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The OCBC Bank has their own unique approach to talent management and development because their overall success contributes to these vital areas. One of the primary approaches are that the company enables the employee to place their own careers and talents first. The concept of learning is a major component of the business strategy and they created several programs to help with their employee’s professional growth. One program “Bank’s Career Best” goals were for their employees to evaluate their own strengths, orientations of the career and attempts to understand where their workers fit in within OCBC Banking needs overall. The company believes that each employee should have a three-year roadmap where they would be exclusively learning each department of the bank during the first few years of their employment. “An entire floor within the companies building is dedicated to learning called the, “The Learning Space” and there is a OCBC Learning academy” (Pandey, 2012).
OCBC Bank further had expressed that another reason for their success is their commitment to the training process. Although the bank may implement traditional training methods such as the classroom; they believe that more advanced methods of learning would enhance the employee training perspectives including eLearning, virtual classrooms, video conferencing, Web 2.0 and among other technologies that are aimed at targeting employees who might work in different locations within different countries. In addition, the CEO, Eric Ong holds the vision that employees could tremendously grow from a professional and career standpoint when he or she is able to have the first opportunity to learn about job openings within OCBC Bank through the Internal Job application program. Employees who are placed in their positions can advance in a new position after a period of eighteen to twenty-four months. The company strives to encourage the employees to set their sights higher by going after new experiences, skills, areas of knowledge, competencies and fulfill the desires of their own career aspirations throughout different levels of their careers. Therefore, OCBC bank makes these consistent changes since many of their employees are young and make up the generation Y. This generation who predominantly makes up the ages of 22- 39 years old is very technology savvy and wants the best for themselves (Armstrong & West, 2001).
The Generation Y staff members wants to constantly experience that change throughout the company that they work for which also means being challenged and immediately recognized for their working efforts. The CEO of the bank acknowledges the importance of the constant change because he was once a teller himself. He further mentions that the “moment when an employee feels that they are stuck in a rut, or experience some sort of job stress, then it would affect the performance of the company meeting their own goals as well. Leaders of major companies should be able to back up their words with their actions because this enables a solid foundation which brings more profits, customers and a good leader that the employees could follow” (Pandey, 2012). An example of this is Eric Ong’s business review which is based on fifty percent financial numbers, when the other half of the review focuses on his outstanding human resources system for talent management and development.
Comparing Bank of America/Merrill Lynch
While on the other hand, the Bank of America/ Merrill Lynch may not offer as many rapid career changes as the OCBC bank, the company is still known to recognize the benefits of professional development throughout their employee career. Bank of America emphasizes that this area is a priority and they show it through the interactive website which has many resources targeted towards specific skill sets. Some training methods that they implement are videos, eBooks and development plans in place for the workers who want to advance themselves into managerial positions ("Professional Development | Bank of America Merrill Lynch", 2017). The Bank of America wants the employee to believe at their company that the concept of success is equally important by providing access to external and internal resources to support career growth.
Conclusion
The limitations of the talent management and development components may not work for the Bank of America as much as the OCBC bank based in Singapore because it is not based in the United States and the employees have different expectations. “Workers in the banking industry may not experience job advancement in the same company within a three-year period or more” (Moon & Choi, 2016). But most importantly, regardless of the banking company, they all tend to have one characteristic in common and that is to possess transparency within their communication strategy because it builds trust in not just the working environment, but in the product that sells that gives the worker their job in the first place.
References
Armstrong, L. & West, J. (2001). Banking, Technology Workers and Their Career Development. Australian Journal of Career Development, 10(1), 6-10. http://dx.doi.org/10.1177/103841620101000103
Moon, J. & Choi, S. (2016). The Impact of Career Management on Organizational Commitment and the Mediating Role of Subjective Career Success: The Case of Korean R&D Employees. Journal of Career Development, 25(2). http://dx.doi.org/10.1177/0894845316643829
Pandey, S. (2012). Putting the 'person' in personnel. Hrmasia.com. Retrieved 9 January 2017, from http://www.hrmasia.com/content/putting-person-personnel
Professional Development | Bank of America Merrill Lynch. (2017). Careers.bankofamerica.com. Retrieved 9 January 2017, from http://careers.bankofamerica.com/emea/working-here/career-development-learning
