Bank of America or McDonalds - Case Study Example

Bank of America case study Organizations enhance success using a combination of strategies and talent development programs. According to Goldsmith & Carter (2010), talent development programs boost profitability making them preferable within banks. The managers use the strategy during the planning process. For example, the Bank of America has benefited from the program to meet their staffing demands. The growth of the bank is attributable to the use of talent development programs. It relies on their employees when sustaining growth in the market. According to the management, employees are assets that companies should use to enhance development. This is because they help the organization in achieving several objectives. This includes, planning and executing functions such as marketing. “Outline the talent management program that led to success for the company”. Talent management program has aided the expansion of the bank in America. This has made the management of the bank tap the best talent from the market. According to Goldsmith & Carter (2010), the bank has been successful because their talent management plan facilitates the training of employees. In the plan, several principles have assisted in devising a comprehensive program for succession at the bank. Goldsmith & Carter (2010,) assert that the implementation of the program led to the growth of the bank. Indeed, the management engaged in consultations prior to designing programs that helped in equipping employees with skills necessary for enhancing growth at the institution. The bank devised a seven-point program that emphasized the importance of leadership at the helm of the organization. According to the plan, the transition of roles happens at the departmental level. This handled leadership dilemmas that led to the fall of competitor banks. The bank survived by recognizing diversity in populations when designing programs that tap talent. The institution believes that success is a combination of stratagem that taps the potential of different employees (Lawler, 2008). The human resource department designed phases for tapping talent into the firm. Initially, they recruited the best from the job market. Thereafter, they collaborated with firms that assisted in designing programs for recruiting the best. The management succeeded in their ventures because they sought advice from professional bodies and reputable recruitment agencies (Lawler, 2008). The selection process ensured that members selected fit in the organization. Moreover, they undertook leadership roles during transition. Lastly, the top leadership emphasized sensitivity to other people’s culture. “Identify strengths of the program and how they led to goal accomplishment”. The seven guiding principles utilize strategies of leadership that are essential for handling the dynamics of the banking business. For instance, embracing diversity at the departmental level facilitates the design of effective work programs. Recognition of different cultures is important in accomplishing goals when using a diverse workforce. The bank customized some of their services to carter for the values of special interest groups. The management devised reward packages for employees who exuded enthusiasm in their performance. This led to the accomplishment of the organizations goals such as expanding its branches to different places around the globe (Israelite, 2010). The program’s emphasis of investing in employees is advantageous to the bank. The realization that employees are the greatest asset for a company signifies that the bank has indentified its strength in the market. Subsequently, the realization that rewarding employees enhances performance stimulated the growth of the institution. According to Silzer & Dowell (2010), satisfied employees normally express themselves without fear. This gives them the opportunity to utilize their hidden potential. Besides, the program is effective because the best employees teach other members of the bank. Placing experienced and new employees in a group is necessary for the expansion of the bank. The bank also realizes that the current needs for leadership are different from the future needs of leadership. According to Silzer & Dowell (2010), investing in people is resourceful in the quest to attain success. Interestingly, the core values of the company revolve around talent management. For instance, the management has developed feedback channels for communicating information concerning talent development. This enhances interactions and improves approaches to leadership. The program is advantageous because the level of trust is monitored during the interviewing process. Subsequently, the capability of the individual to fit in the team is measured. This spells out to the things that are expected from the recruits once they are absorbed into the organization. The management selects employees willing to undertake leadership program. Thereafter, they train them on the skills necessary for undertaking leadership roles. The training curriculum incorporates global consistency, individual ownership and cultural uniqueness. This allows management devises a common language for use. Uniformity aids in identifying talent from different places around the globe (Israelite, 2010). In addition, standardized tools assist in measuring performance in cases where employees are assigned mentors who assist them in maximizing their potential. “Opportunities for improvement in the talent management planning process” The seven guiding principles are helpful because they provide opportunities for improvement at various levels. At the executive level, the management uses the principles of the program in achieving long-term goals such as retaining competent employees at the bank. This is because the program presents development standards that appeal to individuals from diverse backgrounds. This makes it easier for recruits from diverse backgrounds to devise a a workable program in the planning stage. According to Lawler (2008), the opportunities for improvement in program include the realization that culture plays a role when influencing productivity at the workplace. Secondly, the banks focus on the role of leaders in enhancing accountability and enhancing talent development at the workplace. Subsequently, rules guide performance at the operational level. The management assesses individual capability and not the set standards. This provides the opportunity for an employee to maximize their potential. The strategy eliminates fear in the organization. This taps hidden potential of employees who are reluctant to express themselves in teams. Moreover, the employees at the organization trust the management because they promote accountability among the employees of the bank. Additionally, the management values truthfulness at the expense of humility. This is because banks thrive on honesty and integrity. Employees at the bank express themselves without fear. This is an opportunity for the management to improve on the existing talent development program. Consequently, the bank of America recognizes employees who have made remarkable achievements while on duty. The bank had devised a framework for assessing individual strength prior to recruitment (Israelite, 2010). The feedback channel used in the bank enhances instantaneous communication. Additionally, the open workspace at the bank is suitable for exposing talent among individuals. Collaborating with Palo Alto research group assisted the bank in coming with solution to some of their technological problems. Approaches to meet the talent management challenges in the future In future, banks will strive to enhance loyalty among employees. This is because competition will increase turnover rates in organization. Banks will have to recruit continuously to replace employees who have moved elsewhere. Subsequently, organizations will have to integrate technology in talent development programs. This will prepare leaders for the future roles in bank administration. However, it will not be easy to accomplish these targets because the dynamic nature of bank operations will present the management with complex challenges. Meeting the demands of the organization in terms of human power will be difficult in the future. The management will have to balance the demands of the different generations within the workplace. Creating a balance minimizes conflicts that arise due to difference in generational values. This is because the values of employees who work at the bank vary. Talent management programs should not eliminate the older generations from the workplace (Israelite, 2010). Additionally, banks should investigate and determine the most effective approach because individuals might exude confidence during the recruitment process only to display poor performance later. Organizations should formulate a clear succession plan at the executive level. New approaches will be necessary for talent management because leadership will change and the demands of today will not be necessarily similar to those of the future. Organizations that invest in talent management will succeed because talented employees guide the future business world. Organizations should conduct continuous assessment through interviews and observations. References Goldsmith, M., & Carter, L. (2010). Best practices in talent management: How the world's leading corporations manage, develop, and retain top talent. San Francisco, CA: John Wiley & Sons. Israelite, L. (2010). Talent management: Strategies for success from six leading companies. Alexandria, VA: ASTD Press. Lawler, E. E. (2008). Talent: Making people your competitive advantage. San Francisco, CA: Jossey-Bass. Schiemann, W. (2009). Reinventing talent management: How to maximize performance in the new marketplace. Hoboken, NJ: Wiley. Silzer, R. F., & Dowell, B. E. (2010). Strategy driven talent management: A leadership imperative. San Francisco, CA: Jossey-Bass. Read More