Benchmarking Synopsis: Outsourcing at Bank of America

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Miscellaneous

 

Written by:

Albert S

 

Date added:

July 14, 2013

 

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Grade:

A

 

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3 / 573

 

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Dean Foust (2006, para 4), in his article, explains that Bank of America(BofA) IT executives estimate a savings of approximately $100 million since 2001 by offshoring some work that was previously performed in the US and the UK. But just as important was the retention of highly skilled and motivated employees that the bank realized whenever it develops new products and services...
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These concepts are organizational commitment, continuous commitment and organizational communications. McShane and Von Glinow, (2005, pg 126), define organizational commitment as, "the employee's emotional attachment to, identification with, and involvement in a particular organization." They define continuous commitment as, "when employees believe it is in their own personal interest to remain with the organization...
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