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An analysis of banking in bank of America must perform at reliable and also successful levels as to improve banking activities in the country. This industry has long been the most highly regulated industries in United States based on the special role that the industry plays in allocating credits and operating the payment systems. Bank of America serves more than 28 million small business relationships and consumer in the nation’s fastest growing and diverse communities. The bank also offers online banking to its customers as well as 24-hour telephone banking. Bank of America has expanded to become the number one credit and debit card provider, number one small business lender, and the nation’s largest provider of checking and savings services. The laws that affect the operation of this bank include; lending activities where the bank is limited to expanding credits to one person in an amount not exceeding 15% of the bank’s capital. Volcker rule is also observed in this bank as it is prohibited from proprietary trading activities and from investing in or from sponsoring or having certain relationship with, with hedge funds and private equity funds, subject to certain exceptions and therefore requires banking entities to operate.
Bank of America is an example of a strong established bank coupled with effective management and logistical planning and therefore it will set as a model of other banking industry to copy upon.
Recruiting process is of sensitive sections in banking industry. Economic crisis, market booms, natural disasters, and other unforeseen occurrences should not send the hiring and firing process into a tailspin. Organizations should have well cemented plans to tackle any literal or metaphorical storm. Long-term vision should include anticipation of the need for new hires, job specificity, strong candidate pools, logical assessment of candidates, securing the best talent, integrating new hires, and reviewing processes for efficiency and efficacy. Though bank of America responded to the recent recession with slashed jobs and closed locations, later efforts focused on long-term goals and recruitment strategy. They established their own training grounds to train their employees.
Any business activity requires some training in order to develop new skills, boost efficiency and instruct staff on new policies, tools and procedures. Issues frequently trigger training but training efforts should always trigger business results. When a large mistake, error, or need for improvement arises, not every company is prepared to make improvements. As a large banking industry bank of America has more resources available to take staff out of their daily work and place them in training sessions.
In any workforce flexible environments can reap very wonderful rewards. As an example of a luxurious training session, the bank of America has been in a position to train its employees in an environment which is flexible and where they can feel free.
Employers ask employees to work hard, be pleasant, and show results.
The investment of time and money into human resources can, and will, pay off in positive organization outcomes if a strategic management system is in place and well-used.
The bank of America will set a good example in serving its customers in a well friendly environment that will turn into positive results. Its practices, though occasionally flawed, show an overwhelmingly successful model of large company which has really invested. Training of the employees will contribute positively as they will cop up with current technological issues that can positively or negatively affect banking industries. The right recruitment process should in line with the best requirements. The bank should always focus on long term visions in provisions of any banking service as this will increase its quality and minimize any issues of been shadowed by any other bank.
Banks in United States like Wells Fargo and Co are now often staffed by licensed personnel who can sell investment products and insurance and who may also be linked to formerly standalone business lines, such as a mortgage or finance company (Dick et al. 2006). While wells Fargo strategies is not specifically competition for bank of America, customers are loyal to our better service and low interests that we over to our customers. Like bank of America Fargo provides special loans to their interested customers in a friendly way.
Like bank of America, Wells Fargo recruits online, focusing on entry-level employees who seek career mobility. Unlike bank of America, wells Fargo have few banking centers and ATMs nationally. Each location is a franchise with unique local business owners running daily operations. Wells Fargo co. is the corporate entity and also owns the wells Fargo parcel cervices country wide. Without the central mission, homogenous culture, and overall size of bank of America, wells Fargo co. cannot provide a bold and uniform human resources management system for all employees. This gives bank of America the competitive edge for recruiting from the common pool of potential employees. With more money to spend, bank of America has more to offer in terms of investment in human capital. Bank of America is capable as it has also set of resources which it can utilize effectively and have advantage of growing compared to wells Fargo co. Also bank of America is the leading small business lender where it provides largest percent of small businesses with loans. It has achieved this through equity and taking care for their customers. Wells Fargo co. has yet to grow in such ways. Thus, bank of America has the edge.
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