Swot Analysis of Bank of America Essay Example

Swot Analysis of Bank of America Paper Bank of America: SWOT Analysis The Bank of America abides by a corporate philosophy that values diversity and aims to implement it on a large scale within the organization. On its websites, the bank proclaims that â€Å"work environment draws on the strength of every associate to build an atmosphere of personal and professional growth† (Bank of America Corporation 2006). To implement the goals of increasing diversity and including different types of employees in corporate environments, the Bank of America has created a number of organizations and groups. One of them is the Diversity Advisory Council, including employees from different levels who can make a difference at the organizational level. Diversity Business Councils are found in many BoA divisions, exploring issues pertaining to diversity and producing recommendations for the improvement in this area. The bank has also organized the Diversity Network that aims â€Å"to encourage and capitalize on the diversity of our associates and promote personal and professional development† (Bank of America Corporation 2006). Diversity is also promoted by various affinity groups acknowledged and supported by the bank’s management, including various racial groups, people with disabilities, gays and lesbians, bisexuals, and women. We will write a custom essay sample on Swot Analysis of Bank of America specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Swot Analysis of Bank of America specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Swot Analysis of Bank of America specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The efforts of the Bank of America to implement diversity did not go unnoticed by business publications and analytical agencies. Over the course of years, the bank has accumulated a number of rewards for its commitment to diversity practices. Among those are a Best Company for Working Mothers from Working Mother magazine, a Best Company for Diversity from DiversityInc., one out of top 100 Companies for Hispanics from Hispanic Magazine, Best Company for Latinas from LATINA Style magazine, and others. 2. Corporate Social Responsibility The Bank of America demonstrates a consistent commitment to community development. One of the examples is the Neighbourhood Excellence initiative in which the bank invests in the development of local nonprofits in different locations. The bank reports to â€Å"fund $200,000 in operating support to 2 nonprofits in each of 40 markets† (Bank of America Corporation 2006). In addition, it provides funds to leaders with significant accomplishments and student leaders. The bank partners with a number of charity and non-profit organizations to assist them in noble causes. For example, it claims to be committed to participation in disaster relief efforts nation-wide. Cooperating with HomeAid America, the Bank of America participates in the construction of homes for the poor. The organization is involved in building houses for the temporary homeless in 11 states. On January 14, 2005, the Bank of America provided â€Å"a $100,000 grant and $50,000 sponsorship† for this organization to help it forward its goals (Bank of America Corporation 2006). Another example of how the Bank of America applies the notion of Corporate Social Responsibility is the MBNA Foundation supported by the bank. It strives to support financially â€Å"education, human services, health services, and the arts† (Bank of America Corporation 2006). These community donations are distributed as grants for which any local organization can apply. The financial institution in 2004 announced the goal of $1.5 billion annual donation to corporate philanthropy over 10 years. This signifies a serious commitment to CSR, even against the background of the company’s revenues. 3. Rewards and Team Incentives The Bank of America has an extensive award program designed to inspire people to achieve company goals. Since the bank is committed to the image of a responsible company, it chose to reward employees who lead an environmentally conscious lifestyle. Each employee who lives at a distance of 90 miles or less from Boston, Charlotte, NC, and Los Angeles, will receive the amount matching a $3,000 federal tax credit for replacing one’s car with a hybrid vehicle. Anne Finucane, the bank’s Global Marketing Corporate Affairs associate, says: â€Å"†Given the size of our commuting associate base, the hybrid program expands our commitment to the environment and helps our associates to participate in making a difference while cutsting down on their commuting costs† (Drosjack 2006). Outlining the basics of its corporate compensation, the bank states that a large part of the compensation comes in incentives and bonuses, although it does not disclose exactly what proportion and the details of the bonus system. The program called Rewarding Success will provide incentives to employees receiving less than $100,000 annually. They will get a cash bonus or defer it to their retirement account if the company â€Å"meets or exceeds annual business targets† (Bank of America Corporation 2006). As to team incentives, the Bank of America does not seem to be really committed to them. The only evidence of teamwork is the existence of the Team Bank of America, but this system includes a number of teams that promote the company’s CSR goals such as environment protection, community development, and volunteer services. This network gives employees opportunities for self-expression, but there is no mention of any financial incentives included in its framework. Bibliography Bank of America Corporation. 2006. 27 Aug. 06 . Drosjack, Melissa. â€Å"Private Sector, States Promote Rewards for Hybrid Drivers.† Fox News 5 July 2006. 27 Aug. 06 .

