The Bank of America Essay Example | Topics and Well Written Essays - 1500 words

The Bank of America - Essay Example Presently, the bank is the biggest institution of finance services globally. The Bank of America is the second largest commercial bank globally, continuing to record the best credit ratings despite the credit crunch in the 1970s (Johnston, 1990). The Bank of America has a variety of leadership and talent programs which enable it to nurture and promote talent among both the existing employees and upcoming and promising talents. As a result, the bank has put in place various talent management programs that have led to its success in the industry. This paper will evaluate the strength of the talent management program, assess available opportunities for growth and recommend the best approaches in dealing with the challenges in the talent management program. Talent Management Programs That Led to Success for the Company Bank of America has for a long time been a leader in talent management, especially in the financial services sector. The main philosophy of the bank in connection to manag ement and development of talent is steered by a number of principles which guide the company in creating the way forward that is supported across the executive ranks of the bank. According to Effron, Greenslade and Salob (2005), some of the principles include: Leaders are important people in the process of managing and steering accountability, output and tradition. Rules of performance where excellent performers have high ability. The most precious resource is the person’s talent. The current excellent performers are not fundamentally future top performers. A wide set of experience and exercise is the preeminent lesson; but a mutual approach is essential for growth. Venture in the top talent and spotlight the rest. The current best 100 performers leave a heritage of potential talent by training, guiding and being the exemplars to others on features of success. In putting this philosophy into practice, the efforts of talent management and growth of the bank are modeled on the main set of systems consisting of the core values of the bank which have a common 70-20-10 growth framework. When broken down, the model represents 70% of experience based growth, 20% of training and response and 10% of learning (Goldsmith, 2006). The main objective is to have a transitional growth for the leaders at every phase of the leadership development and a constant evaluation to have an intense in-depth analysis into the knowledge, leadership potentials, susceptibility and aspiration for top executives. This joint philosophy and system give room for an incorporated approach to management of talent and development of leadership that centers on promoting the current performance and shaping the future leaders. With this kind of firm foundations for the growth of leaders already in place, the Bank of America has shifted its attention to upgrading the top team’s line of sight to the bank’s high ranking 50 executives and selecting leaders with the ability to take up positions at the top level of the bank for the next five years of operation. The action program has been named Next Generation Leadership forum which comprises intensive evaluation program as a section of the experience in learning process (Goldsmith, 2006). Using these evaluations, every member is assessed based on experience, inspiration and leadership potentials by use of a multifaceted evaluation tools, observation and interviews. The merging of intensive evaluat