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How Bank of America Defines Success

March 1, 2004
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Related Topics: Behavioral Training, Featured Article
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Below is Bank of America’s leadership competencies. Under each of the five competencies is a list of behaviors associated with the competency.

    I. Grow the Business

    II. Lead People to Perform

    III. Drive Execution

    IV. Sustain Intensity and Optimism

    V. Live Our Values

GROW THE BUSINESS
    A. Demonstrates deep and broad business acumen

1. Demonstrates deep/broad financial management and functional skills

2. Demonstrates a business perspective that is much broader than one function or unit

3. Cuts to the heart of complex business and financial issues

    B. Creates competitive and innovative business plans

4. Creates competitive, innovative business plans that drive short- and long-term growth.

5. Challenges the status quo to grow the business

6. Focuses on growth opportunities and capital efficient investments

7. Reinvents the business

    C. Builds customer/client-driven environment

8. Ensures the customer/client perspective is at forefront of all business decisions and initiatives

9. Invests time in customer/client-facing activities to understand their needs

10. Instills customer/client focus in all associates

    D. Institutionalizes error-free quality processes

11. Champions and leverages six sigma tools to drive revenue, reduce costs and add value

12. Holds all associates accountable for continuously improving processes

    E. Excels at risk/reward trade-off

13. Thoroughly analyzes opportunities issues and then takes appropriate risks

14. Takes action to mitigate and minimize liabilities, while ensuring maximum returns

LEAD PEOPLE TO PERFORM
    F. Aligns enterprise capabilities

15. Transcends silos to achieve greater enterprise results

16. Drives collaboration among individuals and groups

17. Leverages teams to drive performance

    G. Recruits and grows great talent

18. Acts as a champion for diversity, creating an environment that values diverse backgrounds and perspectives

19. Is superb at selecting ‘‘A’’ players

20. Moves quickly to address mediocre/poor performers

21. Willingly takes risks on high potentials/high performers to stretch and develop them

    H. Inspires commitment and follower ship

22. Paints a compelling picture of the future and connects it to individual associates

23. Creates positive energy in the face of challenges

24. Inspires others to follow his/her lead

    I. Communicates crisply and candidly

25. Balances talking and listening to foster candid dialogue

26. Crisply gets his/her point across

27. Commands attention across multiple audiences

DRIVE EXECUTION
    J. Instills management focus and discipline

28. Implements practices and processes that drive accountability

29. Translates strategies into specific goals, tactics, action plans and deliverables

30. Keeps people focused

    K. Builds partnerships to achieve swift adoption

31. Builds broad-based business relationships across the organization

32. Skillfully influences peers and colleagues to promote and sell ideas

33. Brings to surface and resolves conflict with minimal noise

    L. Demonstrates sound judgment and acts with speed

34. Balances data, logic, and intuition in decision making

35. Deals effectively with concrete, tangible issues as well as abstract, conceptual matters

36. Makes timely decisions

37. Generates pragmatic, sensible and simple solutions to complex problems

38. Moves quickly to eliminate roadblocks

SUSTAIN INTENSITY AND OPTIMISM
    M. Constantly raises the bar

39. Sets ‘‘stretch’’ performance standards for self and others

40. Creates the optimal tension for peak performance

41. Demonstrates low tolerance for mediocrity

42. Fosters high levels of accountability through fair, but hard-hitting performance management processes

    N. Displays personal courage

43. Takes a stand on controversial and unpopular issues

44. Makes tough business and people decisions

    O. Continuously learns and adapts

45. Is insightful about personal mistakes and failures: learns from them and moves on

46. Is a voracious learner

LIVE OUR VALUES

47. Lives our company’s values

48. Puts the interest of the bank ahead of his/her own agenda

SOURCE: Adapted from Growing Your Company’s Leaders: How Great Organizations Use Succession Management to Sustain Competitive Advantage. Copyright © 2004 Robert M. Fulmer and Jay A. Conger. Published by AMACOM Books, a division of American Management Association, New York, NY. Used with permission. All rights reserved.

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