Alexander Nevsky - Prince of Novgorod and Kiev

Alexander Nevsky - Prince of Novgorod and Kiev The son of an important Russian leader, Alexander Nevsky was elected prince of Novgorod on his own merits. He succeeded in driving invading Swedes from Russian territory and fending off the Teutonic Knights. However, he agreed to pay tribute to the Mongols rather than fight them, a decision for which he has been criticized.  Eventually, he became Grand Prince and worked to restore Russian prosperity and establish Russian sovereignty. After his death, Russia disintegrated into feudal principalities. Also Known As Prince of Novgorod and Kiev; Grand Prince of Vladimir; also spelled Aleksandr Nevski and, in Cyrillic, Ð Ã »Ã µÃ ºÃ' Ã °Ã ½Ã ´Ã'€ Ð Ã µÃ ²Ã' Ã ºÃ ¸Ã ¹ Alexander Nevsky was noted for Stopping the advance of the Swedes and the Teutonic Knights into Russia Occupations Roles in Society Military LeaderPrinceSaint Places of Residence and Influence Russia Important Dates Born:  c. 1220Victorious in battle on the ice:  April 5, 1242Died:  Nov. 14, 1263 Biography Prince of Novgorod and Kiev and Grand Prince of Vladimir, Alexander Nevsky is best known for stopping the advance of the Swedes and the Teutonic Knights into Russia. At the same time, he paid tribute to the Mongols instead of attempting to fight them off, a position that has been attacked as cowardly but which may have been simply a matter of understanding his limits. The son of Yaroslav II Vsevolodovich, grand prince of Vladimir and foremost Russian leader, Alexander was elected prince of Novgorod (primarily a military post) in 1236. In 1239 he married Alexandra, the daughter of the Prince of Polotsk. For some time the Novgorodians had moved into Finnish territory, which was controlled by the Swedes. To punish them for this encroachment and to bar Russias access to the sea, the Swedes invaded Russia in 1240. Alexander scored a significant victory against them at the confluence of the Rivers Izhora and Neva, whereby he got his honorific, Nevsky. However, several months later he was expelled from Novgorod for interfering in city affairs. Not long afterward, Pope Gregory IX began urging the Teutonic Knights to Christianize the Baltic region, even though there were Christians already there. In the face of this threat, Alexander was invited to return to Novgorod and, after several confrontations, he defeated the knights in a famous battle on the frozen channel between Lakes Chud and Pskov in April 1242. Alexander eventually stopped the eastward expansion of both the Swedes and Germans. But another serious problem prevailed in the east. Mongol armies were conquering portions of Russia, which was not politically unified. Alexanders father agreed to serve the new Mongol rulers, but he died in September 1246. This left the throne of the Grand Prince vacant, and both Alexander and his younger brother Andrew appealed to Khan Batu of the Mongol Golden Horde. Batu sent them to the Great Khan, who violated Russian custom by selecting Andrew as Grand Prince, probably because Alexander was favored by Batu, who was out of favor with the Great Khan. Alexander settled for being made the prince of Kiev. Andrew began to conspire with other Russian princes and western nations against the Mongol overlords. Alexander took the opportunity to denounce his brother to Batus son Sartak. Sartak sent an army to depose Andrew, and Alexander was installed as Grand Prince in his place. As Grand Prince, Alexander worked to restore Russian prosperity by building fortifications and churches and passing laws. He continued to control Novgorod through his son Vasily. This altered the tradition of rule from one based on a process of invitation to institutional sovereignty. In 1255 Novgorod expelled Vasily, and Alexander put together an army and got Vasily back on the throne. In 1257 a rebellion broke out in Novgorod in response to an impending census and taxation. Alexander helped forced the city to submit, probably fearing that the Mongols would punish all of Russia for Novgorods actions. More uprisings broke out in 1262 against the Muslim tax farmers of the Golden Horde, and Alexander succeeded in averting reprisals by journeying to Saray on the Volga and speaking to the Khan there. He also obtained an exemption for Russians from a draft. On the way home, Alexander Nevsky died in Gorodets. After his death, Russia disintegrated into feuding principalities but his son Daniel would found the house of Moscow, which would eventually reunite northern Russian lands. Alexander Nevsky was supported by the Russian Orthodox Church, which made him a saint in 1547.