Analyze the contribution of the compensation system of the Bank of America form employees and organizational aspects?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
In Bank of America, we promote a culture that appreciates and celebrates achievement year-round at all levels. This includes opportunities for teammate-to-teammate recognition, for managers and senior leaders to call out individuals and teams with point-based rewards and for managers and senior leaders to celebrate milestones for anniversaries and service to our company and legacy.
This is in addition to the actions we take to make Bank of America a great place to work, including sharing our success with our teammates. Over the past three years, we have awarded $1.6 billion in special compensation awards to approximately 95% of our teammates in recognition of efforts in driving responsible growth.
We pay our teammates fairly based on market rates for their roles, experience and how they perform, and we regularly benchmark against other companies both within and outside our industry to help ensure our pay is competitive.
We are committed to equal pay for equal work through our pay-for- performance philosophy. We maintain robust policies and practices that reinforce equal pay for equal work, including reviews with oversight from our Board and senior leaders. For over a decade, we have conducted analyses with outside experts to examine individual employee pay before year-end compensation decisions are finalized, and we adjust compensation where appropriate.
We also have a standard U.S. practice that restricts the solicitation of compensation information from candidates during our hiring process. This helps ensure that we consider new hires for their individual qualifications and roles, rather than how they may have been previously compensated.
We realize that there are various metrics related to the topic of pay equity, and we have consulted with external experts regarding the most appropriate analysis to support our commitment to diversity and inclusion progress and measurement. In consideration of this advice and the size of our company, we believe our equal pay for equal work analysis is the most appropriate measure at this time. We believe our pay-for-performance approach — combined with our focus on workforce representation — will continue driving the advancement and representation of women and people of color in our company.
In 2019, we continued to enhance our efforts to compensate our employees fairly and equitably. We expanded our review from our regional leadership hubs (U.S., U.K., France, Ireland, Hong Kong and Singapore) to include India. Results of this equal pay for equal work review showed:
- Compensation received by women is on average greater than 99% of that received by men.
- In the U.S., compensation received by people of color is on average greater than 99% of that received by non-people of color teammates.
Our strategy, programs and actions are guided by our commitment to be a leader in the solution for equal pay for equal work, contributing to the advancement of women and people of color both within our workforce and in society as a whole.
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Analyze the contribution of the compensation system of the Bank of America form employees and organizational aspects?
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