Using Talend Open Studio Tools on Bank of America’s Stakeholders

USING TALEND OPEN STUDIO TOOLS 16

UsingTalend Open Studio Tools on Bank of America’s Stakeholders

UsingTalend Open Studio Tools on Bank of America’s Stakeholders

Theterm diversity refers to acceptance and respect to all. It entailsthe understanding that everybody is different and unique from theother and embracing that difference. Diversity takes differentdimensions like gender, race, age, religion, political beliefs,ethnicity, and economic status, and involves the incorporating ofthese differences within a positive, safe, and nurturing environment(Prasad, Prasad and Mir 2011). In this research, Bank of America’s(BOA) diversity on employees and management would be reviewed.

Asone of the Americas multinational banking and financial servicescorporation Bank of America is the second largest holding corporationin America by assets, fifth largest by revenue and the third largestnon-oil company in United States of America (Rappaport &ampFitzpatrick 2011). A thorough research on the Bank of America’swebsite reveals quite a lot of considerations on the companies standas far as diversity of employees and management of the company isconcerned. In one of the company’s attempt in achieving thediversification of all its operations, the company formed GlobalDiversity and Inclusion Council (GDIC). This council is under theleadership of the Chief Executive Officer, Brian Moynihan. Theappointment of the other senior executives of the council comes fromthe company’s businesses in different parts of the country. Each ofthe Bank of Americas businesses has a global Diversity and InclusionCouncil that specifically deal with a single business diversificationmatters. The main objectives of these councils are to developstrategies that enhance and promote engagement, recruitmentdevelopment, education and creating awareness to make sure thatdiversity and inclusion objectives are achieved in each of thecompany’s businesses and regions.

Thecompany has been engaged in efforts to ensure that its employees, aswell as management, are all encompassed for quite a long time. Infact, its predecessor, Bank of Italy, founded the history of thecompany diversification as far as employees and management areconcerned date back to the time the company.

Goalsof thesis

Thisaim thesis is to bringing out practical usage of Talend Open Studiotools in the banking industry where diversity at workplace is of theessence. The major tools used will include the data integration andthe data quality. Owing to the nature of banks information gatheringand the fact that stakeholders’ data collection is in a differentformat, there is a need to have a tool to extract, to transform, andto load the important data for statistical analysis. The usage ofthese two tools comes at the end of this paper.

Background

In1904, when the predecessor to the Bank of America Bank of Italy wasfounded, it used to offer services to immigrants, this implied thatit had to employ tellers from different races and ethnic background.The bank used to serve Russian, Spanish, Greek and Italian customers.This as well meant that the bank had to employ multilingual employeesin order to cater for those customers in the easiest and mostefficient means possible. In so doing, the company had a diversifiedstaff in terms of race and ethnic background.

Itwas in 1920 that the Bank of Italy women department appointed thefirst female manager as well as the vice president. The managementbefore then was composed of male executives only. This was ahistorical achievement for the company management

Thespirit of diversity in recruitment has been maintained to date. Thecompany is working towards attracting, sourcing, recruiting andmaintaining the best talents across the globe. In 2009, the companyformed the diversity recruiting team. The objective of team is toidentify potential executives and to identify leadership talentswithin the bank. Currently, the company has employed more than halfof its workers on gender balance basis whereby 56% are female workersglobally. This is a clear indication that the bank is committed todiversification by maintaining a gender balance

Thecurrent and future impacts of the bank’s diversity

TheBank of America enhances a good relation with its suppliers,employees as well as its customers. For supplies, the bank developsthis by use of diverse businesses with a connection to the variousgoods and services the company purchase in the community andenvironment it serves. Therefore, the suppliers’ diversity anddevelopment program managers are tasked to work together internallyto ensure that the company reaches its diverse supplier across thebank’s businesses and regions.

Diversesuppliers include but not limited to the minority groups likeveterans, women, lesbians, gays, physically challenged individualsand bisexuals. With the company-wide spread in all states of theUnited States of America and 40 countries across the globe, thediversification of both employees and management is quiterecommendable. This is because for every country where the company isin operation, the employees there are composed majorly of indigenouspeople of that country due to the legislation of most countriesconcerning employment. The diversification in different countries andstates directly implies that the company’s customer base iswidespread and just as strong as its employee’s base. The Bank ofAmerica provides an environment where employees can grow and succeedby offering the necessary resources and benefits to cater for thediverse requirements of workers in every stage of their development.

