Management Leading and Collaborating in a Competitive World Term Paper

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Bank of America: Organizing Function of Management

Bank of America is the leading commercial financial institution of the United States. Founded in 1874, the bank has a long history of offering financial services to large and small businesses and individuals in America and abroad. Bank of America couldn't possibly have been where it is today without an efficient Human resource management system and good and effective use of technology. The company places great emphasis on human resource development right from the start. For starters it has a good hiring policy that ignores differences of race, sex, color and creed. The bank has truly been an equal opportunity employer. BoA has also been focusing on appropriate job design by offering job rotation and enlargement so each individual can get the best out of the position at which he/she is serving. It has been trying to improve its job design so every employee can grow as well while serving the bank. For this reason job rotation and enlargement are implemented so that work doesn't become monotonous and also offers a chance of personal and professional growth.

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The bank also understands the importance of right compensation plan and hence apart from monetary benefits, it also offers retirement plans, voluntary saving options, medical and dental healthcare insurance and other such benefits. Bank also allows its employees to maintain good work-life balance by extending good fringe benefits. Childcare reimbursement plans are available so employees can provide good care to their children when returning to work. Similarly vacation and other recreation opportunities are also available for bank of America employees.

"At Bank of America, there is a wide portfolio of health/wellness and retirement benefits to encourage employees to stick around. But the big news is in work/life benefits, which include things like flex-time, telecommuting, select-time or reduced work week and commuter benefits when office buildings are outside downtown areas. "Clearly, we have a workforce that looks for striking that right balance, so we are doing is a number of….....

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"Management Leading And Collaborating In A Competitive World" (2011, May 19) Retrieved June 4, 2026, from
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"Management Leading And Collaborating In A Competitive World", 19 May 2011, Accessed.4 June. 2026,
https://www.aceyourpaper.com/essays/management-leading-collaborating-competitive-118874
   

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