The Talent Management Program
The Bank of America’s outright success is apparent in the fact that it serves customers in over 150 nations. Its success is mostly attributed to its talent management. The bank’s approach to talent management is influenced by its beliefs that global consistency, culture, and individual ownership are the key factors to prosperous global leadership (Goldsmith, Carter, & The Best Practice Institute, 2009). Based on this approach, the Bank of American operates by ensuring that it aligns, teaches, and develops leaders from various enterprises. Part of this program involves assigning coaches to all its employees. The coaching process is characterized by having a curriculum that is self-paced, instructor-led classroom, assessment, and coaching. Apparently, this approach is irrefutably fruitful since coaches help individuals to understand the company’s culture.
On this note, the process of talent management that is embraced at the Bank of America involves the development of doctrines that help infiltrate the bank’s executive line. Considering that these doctrines are quite influential in the overall process of talent management, this institution obediently observes them, and this has significantly helped it fostering the best talents. These principles include; talent being treated as an enterprise resource, leaders being focused on management and accountability, and the performance rule being to be top performers and achieving high potential. In addition to that, others include: understanding today’s top performers may not necessarily be tomorrow’s, investing in the best and paying attention to the rest, having a broad set of assignments and experience, as well as focusing on tomorrow’s legacy and talents (Goldsmith et al., 2009).
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On a further note, regardless of having these doctrines, the Bank of America also needed to make sure that its implementation would help with the overall development of its management and growth efforts. The specific approach to the implementation process is to make sure that the procedures are structured around a specific framework, particularly one that is founded on the bank’s core values. Researchers theorize that the development framework needs to be about learning, coaching, targeted transition growth, experience-based development, as well as regular examination (Cross, 2016). Doing so will help make sure that all actions are focused on exalting talent leadership capabilities. A critical analysis, therefore, shows that effective talent management at the Bank of America entailed stimulating performance and liaising with management for better preparation and orientation.
The Strengths of the Program and Their Contribution to Goal Accomplishment
From a close examination of the Bank of America’s talent management strategies, it is evident that this institution focuses on ensuring that the roles are assigned to people best-suited for that particular task. In particular, the element of choosing the best-suited individuals entails picking leaders based on their skills, values, knowledge, as well as the capability to execute tasks with a lot of proficiency (Goldsmith et al., 2009). Primarily, operating in global markets means that the pertinent organization has to deal with cultural differences. However, these disparities can be addressed by ensuring that the right leadership strategies are adopted and there are in line with the cultural requirements. The Bank of America pastes an image of an organization that understands this too well, which is why leadership has been its most significant way of dealing with cultural disparities. Leaders contribute to the accomplishment of the bank’s goals and objectives by making sure that their primary approach involves the examination of individual roles and their suitability to the assigned tasks.
On a further note, the strengths that allow the Bank of America to achieve its stipulated goals are cultural distinction as well as global consistency. The strength of global consistency is apparent in the fact that the Bank of American expects its leaders to be consistent in their operations. For example, the bank makes sure that there is a common language that leaders use in the process of recruiting talents into the organization. This involves having a centralized core curriculum that expounds on the idea of maintaining the banks’ standards globally. The outcome of this is that the Bank of America manages to achieve successful integration of talent management strategies, and this is vital in the overall development of talents. Secondly, a cultural distinction is another strength that the Bank of America utilizes in ensuring that it succeeds in its goals and objectives related to talent management (Janson, 2015). The primary approach to the issue of cultural differences is that the Bank of America has focused on ensuring that it considers the perspective of locals and the inclusion of their opinions helps to have a culturally distinctive approach.
Opportunities for Improvement
Though the talent management strategies by the Bank of America are commendable, there is still an available room for progression and improvement. Apparently, the bank can focus on handling several issues to help it in improving the approaches to be more efficient and effective. For instance, the Bank of America can focus on addressing the issue of talent management by creating highly-skilled internal talent pooling tactics. Silzer and Dowell (2009) explain this by purporting the effectiveness of every business is dependent on having high performing leaders and dedicated workers. Thus, a pooling strategy that only recruits highly-skilled individuals is an important strategy for the Bank of America to expand its opportunities. The specifics of this process are that the bank will have to make sure that it aligns its talent management tactics to its core values. Doing so will help make sure that there is consistent leadership strategies, particularly those that are focused on improving the functional areas therein. The role of leaders in this process is to make sure they have suitable talent management tactics that allow the Bank of American to compete globally, by having the most talented employees.
The Bank of America can also grow its opportunities in talent management by making sure that it generates valuable goals, especially those that are sharable. Generating achievable goals is vital in ensuring that there the strategies in talent management are specific. Nonetheless, the success of this process is dependent on the bank’s ability to ensure that the objectives are aligned to its strategies and visions. The significance of this process is that clear goals and objectives help make sure that all employees understand their roles. Besides, aligning the goals to the organization’s objectives is sure to help the bank to make sizeable considerations of the strategic plans as well as the pertinent business needs. Any organization that is keen on engaging employees has a high possibility of being successful since, other than having successful goal alignment, a business also gets to create an employee ownership program that allows it to be successful. The bigger picture of this approach is that the embraced tactic will help the Bank of America to focus on seeing that the needs of all departments are considered and they are aligned to its goals and objectives.
Effective Approaches to Meet the Talent Management Challenges
Talent management has its challenges and every organization has to have effective approaches to help mitigate them accordingly. In the Bank of America’s case, for guaranteed effective talent management, it needs to plan carefully and also focus on building a high-performance culture. In the first strategy, the Bank of America can achieve this by making sure that careful planning of its strategies focuses on the substantiation of sound talent management tactics (Cappelli & Keller, 2014). In essence, this will allow this bank to have a better connection of its approaches to its needs. This is construed to mean that for effective talent management, the Bank of America should focus on ensuring that this should be incorporated into its culture. For example, the identified doctrine of investing in the best can be utilized in utilized to act as a defining concept that defines how the bank’s overall operations will look like. If the bank will succeed in doing this, it means that it will invest heavily in its leaders and employees. A workplace typified by skilled employees and leaders is sure to help this bank address possible challenges in the talent management process.
Moreover, the Bank of America can also focus on mitigating the challenges of talent management by building a high-performance culture. A high-performance culture is vital in any organization in that it is associated with the overall collaboration of different departments to make sure that all systems are focused on one objective of accomplishing the company’s goals. By creating this type of culture, it means that all employees and leaders will be involved in the bank’s all processes (Goldsmith et al., 2009). Arguably, this has a high probability of helping the Bank of America to have a culture that brings out its best since everybody is skillful and focused on achieving a common goal. In addition to that, considering the process of building an effective talent management process, the bank may have to make sure that everything is done professionally. In other words, this means that the bank will only seek expert advertise, which helps increase its alignment to the market.
References
Cappelli, P., & Keller, J. (2014). Talent management: Conceptual approaches and practical challenges. Annual Review of Organizational Psychology and Organizational Behavior , 1 (1), 305-331. https://doi.org/10.1146/annurev-orgpsych-031413-091314
Cross, A. (2016). Talent management pocketbook (2nd ed.). Management Pocketbooks.
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.
Janson, K. (2015). Demystifying talent management: Unleash people's potential to deliver superior results . Maven House.
Silzer, R., & Dowell, B. E. (2009). Strategy-driven talent management: A leadership imperative . John Wiley & Sons.
