Organizational Dynamics and Bank of America
Organizational dynamics relate to the ongoing method of consolidating capital and maximizing employee efficiency (Kates & Kesler, 2016). It can also be described as the process by which a company manages and improves its business operations, learning, and strategic management. The Bank of America is included in this article to explore organizational dynamics. Bank of America operates about 5,700 retail banking branches and 17,250 ATMs in the United States. The bank's online banking system is used by about 30 million individuals (Raci, 2013).
Organizational Structure and Divisions
The fundamental architecture of the bank is one of the reasons responsible for its steady growth and performance. Bank of America is split into divisions depending on the services provided. The divisions include commercial, retail, asset management, and investing sections. Larger organizational sections are further segregated into even smaller bodies. The smaller sectional divisions are assigned distinct areas of service. Each group has a leader or the head of the group who is in most cases referred to as Vice- President or Executive Officer of the particular section (Kates & Kesler, 2016). The duties of the Executive Officer are mostly limited to group budgeting and general exercise, for instance, hiring of employees.
Impact on Efficiency and Performance
The structural design of the Bank of America has significantly contributed to its effectiveness in maximizing efficiency and performance to achieve organizational goal. All the section record improved operations since they focus on specific fields (Kates & Kesler, 2016). Enhanced sectional functionality leads to increased productivity in the organizational divisions, and ultimately the gross productivity of the entire bank.
Vertical and Horizontal Coordination
Vertical and horizontal coordination in the Bank of America involves various executive designations such as the chief executive officer who is ranked top in the organization. In the vertical hierarchy, there is global technology and operations executive, co- chief operating officer, global strategy and marketing officer, and the global head of human resources (Raci, 2013). Additionally, there is the chief risk officer, corporate general auditor, legacy servicing executive, and chief financial officer among others.
References
Kates, A., & Kesler, G. (2016). Bridging organization design and performance: 5 ways to activate a global operating model. Hoboken, New Jersey: John Wiley & Sons, Inc.
Raci, L. (2013). Bank of america and jeezus. Place of publication not identified: Lulu Com.
