In every organization, human resource management is responsible for enhanced talent management. This is attributed to the fact that talent management is every firm’s most demanding and compelling concerns. The reason for this great compulsion is that talent management is surrounded with issues of rapidly aging workforce. Therefore, it is vital for involved companies, in this context, The Bank of America, to focus on pooling talents to help it advance its operations. The key to sustainable talent management is for this organization to find the best ways to address issues related to talent by assimilating and implementing the best solutions vital for successful talent management strategies.
Performance Management Procedures Employed To Measure Employee Talent
In contemporary society, organizations have several strategies to measure employee talent. The most important approach in measuring employee is for applicable organizations to focus on the critical elements that help them remain true to the course. In this case, The Bank of America needs to ensure that talent measurement is carried out regularly, and this frequency is replicated in the feedback and review mechanism. However, for guaranteed effectiveness, involved companies have to make sure that the performance management process is simplified, such that possible complications are addressed accordingly. The overall assumption in talent measurement is that key performance indicators (KPIs) are utilized at all levels of assessment. An even simpler performance management approach for this organization is to adopt a closed-loop and feedback model that allows workers to collaborate with management in the evaluation process. Doing this is sure to help The Bank of America to inform its employees, such that they can focus on improving their functions in the organization, particularly based on the evaluation results.
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Though simplifying the process of measuring talents is vital, organizations need to ensure that this does not result in complications at a later date. The effectiveness of measuring employee talents at The Bank of America will, therefore, be dependent on its ability to meet its talent management programs, which is to develop doctrines that help infiltrate the bank’s executive line. In line with this approach, the measures and target for this organization are to make sure that it has a computer or an Artificial Intelligence system to monitor the workers’ role in the bank. The utilization of a computer system in measuring employee’s talent is an informed approach since, unlike humans; it is intelligent, experienced, and unbiased. Thus, this system is sure to give a comprehensive report of employees’ talents and how to manage them. Additionally, another important strategy to apply in measuring employee talent is the performance appraisal system (Schiemann, 2014). The performance appraisal describes a tactic that measures workers’ behavior and achievements, particularly how they relate to this business’s policy and culture. The one fact about a performance appraisal is that its use in The Bank of America will require that new goals and objectives are set, and employees will be gauged based on their ability to achieve them.
The Key Concepts Linked To the Talent Review and Talent Pools Process
Talent management is the human resource management’s responsibility. Apparently, the human resource management of an organization is mostly responsible for solving issues specific to the human capital of a company. Additionally, they are also responsible for ensuring that an organization is successful by being able to pool and review employee talents. There are potential hardships that human resource management may deal with in this process, and this may include meeting an organization’s demand for qualified talents (Stahl et al., 2016). For instance, the banking sector has continued to undergo sizeable revitalization, and The Bank of America is obliged to ensure it meets this by having talented staff to help it remain competitive. Researchers have identified building talent pool as well as talent management is among most organization’s valuable products. In most companies, talent pooling is continuously getting depleted. This is also replicated in the banking sector as talents are leaving or have already left, and businesses are left with a great deal of trying to achieve short and long term goals of talent retention.
The key concept of the talent pool is that it involves the identification of talented individuals and their readiness for responsibilities. This grouping of individuals is associated with focusing on the different attributes and abilities, more so, making them suitable for use in different areas within a firm. The management approach therein entails examining and selecting individuals with talents and adding them to a talent pool. Organizations also get to use talent pooling as an objective assessment tool that identifies personnel capable of handling specific assignments assigned to them. With talent review, The Bank of America is compelled to make sure that it prioritizes this practice as a way of identifying employees with talent (Stahl et al., 2016). The talent review process should, thus, entail attaining the organization’s leadership such that it meets the current and future needs of the banking sector. The review process can also be used to gauge the health of The Bank of America’s leadership talent pool. From this approach, there is the surety that talent review can be used to help The Bank of America develop talent and also get to identify existing gaps and work towards their mitigation.
Appropriate Talent Management Objectives to Measure Functional Expertise
Arguably, the most effective strategy for an organization to develop an organization’s objective to examine functional expertise is for the pertinent company to work from stipulated results to the current situation. The significance of this approach is that an organization’s talent tactics need to be aligned to its business strategies, particularly in a way that the primary focus is to achieve business goals. Part of this process is for the involved organization to ensure that it concentrates on dictating the quantity and quality of talents required to successfully accomplish its goals and objectives. Most successful organizations approach this concept by applying the idea in a way that there is a connection between organization strategies and succession management. In the case of The Bank of America, the development of appropriate talent management should be addressed under the concept of what this organization does to ensure that talents are utilized accordingly.
