This entry was shortlisted in the 2012 Peer Award “Talent/Leadership” category
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Implementing A Talent Acquisition Strategy In Bank Of America
integrating internal & external talent management & succession planning
Overview
The external economic situation and significant organisational change had taken place which included a number of senior leaders leaving the business. Also, the business strategy evolved significantly moving the business in a different direction, the impact of this was a need to identify external leaders with these skills to replace internal leaders who no longer possessed the required skill set at a senior level.
In May 2010, a Talent Acquisition strategy was put in place to integrate external recruitment and search with the internal talent management process, resulting in an end to end talent management approach.
Impact
Process more consistent, removed the traditional barriers between executive recruiters and the business and has increased the speed to hire. Feedback from candidate has demonstrated a significantly improved candidate experience. There was successful hiring of 10 senior leaders with a saving of >£500K and we were able to identify potential external candidates for the most critical roles and remove internal gaps in succession plans.
Since the announcement of Bank of America selling the Credit card business. There has been a realignment of the approach to reflect retention concerns at a senior level due the uncertainty with skills requirements changing again.
Innovation
Integration of Talent Management and External Exec Recruitment
Traditionally, Bank of America would keep internal talent management quite distinct from external recruitment. This approach does not exist in any other part of Bank of America with a global population of more than 250,000 employees. The process is now being rolled out in the US following this successful implementation.
Transform the process
Quality and quantifiable data was gathered and built into Executive induction and the feedback process was in real time due to close relationship with candidates. The Return On Investment was the speed to efficiency of candidate performance and integration.[/one_half_last]
Insight
1. Buy in from the business
More work could have been done with the current senior executives to make them more comfortable with hiring external rather than promoting internal talent. There was some defensiveness which may have been managed better up front.
2. Final stage integration
Due to the sale, the final phase (assessment of internal talent) has still to be integrated but does still provide an opportunity to assess our talent in a different way to support the sales process. It also changes the approach to external market analysis.
Inspiration
This is not a complex idea but is significant common sense. It takes two critical HR processes (Talent Management & Executive Recruitment) and combines and integrates them to huge effect.
From a commercial perspective, saving the organisation > 500K in what would have been paid to headhunters and agencies, demands that a company looks at having internal capability to lead this process.
The change and improvement in the capability across the senior leader population with the recognition from internal leaders that they have to fulfil their potential to progress, creates constructive competition for Executive roles in the future.[/one_half_last]
The Speaker
Marc Whitmore – Head of Leadership Development & Talent Acquisition, Bank of America