importance of team development:
High performance teams will bring success.
Create more innovation among employees.
Commitment levels will rise.
Eliminate incomplete projects.
Decrease clicks among employees.
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DESIGN PROCESS
Once an organization decides on the type of team needed. The next stage would be to design that team. There are a few different types of team structures to choose from. The overall design of the team should be centered around the mission or goal of the organization.
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Things To Consider for team design:
This structure must be defined
before the team can move
forward.
Number of team members needed.
Communication barriers.
Define roles for each team member
Can team meet deadlines.
Bank Of America’s Team Structure:
Banking, finance, and marketing employees work directly with individual clients across the U.S.
Employees support functions and work on special teams to ensure success of day-to-day operations.
Employees build strategic teams with administrative, finance, audit, human resources, risk and legal functions to make up this team (careers.bankofamerica.com).
Bank Of America’s Team Implementation Process
Pipeline Business Model
Information analysis
Expert decision making
Provision of complementary services to target customers.
Click-and-Mortar Business Model
Website and mobile baking apps.
Optimizing operating speed and efficiency.
Increased revenue through online services.
(rancord.org)
Maintaining Team Development:
Incentives and Opportunities:
Career Path Tool – portal for career needs including job searches and career planning.
Year Up- helps employees prepare for challenges of employment.
Pathways career program- partner with outside organizations to connect with other candidates.
Leader Investment:
Next Level Leadership Program
Diverse Leader Sponsorship Program
Accelerated Development Program
Conclusion
Team development is an important factor for the success of any organization. An organization must decide in the beginning what their goal is and how they want to obtain the goal. The design process and implementation process is also important. These steps must be strategically and carefully implemented. One thing an organization must consider is their employees. Learning what employees need to meet the goal and be successful is key. When organizations are concerned about their employees, their employees will become dedicated.
References:
Banking careers at Bank of America - our teams & structure. Bank of America. (n.d.).
Retrieved September 19, 2021, from https://careers.bankofamerica.com/en
-us/company/organization.
Harris, P. (2019, June 21). Bank of America's business Model, generic strategy & Intensive
growth strategies. Rancord Society. Retrieved September 19, 2021, from
https://www.rancord.org/bank-of-america-business-model-generic-strategy-intensive-growth
-strategies-competitive-advantage.