The idea condition in most organizations is that talent managers are responsible for ensuring that the processes and services involved partnering with the right authorities. In doing so, the primary objective is for the involved organization to examine talents and their suitability. Successful planning for talent management should be planned and operated by human resource management, and in ways that they support the operations of senior management (Goldsmith, Carter, & The Best Practice Institute, 2009). However, there is the need to ensure that budgeted resources and communication tactics are all focused on the same goal of talent pooling. In fact, the best practices by human resource managers are to embrace a continuous communication plan that aligns with the functioning of upper management. Ideally, a collaborative approach in an organization is sure to make sure that upper management is also part of talent management. The outcome of such an approach is that functional experts get the chance to concentrate on more identifiable support that enhances successful talent management.
Key Elements of Global Talent Management at the Bank of America
Typically, most organizations have a way of utilizing key features that resound with global talent management tactics. These features are known for their significance in global talent management, especially because most businesses use them as a way of growing their workers’ talents. These key principles, therefore, play crucial roles in ensuring that companies get to align their strategy to the stipulated management tactics and a firm’s goals and objectives. Such an approach is crucial in making sure that there is internal consistency within the organization. For this to succeed, management involvement is vital to help standardize operations (Collings, Mellahi, & Cascio, 2018). The alignment of global talent management at The Bank of America is apparent in the fact that this organization has a culture that allows operations to align with the firm’s policies. Based on this idea, this organization is reputable for the establishment of strategic flexibility. Doing so has helped The Bank of America to adapt to changes as well as overcome local and international business conditions, and this has been crucial in its continued successful operations. The bigger picture therein is for the bank to make sure that there is internal consistency, especially when handling talent management. On this note, the implementation of these practices requires that The Bank of America focuses on ensuring that there are counter-tactics that keep its policies aligned to its objectives, and in ways that could benefit the organization as a whole. Other elements are also reputable for the formation of solid yet flexible tactics to aid The Bank of America with issues of talent management.
Recommendation for Optimization of Sustainable Talent Management
For The Bank of America to optimize sustainable talent management procedures, it needs to ensure that this initiative starts at the top. Besides, this approach requires collaboration between management and the human resource department since it is perceivably the driver to effective talent management in an organization. The Bank of America can embrace this by focusing on all key positions that allow successful talent management tactics. The reason for such an occurrence is that some of the positions in this facility are technical, and without the right partnership between management and the human resource department, this process is sure to fail. According to Inskeep and Hall (n.d.), optimization of sustainable talent management is a process that extends beyond turning a page in an organization. Instead, it is one of the valuable processes in an organization that can be used to keep up with talent reviews. The interpretation therein is that the optimization process is linked with complete succession, which is why The Bank of America should work on encouraging the integration of various key attributes that can encourage sustainment. The recommended processes applicable to this are for this business to prioritize strategy alignment, talent view attendance, as well as process integrity. The process of strategic alignment is sure to help this organization to expand its operations and in a way that it guarantees the combination of integrity and high performance by employees.
Conclusion
Overall, sustainment of talent management is a cumbersome process that every organization should focus on its assimilation to help with guaranteed future competitiveness. Nonetheless, talent management strategy requires The Bank of America to re-evaluate talents on intervallic basis, and this frequency is replicated in the feedback and review mechanism. Doing so will help make sure that talent pool and talent review is conducted in a way that the defining factors are the firm’s success. Conclusively, talent management needs to be done continuously so that pertinent company can optimize management strategy through enhanced flexibility.
References
Collings, D. G., Mellahi, K., & Cascio, W. F. (2018). Global talent management and performance in multinational enterprises: A multilevel perspective. Journal of Management , 45 (2), 540-566. https://doi.org/10.1177/0149206318757018
Goldsmith, M., Carter, L., & The Best Practice Institute. (2009). Best practices in talent management: How the world's leading corporations manage, develop, and retain top talent . John Wiley & Sons.
Inskeep, N. A., & Hall, B. (n.d.). Reward and recognition concepts that support talent and knowledge management initiatives. Smart Talent Management . https://doi.org/10.4337/9781848442986.00017
Schiemann, W. A. (2014). From talent management to talent optimization. Journal of World Business , 49 (2), 281-288. doi:10.1016/j.jwb.2013.11.012
Stahl, G. K., Bjorkman, I., Farndale, E., Morris, S. S., Paawe, J., Stiles, P., … Wright, P. (2016). Six principles of effective global talent management. IEEE Engineering Management Review , 44 (3), 112-119. https://doi.org/:10.1109/emr.2016.7559058
