Organizational Analysis of Bank of America Research Paper

Organizational Analysis of Bank of America - Research Paper Example Bank of America is one of the largest financial institutions (Corporate Profile, 2011). The nature of the bank is to serve a full range of investing, banking, asset management along with financial and risk management services and products through its various credit and other lines of credit. Currently, the Bank serves, only in the United States, around 57 million small business relationships and consumer along with 5,900 retail banking offices together with 18,000 ATMs and with 29 million online active users of the Bank (Corporate Profile, 2011). Globally, Bank is known for its leading wealth management policies and practices particularly in investment and corporate banking together with trading in a wide range of asset classes, institutions, governments, and corporations. Additionally, the Bank is a registered member of the New York Stock Exchange and the Dow Jones Industrial Average. And, internationally, the Bank of America provides its banking services in more than 40 countries. However, having such a huge corporate portfolio does not ensure smooth sailing, particularly, in this tougher and rather uncertain period in the financial history. The Bank seems to be facing some financial and human resource problems; in this regard, the Bank, in the third quarter 2011, has announced to cut its cost by shedding 40,000 jobs out of 287000 employees currently working in the Bank (Vault.com, n.d). Several legal issues hunt the management of the Bank of America.  

Attracting and Retaining Talented Personnel Assignment

Attracting and Retaining Talented Personnel - Assignment Example ys in which restructuring human resource induce positive effects on an organization is through aligning the organization’s structure and its resources towards its needs, a factor that facilitates achievement of objectives. Restructuring may also help an organization to eliminate its redundant section of human resource and therefore reduce unnecessary expenses. It however has adverse effects on employees who may be separated from their developed work partners or may be forced to perform tasks that they do not like or they are not perfect in. This may demoralizes employees and reduce productivity levels. It is also important that companies be open to having a diversified workforce because this attracts diversified skills and potentials and therefore promotes creativity and innovation in organizations. A diversified workforce also identifies with many societies and therefore promotes an organization’s image within those societies whose members are part of the organizationà ¢â‚¬â„¢s human resource (Anthony, Kacmar and Perrewe, 2010). Establishing a marketing team in an expanding organization is an example of restructuring human resource because it involves a change in structure. Such a development is likely to increase an organization’s sales level my exploring and capturing new markets. Recruitment of sales personnel from the target population segments is further likely to enhance success in sales as the locals establish a stronger link between the organization and the target population than strangers to the societies