Diversityof the board of directors and management

Onthe management, the Bank of America is led by a competent ChiefExecutive Officer, Brian Moynihan, who is also the chairperson ofGlobal Diversity and Inclusion Council. Senior executives are sourcedfrom across the globe where the bank has branches. BOA is one of thecompanies that show a broad variety of considerations, skills andexperiences in selecting its topmost leaders. Apart from thementioned qualification, the company considers diversity as acritical factor in selecting nominees for the director positions.

Usefulnessof diversity information to stakeholders

Whenthe company caters and make it easy for its suppliers to access itsinformation that relate to them, then the relationship between thecompany and its supplier will be void of any misunderstanding, fairand long-lasting. The suppliers’ will remain loyal to the bank andget to supply the Bank of America with necessary needs it requiresfrom them. It will also develop a good relationship that end upbenefiting the two parties, the supplier and the company.

Byrecruiting talented, qualified and competent employees, the bankprepares any potential worker to arm himself with the necessaryskills that the company requires for its employees. This is found onthe company website recruitment form, and potential worker can getthe necessary information from those forms. The information on thebenefits accrued to employees is as well displayed in the company’swebsite. An employee from another company may read it and prefer itto his current benefits. This will lead him to search an opportunitywith the BOA.

Toits customers, the Bank of America is highly committed to retainingthem in terms of their diversity. The information displayed on thecompany’s website is important since it informs potential customerson what they miss on not being customers to the Bank of America. TheBank of America does not only offer a strong base compensation to itsemployees but also offers bonus and other great incentives programsthat are a part of the company’s overall compensation plan. Beloware some of the benefits that employees of the Bank of America enjoy.

Retirementbenefits

Thebank offer a 401(k) plan with the first year of service. The employeeis expected to make 2 % up to 3% annual contribution of his incomeand a 5% that matches this contribution.

Lifemanagement benefits

TheBank has a wide range of life management programs that run fromtuition reimbursement, adjustable work arrangements, programs thathelp to identify and pay for the dependent of the employee care aswell as insurance of their homes and automobiles. The life managementbenefits are aimed at enabling the employee overcomes normal lifechallenges, and utilization of opportunities that may come their way.

Healthand insurance benefits

Healthand insurance covers are yet another benefit that is entitled toemployees of the Bank of America. The cover ranges from medical,dental to vision plans. They cover the employee and his/her family inaddition to the domestic workers. The insurance covers for life anddisability of the employee and the spending account for healthcare aswell as the dependent care cover. However, it is imperative to notethat the above benefits are not entitled to all employees and neitherdoes it occur automatically for those entitled to it. It is importantto note that the signing of the written documents does not enter thecompany and the employee into a contract

Relevanceof the diversity to the bank’s core values

Whenwe evaluate the Bank of America’s core values, it is possible todetermine if the diversity materials used are relevant and whether itdelivers to its core values and mission as outlined below.

Todeliver together

Asone of the company’s major value, the Bank of America believes thatit should treat every stakeholder, be it the customer, client,employee or the community it serves as an individual human being andwith all due respect deserves. The companies, therefore, do its bestto deliver its services with discipline and passion. It connectsevery stakeholder in a person-to-person basis with empathy andunderstanding. Everything the company does targets the community thatthe company serves self-satisfaction and at the same time deliveringfor its stakeholders. This is evidenced by the company’s endeavorsto deliver through its employee’s time of volunteer to thecommunity.

Toact responsibly

Thecompany is aware that, its actions and decision affect people’slives in a broad way. When the actions are negative to the community,it means they will affect the very organization because it draws itscustomers from that very community. It, therefore, strives to makedecisions that are fair, clear and ones that are meant for the goodof all stakeholders involved in its operations. The principle ofshare success, responsible corporate citizen and communitydevelopment is given the priority in policy formulation by the bankmanagement. This as well is demonstrated by the company’s endeavorsin preserving affordable housing in its neighborhoods, lending tominority and providing charitable funding to nonprofit organizationsthat address the vital needs of families and other community memberswho are in need .

Torealize the power of people

TheBank of America strives to assist its workers attain their fullpotential. The company has a diverse background and experience thatmake it stronger and keeps it going. Through respect for itsstakeholders, the company can retain its diverse employees because itmakes them feel at home always.

Trustin the company’s team

Thecompany believes that the best results are attained when people worktogether as a team across the entire branches and departments of Bankof America businesses. Targeted results are because of mutual trust,shared ownership, and accountability. The bank, therefore, acts asone large family knighted together by a strong bond of trust. Thebank needs synergy despite its diversified culture and by so doing itis capable of meeting and satisfying the expectations of allstakeholders.

