Case Study: Bank of America – Investing in WomenJan 17, 2019
During our 2019 Catalyst Award review and assessment of Bank of America’s Investing in Women global initiative—which created an overarching strategy focused on talent acquisition, retention, and career development for women at the company—employees told us stories.
They told us about how the bank was there to support them with temporary housing during hurricane evacuations and life-saving services and legal assistance when they were impacted by domestic violence. They told us their voices matter. They told us they feel valued. Employees are enthusiastic to work for a company that prioritizes inclusive leadership and doesn’t shy away from discussing important yet tough topics.
Investing in Women involved Bank of America strengthening its existing work and expanding its D&I efforts to create a more inclusive culture. Leaders did this by developing greater strategic alignment across global regions while implementing actions based on local needs. They sharpened their focus on being a great place to work for women employees, making the financial lives of women clients and customers better, and advancing the economic empowerment of women in communities around the world. All within the framework of the company’s self-described “placemat”—a compass for all employees which lays out the company’s purpose and values—as they drive responsible growth.
- Mandatory diverse hiring slates and interviewers to attract and hire talented women at all levels and increase the female talent pipeline.
- Courageous conversations that bring employees together across differences to, formally and informally but always openly, discuss personally relevant topics to effectively and constructively dismantle unconscious biases.
- Robust data collection, including frequent engagement surveys and benefits reviews to identify talent management challenges and opportunities and collaboratively develop impactful solutions with—and for—employees.
- Expansion of Life Event Services to help employees navigate significant work-life events such as new parent workshops to help employees and managers before, during, and after leaves; veteran and military spouse resources; support for survivors of domestic violence; and assistance for transitioning transgender employees.
Women’s representation increased from 2015 to 2018 globally across mid- and senior levels. Notably, representation of women in senior leadership positions increased from 33% to 44% from 2015 to 2018. Additionally, women hold more than 30% of Bank of America’s Board of Director seats.
About 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 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 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 owners 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 more than 35 countries.