Bank of America Research Paper Example | Topics and Well Written Essays - 1500 words

Bank of America - Research Paper Example It trades across various asset categories to companies, governments, organizations, and people in the globe and it company more than 150 countries of the globe. This essay seeks to analyze the talent management program that leads to the organizations success, the strengths of the program. It will analyze how they lead to achievement and opportunities for improvement. In addition, the essay will also create two effective approaches to meet the talent management challenges in the future. The talent management program used for the bank’s success was the use executive on-boarding approach. The bank accommodates international and local executives every year. This program is designed to help new executives learn to be facile in navigating the bank’s large matrixes organization. It also helps them in building and leveraging networks of relationships for career success and implementing the company initiatives. The bank utilized a multifaceted approach to establish at the execut ive level and the managements support to the development program of leadership. The development of the bank leadership executive activities include management, selection, on-boarding, performance, executive talent upgrading process, process of experiences development and compensation. The organizations culture promoted by Lewis encourages conduct, trust, teamwork, and accountability at all management levels. The company deeply emphasizes individual performance and believes that today’s performer is not necessarily tomorrow’s performer. To develop an effective on-board program, the firm has created a program that is categorized in to four phases, which includes the selection phase of the program. The company does not only use expertise and experience to select executives but also leadership ability and cultural fit. An executive lacking leadership and interpersonal skills as well as cultural sensitivity is perceived to cause derailments, (Bank of America, 1994). To elim inate this, the company uses partnerships with executive search firms to get the ideal candidates for the positions. The people in the recruitment position must have an understanding of culture and leadership requirement of the bank when called upon to do an executive level research. Job design is also another consideration made in the selection phase, whereby the stakeholders are given clear job specifications before they are given a mandate to conduct the executive research. This allows the hiring executive not to make a blind selection of the new employees. Additionally, the LD partner is vital to the selection phase as he serves as the main talent officer in the process of recruiting and on-boarding. This individual usually has between ten to fifteen years of experience and with a leadership or organizational development background. This experience gives them an increased level of credibility in the eyes of the executive and the stakeholders. After executives have been selected, this is the entry phase and the most critical weeks on a job are the initial weeks on hiring. The new executive is expected to accomplish dour vital outcomes; develop business acumen, learn organizational culture, master the roles of leadership demands and build critical organization relationships. The new executive must be able to learn customer and financial information in regards to his/her new roles. He /he must also set realistic goals