Staffing and SelectionJoin now to read essay Staffing and SelectionBank 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 (GCIB) 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, Toolworks, 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. 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).
Banking
Bank of America has a large, diversified financial family in various parts of the Middle East and Africa, including the Middle East. In 2007, its international banking assets were estimated at $3,750 million — more than three times as much as the U.S.’s $10.3 trillion global financial assets of $7.4 trillion. Of this $3,750 million has been invested on an U.S.-based basis in international companies, including Goldman Sachs, JPMorgan Chase, Wells Fargo, General Electric. Although the majority of bank assets go to investors, some have received private-equity investment. This investment allows one to buy capital in multiple markets at a time. Since 2007, the banks have invested in a range of U.S. companies like UBS, Royal Bank of Scotland (QCOM), and Wells Fargo.
The largest holdings of U.S. bank assets are the S&P 500, which covers roughly the whole of the U.S.—about a third of the global wealth. With less than 3% of world population, the S&P 500 is the largest asset class the largest holder of $1.1 trillion in U.S. assets. This wealth creates the largest return on American assets worldwide—about $500 billion in 2007, compared to $250 billion today. It is not known how much stock of a U.S. company is owned by members of the S&P 500, so estimates are not available regarding this category.
Bank of America’s interest for 2005 was largely based in the long-term, based in the region of South America and the Middle East. It had about 70% of global banking assets. The U.S. has about 75% of the world’s total banking assets (the rest held by other member states). The United States has not maintained its international banking assets for many years, although it has been active as an international player.
Interest is not due to the dollar’s foreign currency value, the share of U.S. banks’ assets held by foreign governments. Interest in foreign currencies is calculated using financial indicators or derivatives traded in the U.S., such as the U.S. dollar, the European pound, and the euro.
The interest in the U.S. is expressed in terms of the International Monetary Fund’s World Bank Baseline of Credit—the European Central Bank’s Baseline of Credit. Bank of America makes foreign currency exchange-rate-sensitive lending to the Bank of America or the European Commission (ECB). The ECB’s European portfolio of asset and investment holdings, which includes the Bank of Cyprus, the Basel Corporation, and the EU’s International Stability Mechanism, includes the European Central Bank, the ECB, the International Monetary Fund, the IMF, and the ECB’s International Monetary Fund.
The interest in the Bank of America’s foreign currency holdings can be influenced by several factors, including the Bank’s share of the global credit market, the European Bank of Credit Market, the Asia Stock Exchange, and interest in the GSE. Interest in foreign currencies may not be the source of Bank of America foreign subsidiaries or its investment, but may be a source of the bank’s own risk, which could adversely affect the Bank’s international banking assets.
During 2005, Bank of America had almost $1 trillion in assets to acquire and manage. Approximately one-third of the total assets of the bank had been acquired or managed by the same person or group or by a new individual.
Banking
Bank of America has a large, diversified financial family in various parts of the Middle East and Africa, including the Middle East. In 2007, its international banking assets were estimated at $3,750 million — more than three times as much as the U.S.’s $10.3 trillion global financial assets of $7.4 trillion. Of this $3,750 million has been invested on an U.S.-based basis in international companies, including Goldman Sachs, JPMorgan Chase, Wells Fargo, General Electric. Although the majority of bank assets go to investors, some have received private-equity investment. This investment allows one to buy capital in multiple markets at a time. Since 2007, the banks have invested in a range of U.S. companies like UBS, Royal Bank of Scotland (QCOM), and Wells Fargo.
The largest holdings of U.S. bank assets are the S&P 500, which covers roughly the whole of the U.S.—about a third of the global wealth. With less than 3% of world population, the S&P 500 is the largest asset class the largest holder of $1.1 trillion in U.S. assets. This wealth creates the largest return on American assets worldwide—about $500 billion in 2007, compared to $250 billion today. It is not known how much stock of a U.S. company is owned by members of the S&P 500, so estimates are not available regarding this category.
Bank of America’s interest for 2005 was largely based in the long-term, based in the region of South America and the Middle East. It had about 70% of global banking assets. The U.S. has about 75% of the world’s total banking assets (the rest held by other member states). The United States has not maintained its international banking assets for many years, although it has been active as an international player.
Interest is not due to the dollar’s foreign currency value, the share of U.S. banks’ assets held by foreign governments. Interest in foreign currencies is calculated using financial indicators or derivatives traded in the U.S., such as the U.S. dollar, the European pound, and the euro.
The interest in the U.S. is expressed in terms of the International Monetary Fund’s World Bank Baseline of Credit—the European Central Bank’s Baseline of Credit. Bank of America makes foreign currency exchange-rate-sensitive lending to the Bank of America or the European Commission (ECB). The ECB’s European portfolio of asset and investment holdings, which includes the Bank of Cyprus, the Basel Corporation, and the EU’s International Stability Mechanism, includes the European Central Bank, the ECB, the International Monetary Fund, the IMF, and the ECB’s International Monetary Fund.
The interest in the Bank of America’s foreign currency holdings can be influenced by several factors, including the Bank’s share of the global credit market, the European Bank of Credit Market, the Asia Stock Exchange, and interest in the GSE. Interest in foreign currencies may not be the source of Bank of America foreign subsidiaries or its investment, but may be a source of the bank’s own risk, which could adversely affect the Bank’s international banking assets.
During 2005, Bank of America had almost $1 trillion in assets to acquire and manage. Approximately one-third of the total assets of the bank had been acquired or managed by the same person or group or by a new individual.
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. The Assessment Team provides the expert support and guidance needed to ensure the accurate and effective use of these selection tools.
The Assessment Team members are chosen by a three-person team after a six-month evaluation by the Program Manager.
Each time these team members change jobs, the Assessment Team is assigned to the job title of the individual with the most work experience, experience, and leadership ability, based on experience with the bank. It is also designed to ensure that the Assessment Team members retain the expertise needed to be effective in each specific group of jobs in the individual’s area of expertise.
The Assessment Team must have been formed within four months of the initial assignment of a job to a position that is currently open. The process of selecting a job title is a personal decision that, along with the overall job description of the particular situation, will help the Assessment Team to determine the person’s overall performance. With these three characteristics in mind, the assessment team is the most sensitive of all the roles. It is not a one-size-fits-all process.
The team member who is chosen to become the first Assessment Director, will be employed from the beginning of this appointment until the first full year of employment. This position is a great opportunity to ensure stability and to increase the knowledge about Banking, the system and practices required by the management profession. This position would lead to great future opportunities for Bank of America management. Therefore, these are our primary objectives. This position holds a special privilege for Bank of America management for a variety of reasons.
Our Role
The Manager is responsible for selecting and supervising the entire Bank’s operations (e.g., all banking functions, such as credit card/debit card operations, and other related functions), meeting all requirements of its members and the Bank of America and its employees.
The Manager of the Bank of America performs this role. The role is comprised of numerous other roles. The Program Manager is responsible for ensuring compliance, coordination, and operational integrity of our operations, including the oversight of credit card/debit card transactions, business transactions, and financial services activities in all of our corporate offices, as well as the activities of our corporate community and the general public regarding compliance with the Bank’s financial and other financial rules.
The Program Coordinator will assist the Program Manager in performing his duties as the Bank of America manager—through his or her participation in the activities and policies of the Bank and its affiliates, or during other official functions as the Manager deems appropriate—and during his or her function as the Bank of America manager. The Program Coordinator will be engaged in the management of the Bank’s organizational organization that is intended to support our business mission and the business of the Bank. The Manager will participate closely in the management of the Bank’s financial transactions and the reporting activities of the Bank with respect to credit card and other
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.