Audit of Bank of America

Audit of Bank of America

Bank of America Corporation

Bank of America is one of the largest commercial, financial institutions in the world. It was founded by an Italian A. Giannini in 1904, in San Francisco, under the name Bank of Italy. The modern name was in 1930 after the merger with Bank of America and California. The Bank has actively funded by the U.S. industry and is a leader in the mortgage market and the savings in dollars. Bank headquarters is located in San Francisco and a significant proportion of its activities are concentrated in California. The bank plays a crucial role in placing foreign loans, owns subsidiary banks in New York, in Italy and participated in the work of credit agencies in many countries around the world. There are close long-term relations established between the Bank of America with automotive, steel, aluminum, oil companies, as well as the aviation company Douglas Aircraft, Hearst newspaper chains and the largest agricultural company, California Land (Bonadio, 1994).

Role of Human Resource Development

There are many reasons due to which Human Resource Management is critical towards the success of an organization and for meeting its goals and objectives. Human resource management is prepared to assist companies to meet the needs of their employees and achieve the goals of the company. The discipline of Human resource management is concerned with all the issues of a business that influence matters regarding employees, hiring and firing, remuneration, compensation and benefits, training, and administration. The role of human resource department of any company is to offer work incentives, information regarding safety procedures and sick or vacation leaves. The basic concept of Strategic Human Resource management is the proper management of people. It necessitates planning ahead for the betterment of the company also tries to meet the needs of employees in the best possible way. This certainly changes the way activities are performed at a business site which no doubt bring lots of improvement (Baird, 1988).

The company is operating in various parts of the world, and their financial position is even quite strong, but since the business environment is quite tough, so they need a thorough planning in each of the Departments they have. The most important Department which becomes very crucial under these circumstances is the Human resource management. This is the reason why the senior managers including the CEO and other crucial members of the Management have discussed the issue of human resource management at various meetings. All the employees would be seen as a strategic asset and the benefits which the company will achieve because of them will even carry a lot of value. However, there are certain factors and steps which the company would decide before implementing Strategic Human Resource Management (Delery, 1998).

Head of Human Resources

Andrea B. Smith is Bank of America's global head of Human Resources and a member of the company's executive management team. She was contacted to conduct Human resource audit of Bank of ...