Corporate Leadership : The Bank Of America Essay

Employees who have experience in leadership and have been in the industry a while would be in the talent pool called leadership talent. The next key concept after the employee has been placed in the talent pool, is to establish a planned development program which share and teaches them the business knowledge and well as professionalism, teamwork and leadership development. Another key concept is the increase of retention of employees identified in the various pools. One of the first key concepts of talent management for this “for-profit” organization is to develop talent and identify functional areas is linked to the business strategy. After you review the business strategy to ensure linked to the functional areas, you identify the focus areas. Next you identify and define the organizational capabilities, then define key leaders. Assess and define individual functional standards. Then identify and build talent systems components, and then measure impact and effectiveness. To help achieve these steps mentioned above you must implement a structured selection process. Develop a career development program that also assesses talent. Implement formal learning and developing programs. Merge functional competencies integrated with the performance management systems; measure and assess your outcomes and then reward and recognize employees that have excelled in the programs. The key components for the employee would be Selection; Development; Succession; and

This paper is going to describe OCBC’s unique approach to talent management and development. Compare OCBC’s approach to talent management and development to other organizations you are familiar with (e.g., current or past employers, a family business). Explain how OCBC’s approach to talent management and employee development been a primary contributing factor to the firm’s success. Evaluate the extent to which OCBC’s approach to talent management and development fits other organizations or industries, including some limitations if applied elsewhere without modification.

In multinational companies, business leadership has numerous challenges. There has been a prevailing imperative towards the development of partnerships and strategic alliances. This has been because of the need for companies to lower production costs, carry out distribution in a foreign country, or succeed in the face of varied regulatory environments. The result has been the need for business leaders to frequently interact with and manage as well as be managed by culturally diverse populations.

Depending on the nature of the business, organizations will require various sets of talents (skill, knowledge and capabilities) that contribute towards the their growth and success. Markets in general have high supply of some talents and low of others. Based on the talent requirement of the organization and the market in which it operates, it will have to alter its approach towards attracting the required talent. This may involve adjusting factors like remuneration, long & short-term benefits, career prospects, trainings, etc.

Bank of America is a bank and financial holding company. It is a financial institution that serves individuals small and large business, large corporations and the government. The bank offers banking, investing, asset management, risk management, and other financial services. Through its subsidiaries and other nonbanking subsidiaries in the United States and international markets it provides six major segments. They are Deposits, Global Card Services, Home Loans and Insurance, Global Banking, and Global Wealth & Investments Management. The company is headquartered in Charlotte North Carolina and employees more than 283M people.

The most intriguing idea that come into my view of talent management is an achievement, put into practice of talent management to review staff meeting. For discussion in relation to talented staffs and building their knowledge, expertise and possibility introducing to other managers in separate sections of the business. As well as the potential to utilize make growth of inside talent is magnified for equally the business and the talented workers.

Bank of America (BOA) is a multinational banking and financial services corporation, headquartered in Charlotte, North Carolina. The History of BOA starts in 1904 when Amadeo Pietro Giannini opened the Bank of Italy in San Francisco. In 1930 it merged with Bank of America of California, and that is when it gained its name. In 1968 this Corporation was organized in Delaware as a holding company for Bank of America National Trust and Savings Association and other financial subsidiaries. In1983 BOA merged with the biggest Washington state bank “Seafirst Corporation”, which was the largest United States interstate bank. BOA purchased their biggest competitor in California, (the Security Pacific Corporation) in 1991. On 1998 Nations Bank acquired

Bank of America is a member of the Federal Deposit Insurance Corporation (FDIC) and a key component of the Standard and Poor’s 500 and the Dow Jones Industrial Average. As stated above, Bank of America is not only one of the largest banks in deposits, it is also one of the largest as it relates to footprint and locations. When analyzing the company’s strengths and weaknesses, it is evident that Bank of America’s

Talent management consist of six components that, when implemented strategically, combine to keep an organization on the leading edge. These components are: Strategic Employee Planning, Talent Acquisition and Retention, Performance Management, Learning and Motivating, Career Development, and Succession Planning. Strategic Employee Planning is the practice of developing your organizational goals and strategic plan. It is also knowing how to achieve your goals and implement the plan. Another responsibility of employee planning is identifying the key roles and personnel who will assist you in attaining them. Talent Acquisition and Retention is hiring new talent into your organization and recognizing and cultivating talent you already have in the organization. Promoting from within your organization is more cost-effective and encourages employee engagement and loyalty. Performance Management is when the right person is aligned with the right role and position within the organization. Its end goal is to make sure that roles align with your business strategy to achieve its goals. It develops goals for success, supports employee development, and moves the organization in a positive direction. Learning and Motivating sounds like two components but they actually go hand in hand. Learning is

Sustainable talent management is considered to be more than just a terminology; rather, it is a set of some crucial activities which are performed under the human resource head with the motive of exerting a pull on the talented individuals for using their skills and the best of their abilities for the progression and prosperity of the organization (Collings and Mellahi, 2009). The process of sustainable talent management is not confined to attracting the individuals only; rather, it also involves their

Kelly OCG understood the company’s business strategy and had a strong focus on achieving them. They aligned talent management initiative and HR activities, systems and processes so that they were fully integrated. Senior executive had limited contact with talent programs processes. Realizing that talented employee were the heart and soul of an organization talent planning and management process in now becoming a core business practice driven by business strategy and talent strategy. (Dowell, 2002). Jeff Immelt, GE’s CEO, stated, “developing and motivation people is the most important part of my job. I spend one third of my time on people”. (Lawler, 2008). Many companies rely on HR to design, implement and monitor various talent management programs and

Bank of America is a banking company, meaning that it is in competition with other firms like JPMorgan Chase and Wells Fargo and Company. Regarding market share, Bank of America is one of the leading companies and provides a good base pay and benefits package to its employees. Bank of America sits at a position in the market that allows them to offer great rewards and compensation to its staff members. Additionally, the company understands that the marketing and use of its banking services are essential to its sustained success, so Bank of America makes sure that it is capable of attracting and preserving the most excellent aptitude of employees within those areas. The most beneficial compensation strategy that has worked for Bank of America for so many years is basing pay off of the ability of the employee and recognizing their

In 2008, Bank of America gained Merrill Lynch which made it the world's biggest riches director and principle organization in the venture managing an account business. Because of different acquisitions, mergers, and joint ventures the organization has a solid position and nearness in residential market.

For organizations to carry out their strategic plans effectively and efficiently, it is very important to have and forecast the best talent in order to thrive in this hyper-competitive and increasingly complex global business environment. According to Wellins, Smith, and Erker (n.d), talent management is "a mission-critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities". It is therefore imperative for organizations to consider human capital or workforce as the foundation for organizational growth, development, and success, by having the best employees as a strategic asset for most advantageous performance, and aligning such endowments with the organizations ' strategic goals. It can also be said that the success of any organization is directly linked to the performance of those who work in it. This implies that failure to properly tackle and anticipate the employment or personnel needs can jeopardize the viability of the entire organization. Based on these premises, organizations need to be proactive enough by predicting their staffing needs so that they would always have the needed human resource capability to execute their strategies. To effectively plan for the future staffing needs, the human resource practitioners may rely on some analytical tools to determine future workforce requirements and availabilities, in order to find out if the

Talent management starts with corporate strategy. It guides managers on decisions about what type of talent they need. The emphasis is on placing the right person for the right job. Through the annual institutional and worker review process emphasis should be placed on effectiveness of the worker on achievement of the objectives set in the performance (Edwards, 2010 Foster et al., 2010, Frimann, & Mønsted, 2012)).