CHARLOTTE, North Carolina–(BUSINESS WIRE)–Bank of America today released its 2020 Human Capital Management Report, which provides the latest insights and progress toward its ongoing goal of being a great place to work for its more than 200,000 teammates in the world.
Building on the company’s inaugural human capital management report last year, the 2020 report details numerous programs and resources, along with supporting data, across Bank of America, including: being a diverse and inclusive workplace; attract and retain exceptional talent; provide holistic benefits supporting the physical, emotional and financial well-being of teammates; and recognizing and rewarding performance.
“Since our initial report, we have taken many steps to care for the health and safety of our teammates during the unprecedented health crisis, including expanding and improving employee benefits and resources,” said the CEO Brian Moynihan. “We’ve also built on the work we’ve done throughout our company’s history to ensure a diverse and inclusive workplace, and we’ve seen an increase in diverse representation in almost every area. »
Additionally, Bank of America continues to share metrics on diverse representation across the business, a practice the bank had in place for many years prior to last year’s inaugural report. Specific highlights of this year’s novelties include:
Additional disclosures related to Black/African American and Hispanic/Latino representation throughout the report.
Increased representation of women and people of color in nearly every category in the company since 2018 (with the exception of women in the top three levels of our company, which remains at 41%).
One of the most diverse classes of new recruits on campus – 45% female, 13% Black/African American, and 14% Hispanic/Latino.
Progress across lines of business, including wealth management, which has seen an increase in the percentage of women, people of color, black/African American, and Hispanic/Latino employees.
“Our goal of being a great place to work has never been more important. While our teammates are focused on supporting our customers and communities, we are focused on them and their families, ensuring they can perform at their best at work and at home,” said Sheri Bronstein, director of human resources.
New to this year’s report, Bank of America detailed expanded support and benefits to help employees through the ongoing health crisis, and long-term commitments to advance racial equality and economic opportunity for all. , especially :
- Support employee health and safety, including the provision of free coronavirus tests; free virtual consultations in general medicine and behavioral health; mental health resources; and additional support for teammates who continue to work in the office, such as transportation and meal subsidies.
- Launch innovative solutions to support teammates with childcare needsincluding providing more than 1.7 million days of relief child and adult care and investing more than $200 million in child and adult care reimbursements through September 2020.
- Deliver for our customers providing advice, guidance and access to all of our capabilities to help clients meet their financial needs, as well as providing essential financial assistance.
- Help our teammates have conversations about racial, social and economic injustices, with more than 165,000 employees participating in courageous conversations in the first half of the year alone.
- $1 billion commitment over four years to advance ongoing work to address critical issues for people and communities of color, including health care, jobs, small business and housing.
These highlights are in addition to the actions Bank of America takes each year, including equal pay for equal work; support for new parents; personalized support for major life events (including connecting employees with resources, benefits and advice) by Life Events Services, the company’s highly specialized in-house group; and confidential counseling through its Employee Assistance Program to help manage stress and the wider emotional impacts of events and uncertainty.
Learn more about our progress in the full report.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in the United States, serving approximately 66 million consumer and small business customers with approximately 4,300 retail financial centers, including approximately 2,900 lending centers, 2,500 financial centers with a financial solutions advisor from investment for consumers and about 2,300 business centers; approximately 17,000 ATMs; and award-winning digital banking with around 39 million active users, including around 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves customers through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.
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