Bank of America Employee Guide to Crisis Management

The crisis management procedure I have created is intended for all employees to know and have access to within the internal site. This plan was created by reviewing crisis management plans from other companies and reviewing how the current Bank of America crisis management plan is implemented. In my current position at Bank of America, I am not working in the corporate communication sector and I work more closely with people who do not understand the importance or significance of corporate communication. This plan is written for the target audience of employees who may not be familiar with corporate communications and crisis management;

 

Preliminary action for employees:

a. Avoid any action(s) that can jeopardize the company’s franchise value – This would include actions comparable to the previously mentioned WikiLeaks scandal. As individuals maintain their own agenda, as an employee at Bank of America, it is important to keep in mind the employee is a representation of the company and maintaining a scandal-free environment can start with the employee to avoid reputational-damaging actions.

b. Review the corporate communication role in crisis management procedure –All employees at Bank of America (not in the corporate communication division) should review the procedure the corporate communication sector will be following. Being aware of what course of actions will follow during a crisis helps in preparedness for all employees at Bank of America to react uniformly.

In the event of a Bank of America crisis, the following procedure for corporate:

a. Immediately address the individuals that are directly impacted from the crisis. Ensure all the facts are known before announcing anything to the press (if the press is necessary) – This action is the first step corporate communications can make to ensure employee assurance is not lost within the midst of the crisis. In the past, Bank of America crises, corporate communications addresses the crisis to employees much after the issue is not in the fore-front which, as a result, lowers employee optimism of Bank of America. This can then directly affect the previously mentioned   Preliminary action for employees. Once employees lose trust for the company, the preliminary action to avoid reputation-damaging actions loses its importance.

b. Ensure Bank of America is the main source of how the press is obtaining their information for coverage – In the previously mentioned Southwest Airline Crisis, their method of addressing the public was through multiple press releases within hours of each other. While a company crisis can vary as to the degree and scope, it is important to realize the media can spin a story anyway to sensationalize the situation. Ensuring Bank of America is the main source of information regarding the crisis; Bank of America controls what goes out to the media. Establishing this policy will also support its image to the public as being honest with the situation at hand.  Providing information to the media, general public and employees helps Bank of America maintain the correct information regarding the crisis. 

c. Provide open communication with parties who want to discuss or question the crisis - Welcoming questions seems risky but answering truthfully, Bank of America will look better in the eyes of the public. This approach is important as it provides employees and media outlets answers to questionable performances of the company. For example, September 2011, Bank of America implemented a five dollar charge to utilize customer’s own debit card. This created an outrage among its customers and after many months of complaints Bank of America lifted this policy in an attempt to restore the previous backlash. Bank of America’s Chief Operating Officer, David Darnell, announced in a press conference “Our customers’ voices are most important to us.  As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so (Huffington Post).”  Providing interviews and press releases are helpful but a more effective approach would be for Darnell welcoming an open communication forum for employees to have questions answered regarding the issue. This directly correlates with the first procedure, Preliminary action for employees, as employees are a voice of the company which spreads amongst their own acquaintances. Information that is not confidently acknowledged by employees has the potential of creating speculation. Speculation then has the potential of be being communicated to other outside parties, such as families and friends. This can possibly create a damaging representative of the company. 

d. Apologize - This part of the procedure can be utilized when Bank of America has a severely vast and negative impact on employees or the general public in which they did not have control of the situation. If Bank of America is wrong, it is best to come forward and sincerely offer apologizes; the more personal, the better. In this case, sending out a press release of an apology will not be sufficient.  The parties affected need to know that their feelings have been validated.  An apology along with an offer from the company, such as a gift or an incentive, is a start at rectifying the situation. Typically, larger companies, such as Bank of America, send out widely publicized press releases which serve as an encompassing apology to rectify the crisis. This will not be enough when individuals have been directly affected and negatively impacted in a major way. The corporate communication sector of Bank of America will need to resolve the crisis and contact individuals who have been greatly affected by the situation at hand. This tactic serves as reputation building while helping the community with the negative impact Bank of America created.