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On-Boarding Invervention in Bank of America - Case Study Example

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On-boarding Intervention in Bank of America Name: Institution: ON-BOARDING INTERVENTION IN BANK OF AMERICA The Bank of America is a financial services and multinational banking corporation, which has its headquarters in North Carolina, in the city of Charlotte…
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On-Boarding Invervention in Bank of America
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Download file to see previous pages Its 2008 Merrill Lynch acquisition made it the largest corporation in wealth management in addition to making it a crucial player in investment banking. As of 2009, it held at least 12.2% of all US bank deposits. Its main competitors are wells Fargo, JP Morgan Chase, and Citigroup. As well as operating in all 50 states, it its retail banking footprint covers at least 80% of the United State’s population and serves up to 57 million consumers. The premise of this paper is to study the Bank of America’s talent management program that has a vital part to play in the bank’s phenomenal success, identify its strengths, how it can be improved, and finally to suggest other effective approaches to meet future challenges. In today’s corporate market, the bank of America probably has the best approach to on-boarding, its main form of executive talent management (Goldsmith& Carter, 2009). This has led to a 12% turnover in hiring of executives, having fired 24 out of 196. Some higher corporations have a 405-turnover rate for hiring. The program is designed to aid just hired executives in learning facility, build, and leverage relationship networks for company initiative implementation and career success. On taking the job, the executive, is faced with three dilemmas: mastering a demanding ad complex role, high expectations, and a high derailment probability. On-boarding interventions are underpinned by fundamental assumptions (Goldsmith& Carter, 2009). The baseline assumption contends that it occurs over time that is, specifically in the executive’s initial 12-18 months. Interventions occur at given intervals in the 12-18 month period, not the first couple of months on the job. The on-boarding also should be supported via multiple resources, that is, stakeholder resources. Finally, these interventions are dependent on the stakeholder- executive interaction. On-boarding consists of four major phases. The first is the selection phase, which consists of the selection process. At the Bank of America, cultural fit and leadership ability are added dimensions to the usual criterion of experience and expertise. The HR function thus gives added attention to its executive search firm’s partnerships to avoid derailment of executives lacking cultural sensitivity, interpersonal skills, and leadership ability. The bank’s leadership development partner assesses the candidate’s leadership approach, team value, and cultural fit. The LD partner then formulates questions for the interviewers that provide insight into the misfit or fit potential of the candidate into the bank’s culture, and their leadership credibility. On hiring, the candidate is given the interview questions and answers, though the feedback source is kept anonymous. The LD partner acquires a calibrated and clear job specification supported and spelled out by the stakeholders about what is required for the job (Goldsmith& Carter, 2009). The next phase is the entry phase. The first few weeks are critical for the new executive. He or she must complete four outcomes: develop specific business acumen for the role, learn the culture of the organization, master leadership demands of the role, and build relationships critical to the organization. In order for these demands to be met, three intervention categories are utilized. These are support and coaching, operational forums, and processes and tools. There are three primary givers of support and coaching; the LD collaborate, HR generalist, and hiring executive. ...Download file to see next pagesRead More
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