Appropriatenessof materials used to display the diversity

Inthe company’s diversity and inclusion website, the company displaysa photo of smiling faces with the words “diversity of our employeesenriches our company” inscribed in it. The photo has a diversifiedworkforce captured ranging from male and female, young and old,different races this is a clear indication that the company is keenon diversification of its employees.

Inanother photo, still on diversity and inclusion, is a photo of aBlack American woman and an Asian American man with words “explorea career with the bank of opportunities,” inscribed on it. Thisphoto tackles both issues of gender and race. There is yet anotherphoto, which of a student with graduation gowns smiling with thewords “make the most of your talents and your career with us,”inscribed on it. The company is well known for absorbing freshgraduates from 200 schools, and this really indicates its relevanceof this photo on its website.

Anotherphoto is that of a soldier carrying another soldier with the words“wounded soldier project,” inscribed on it. The Bank of Americaempowers those employees wounded in their line of duties by cateringfor their medical fee, enabling them to recover quickly in order tomanage their work and financial life.

Finally,there is a photo of beautiful houses in the estate. The bank supportsthe community and neighborhood through global lending investing andgiving programs. This photo, therefore, goes hand in hand with one ofthe bank’s vital services to the community.

Stakeholders’representation and perception about the bank

Women

Thebank has had several programs to make women feel part of thecommunity in which it operates. In the year 2012, the bank forged apartnership with the Mumsnet Family Executive and CoachingConsultancy Program where it launched a program known as returningtalent. The program started with twenty-one women initially absentfrom their workplace. The women were absent from work for more thanthree years in order to take care for their families.

Veteransand service members

TheBank of America often employs military personnel and spouses. Itemploys approximately 6000 veterans and reservists. In 2012 alone,the company employed 1600 military employees. This number exceededthe targeted 1200 military employees

TheYouths

Thebank absorbs fresh graduates from over 200 universities and collegesglobally. This way, it incorporates the young generation of the youthto its diverse workforce. The bank also collaborates with 12 diverseblack colleges and universities, Hispanic-serving institutions andwomen colleges globally in order to give everybody a fair chance ofbeing recruited by the bank.

Internalmanagement issues that can affect the prominence that the diversitygets in this company are detrimental to the development of diversegroups. They include the organizational policies that deal withfairness and equity to all employees, lack of proper education insituations where the firm does not training and education programs toits employees due to changing technology, nepotism and negativeethnicity. In dealing with the Bank of America website forinformation sourcing, one best thing about it is its openness to theinformation displayed. There are no restrictions to other links ofthe websites. Unlike other websites whereby you have to registerbefore accessing information, this website freely gives theinformation that one needs in a clear and precise manner.

Theusage of Talend Open Source tools

Thedata quality

Thefirst step in the process of implementing the profiling of data usingdata quality tool of the Talend Open Studio involves loading thedataset from the database, MDM or Delimited file. For the purposes ofthis paper, Delimited file will be used from a comma-separated valuethat is drawn for the banking industry.

Figure 1: New Delimited file creation

The figure above is an indication of the third step, which is veryimportant in capturing the data from a text file

Figure2: Metadata definition and columns selections

In this step, the data analysis is now given a name with descriptionsto distinguish it from other analyses done by the same tool.Additionally, this stage allows for the selection of particularcolumns that require analysis.

Figure3: Indicators selection for each column

Inthe above stage, indicators for each column are selected, whichcreates the results of the profile data. The major interest in thisexercise is to profile revenue earned by the by the banksstakeholders.

Figure4: Graphical summary statistics

The above image displays the summarized statistics derived fromrevenue column in the form of a box plot. The box plot is a graphicaltool used to present the maximum, the minimum lower quartile, upperquartile and median of the data in one view.

Thedata integration

The banking industry utilizes multi-dimensional data collected fromdifferent sources for database operations. In order to utilize thedatabase operations, consistency and flexibility of the data insertedin the dataset requires great flexibility provided by ETL tool.Talend Open studio has data integration algorithm simplified in thegraphical user interface, which employees in the banking industry canutilize with little training. A component for merging two files thathave similar content is used to demonstrate the data integrationtransformation tool.

Figure5: tJoin, a component of data integration tool of Talend Open Studio

The above figure shows the application of tJoin component used tojoin data from two files to form a single file.

References

Prasad,A., Prasad, P. and Mir, R. 2011. One mirror in another: Managingdiversity and the discourse of fashion. HumanRelations,64(5),703-724.

Rappaport,L. and Fitzpatrick, D. 2011. Pain Spreads to Biggest Banks. TheWall Street Journal.

Wentling,M. R. 2012.Diversity Initiatives in the Workplace.[Online]Availableat http://ve.berkeley.edu/CW82/Diversity.html