Bank of America's Talent Management Strategy

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Bank of America's Talent Management Strategy

Talent management strategy

Talent management is the requirements of an organization and forming a plan to meet those requirements (Carpenter, M. et al, 2004).The approach of Bank of America to evaluating shows how operational and strategic evaluations of talent management practices lead to the vision and the mission of the organization. Bank of America has been able to successfully apply strategy of becoming an admiration for all the companies in the world. The bank's development, selection and retention strategies are known throughout the organization and are very clear. They operate in this manner across its major lines of business. Each business major line has parallel strategies which are clearly specified to the business.

The primary goal for the bank's talent management strategy is to diversify and deepen the leadership talent which has greatly helped in the creation of strong leaders who have led the company to its longing status of being an admiration in the world. This strategy had been implemented approximately 2 years ago. The concept of diversifying and deepening the talent bench is put together with the organization's regular operation management process. The human resources department led to the development of a set of metrics which were extensively used to judge the progression towards the specified goals included with heavy involvements and inputs from the senior team of leadership. The primary goal was the strategic approach towards the making of the evaluation. This was in terms of measuring long term results and in short term, designing the approach to develop actionable data.



Five important factors can be derived from this chart. Evaluation plays an important role for refining, managing and ensuring the talent management programs. The evaluation of talent management program should include four key points. These are operational, strategic, bottom line/financial and customer. The metrics which are included should reflect the organization's financial and strategic goals. It should be specifically modified to meet the goals of every customer and stake holder.

The Bank of America Talent Management process

The Bank of America has learned quite a few lessons from its past experience. A basic assumption is set that an on-boarding process occurs overtime, basically the first few months of an executive. Thus, rather than supporting just one event, the onboard process should be supported by multiple interventions. These interventions should occur at intervals during the first year or so on the job rather than in a few months. The process should be supported by various resources, especially the stakeholder ones to be effective.

The hiring executive is not solely sufficient enough in ensuring a successful experience. Thus, all the stakeholders should be involved in the selection and the process itself. The final part consists of the interactions of the hired executive with its stakeholders. It is the quality of their interactions, dialogues and inputs that determines a successful approach rather than just following the paperwork. For example the Bank of America's program is designed on different ...