Talent Management Program - a Case Study of the Bank of America

TALENT MANAGEMENT PROGRAM

Student’s Name

Institutional Affiliation

Class

Instructors Name

Date

Talent Management Program, a Case Study of the Bank of America

        Introduction

Talent management is the art and science of doing strategic human resource planning to improve organizational value and performance. The purpose of talent management is to help organizations to achieve their organizational goals and objectives. Talent management encompasses all the activities that an organization does when recruiting, developing, appraising, developing, and rewarding their employees (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles and Wright, 2012). Different organizations usually adopt different talent management programs because they have varying organizational needs and objectives.  In this research paper, I will examine the talent management program that is used by the bank of America under three subheadings that are discussed further in subsequent paragraphs (Wellins, Smith and Erker, 2014)

        The talent management program that contributed to the success of the company

           Researchers contend that most organizations are spending substantial amounts of money and efforts to attract employees. However, these organizations spend nothing in developing, nurturing and retaining the employees that usually have unique and distinct talents. A talent management program can only translate to individual and organizational success if an organization emphasizes on nurturing and improving the talents of its employees (Wellins, Smith and Erker, 2014). A good talent management program should be future oriented, technologically driven and is made a continuous or ongoing process. Making talent management an ongoing process involves ensuring that the organization continuously makes changes to the talent management process because the business environment in which the organization operates is highly dynamic (Wellins, Smith and Erker, 2014). A technologically-based talent management program should embrace the use of the latest technology because the future will be technology-driven in all aspects (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles and Wright, 2012).

        The talent management program that bank of America uses has contributed significantly to the success of the bank. This is because bank of America considers global leadership development as a multi-facet component with three components i.e. individual ownership, global consistency, and cultural distinctiveness (Wellins, Smith and Erker, 2014). The company achieves consistency by ensuring that continuous employee development and training occurs in all organizational levels (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles and Wright, 2012). In addition, global consistency is achieved ensuring that virtually all employees are linked to virtual instructors or coaches who have knowledge about the organizational culture, vision and mission (Drier, 2013). Additionally, bank of America has a philosophy that emphasizes on talent management; this is evident in their article “the next generation of leadership at Bank of America” that is based on seven doctrines (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles and Wright, 2012).