Bank of America is a corporation that employs over 175, 000 associates that provide financial products, services, ideas, and solutions to customers in the United States. The Global Corporate and Investment Banking group (GCI B) has offices in 35 countries serving clients in more then 150 countries, with associates in all of the Americas, Europe, and Asia (Anonymous, 2004).
Choosing the most qualified individual may seem like a daunting task. Bank of America’s policies and procedures for hiring associates provide a solid foundation for acquiring the best talent. With standard policies for interviewing, all individuals are subject to the same questioning. There is diversity within large number of associates the bank employs.
Globalization in the business world is a necessity and corporations must increase the sensitivity levels when attempting to recruit new talent. When attempting to acquire new talent, Bank of America encompasses a wide range of staffing practices and selection tools. In response to diversity and technology trends, Bank of America’s staffing practices are effective in meeting current and future employment needs of the organization. Bank of America’s multicultural supplier and development program began in 1990.
The program increased the amount of quality products and services the bank obtains directly from businesses owned by minorities, women, and veterans with disabilities. Helping diverse businesses grow through contracting opportunities and bank products allows Bank of America to grow at the same time. Within the bank, new computer-based diversity training Bank of America’s staffing department works closely with various state and local agencies to provide people with disabilities equal access to the company’s may employment opportunities. Dozens of agencies within the community that handle an applicant pool of individuals with disabilities receive a listings of open positions and job postings from Bank of America. The personnel department developed relationships with certain organizations that provide vocational services that cater to individuals with disabilities. Companies like Bridges, Tool works, and Easter seals all maintain a healthy relationship with Bank of America in order to develop ongoing relationships that assist in the hiring of individuals with disabilities.
1630. 1 Purpose, applicability, and construction. (a) Purpose. The purpose of this part is to implement title I of the Americans with Disabilities Act (42 U. S. C.12101, et seq. ) (ADA), requiring equal employment opportunities for qualified individuals with disabilities, and sections 3 (2), 3 (3), 501, 503, 506 (e), 508, 510, and 511 of the ADA as those sections pertain to the employment of ...
Departments within the bank such as University Relations and Corporate Disability work together to ensure that internships are available to students with disabilities (Outreach and Recruitment, 2004).
With several different accomplishments under its belt, Bank of America recognizes the importance of maintaining a strong position with diversity. By the end of 2004 more then 20, 000 associates took part in new computer-based diversity training. The Diversity Advisory Council added several senior leaders to its membership, gaining new perspectives and inspiration in selecting and retaining talent. The bank participated in thirteen diversity conferences with an aim to attract and recruit new senior level associates to the organization.
The banks affinity groups, which are associates groups that come together on a shared mission, worked on a new structure for 2005. The groups consist of the Asian American Leadership Network, the Black Professionals Group, the Disabilities Affinity Group and LEAD (Leadership/Education/Advocacy/Development) for women (Anonymous, 2004).
The Assessment Team within Bank of America works closely with the Personnel Managers, Staffing Managers, Staffing Teams, and business partners to reach mutually beneficial solutions regarding assessments. The Assessment Team also partners with other areas such as Training, Leadership Development, Compensations, and Compliance to ensure consistency in practices and processes. The primary role of the Assessment Team is to develop, validate, and implement the bank’s selection systems. The team evaluates assessment tools and practices on an on-going basis whenever roles change.
Some management teams are bound to succeed while other are not due to a number of factors. A team, according to Adair (1986), is more than just a group with a common aim. It is a group in which the contributions of individuals are seen as complementary. Collaboration, working together, is the keynote of a team activity. Adair suggests that the test of an effective team is: “whether its members can ...
The Assessment Team provides the expert support and guidance needed to ensure the accurate and effective use of these selection tools. The next trend that Bank of America follows in staffing and selecting new talent is technology. The influence of technology is apparent everywhere one looks. From the way one communicates, to the way individuals now conduct business transactions, technology influences all aspects of life. Bank of America recognizes these new changes and makes a solid effort in using technological tools in selecting new associates. With an endless amount of online resources, managers and recruiters turn to the bank’s local intranet system for information.
The intranet contains many useful tools and leadership models that they can use in selecting and retaining new associates. Rather then having to file different paperwork, all of these useful options are just a click away on any of the bank’s computers. One of the online tools that recruiters and manager’s use is the Staffing Reference Library (SRL).
The Staffing Reference Library is an online reference tool available to all staffing associates that contains important information necessary to perform daily activities. The information contained in the SRL applies directly to Bank of America staffing processes. Another tool found on the banks intranet is the Staffing Core Process Homepage.
The page outlines the staffing core process at a high level and focuses specifically on non-negotiable’s. Non-negotiable’s are steps within the staffing core process completed to fulfill compliance requirements, ensure client satisfaction, and ensure reporting integrity. The non-negotiable document can also be a useful and educational tool to share with hiring managers so they understand the entire staffing process as well as their role in the process. In conjunction, with the SRL the Unique Line of Business Practices (Ups) are additional steps in the unique to a particular Staffing Team (Anonymous, 2004).
State Bank of India is India’s largest commercial bank in terms of revenue, assets and market capitalisation. It was led, from February 2011 by its chairman O. P. Bhatt, through a journey of transformation from an old, hierarchical, transactional oriented, government bank to a modern, customer focused and technological advanced universal bank during a course of five years. Formerly known as IBI, ...
The Executive Recruiting home page is another resource to help provide a common policy across the organization for attracting and selecting leaders. The tool kit consists of several different steps such as clarifying needs, developing strategies, calibrating candidates, and of course interviewing candidates. This tool found online is extremely detailed because of the role impact an executive may have in the bank. With the development of different computer based training free of charge, executives and associates have incentive in wanting to be a part of Bank of America.
Technology will change and Bank of America’s hiring process will change along with it. Planning for years to come, the bank devotes a lot of time and money into using and developing technology to acquire and retain the best possible talent. In conclusion, Bank of America must follow certain business trends to stay ahead of competition. With diversity and technology, the bank devotes different departments in assuring the best talent joins the bank. Different types of research for future staffing practices assure that trends do not outdate Bank of America’s selection tools. Using different technological tools and diversity training makes the bank one of the leaders in recruitment.
Strong relationships between staffing and personnel, as well as detailed selection tools, are examples of devotion to excellence. References Anonymous. Retrieved February 24, 2005 from Bank of America’s local intranet. Anonymous. (n. d.
) Outreach and Recruitment Activities. Retrieved on February 24, 2005 from web.