Bank of America Issues 2020 Human Capital Management Report

Rhea-AI Summary

Bank of America has released its 2020 Human Capital Management Report, showcasing efforts to enhance workplace diversity and employee wellness during the pandemic. The report highlights metrics on diverse representation, with notable increases among women and people of color in various roles. Additionally, it outlines expanded benefits to support employees' health, including mental health resources and childcare assistance, alongside a commitment of $1 billion to advance racial equality over four years.

Positive

• Increased diversity representation with 45% of new campus hires being women and 13% Black/African American.
• Expanded employee benefits during the pandemic, including no-cost health consultations and childcare support.
• Commitment of $1 billion over four years to support racial equality and economic opportunity.

Negative

• No significant increase in female representation in top three levels of the company, remaining at 41%.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America today published its 2020 Human Capital Management Report, which provides the latest information and progress against its continued focus to be a great place to work for its more than 200,000 teammates around the world.

Building on the company’s inaugural Human Capital Management report last year, the 2020 report details the many programs and resources, as well as supporting data, across Bank of America’s primary focus areas including: being a diverse and inclusive workplace; attracting and retaining exceptional talent; providing holistic benefits supporting teammates’ physical, emotional and financial wellness; and recognizing and rewarding performance.

“Since our initial report, we have taken extensive steps to care for the health and safety of our teammates during the unprecedented health crisis, including expanding and enhancing employee benefits and resources,” said CEO Brian Moynihan. “We have also built on work we have had underway throughout our company’s history to ensure a diverse and inclusive workplace, and have seen increases in diverse representation in nearly every area.”

In addition, Bank of America continues to share metrics on diverse representation across the company, a practice the bank has had in place for many years prior to last year’s inaugural report. Specific highlights of what’s new this year include:

• Additional disclosures related to Black/African American and Hispanic/Latino representation throughout the report.
• Increases in the representation of women and people of color in nearly every category across the company since 2018 (the exception being women in the top three levels of our company, which remains at 41%).
• One of the most diverse classes of campus new hires ever – 45% women, 13% Black/African American and 14% Hispanic/Latino.
• Progress in lines of business, including wealth management, which has seen increases in the percentage of women, people of color, Black/African American and Hispanic/Latino employees.

“Our focus on being a great place to work has never been more important. While our teammates are focused on supporting our clients and communities, we’re focused on supporting them and their families, making sure they can be their best both at work and at home,” said Chief Human Resources Officer Sheri Bronstein.

New to this year’s report, Bank of America has detailed expanded support and benefits to help employees navigate the ongoing health crisis, and long-term commitments to advance racial equality and economic opportunity for all, including:

• Supporting employee health and safety, including providing no-cost coronavirus testing; no-cost virtual general medicine and behavioral health consults; mental health resources; and additional support for teammates who continue to work in the office, such as transportation and meal subsidies.
• Launching innovative solutions to support teammates with child care needs, including providing over 1.7 million days of backup child and adult care and an investment of over $200 million in child and adult care reimbursements through September 2020.
• Delivering for our clients by providing advice, guidance and access to all our capabilities to help clients meet their financial needs, as well as by delivering critical financial relief.
• Helping our teammates to 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.
• Making a four-year, $1 billion commitment to advance work underway to address critical issues for people and communities of color, including health care, jobs, small businesses 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 to resources, benefits and counseling) from Life Events Services, the company’s internal, highly-specialized group; and confidential counseling through its Employee Assistance Program to help manage the stress and broader 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 individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,900 lending centers, 2,500 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,300 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 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 corporations, governments, institutions and individuals around the world. Bank of America offers 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 clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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www.bankofamerica.com