Top 10 | 2018 50 Out Front

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Bank of America

BankOfAmerica_logo

Rank No. 2: Bank of America
Location of Headquarters: Charlotte, NC
# of Employees: 200,000

CEO: Brian Moynihan

CDE: Cynthia Bowman

Mission Statement for Diversity and Inclusion

At Bank of America, we deliver on our purpose — to help make financial lives better through the power of every connection — by driving responsible growth. A tenet of driving responsible growth in a sustainable manner is our focus on being a great place to work. We know that the diversity of our employees makes us stronger, and our efforts focus on three important areas that strengthen our company: people, inclusion, and clients and communities.

OVERVIEW OF CURRENT D&I EFFORTS

People

Our people are the foundation of our success. Bank of America is bringing, retaining and promoting the best and brightest from around the world through our far-reaching recruitment efforts, partnerships and best-in-class resources.

Examples include:

  • Driving progress from the top: The Global Diversity & Inclusion Council (GDIC) drives how we approach D&I. Chaired by CEO Brian Moynihan and consisting of senior leaders from all lines of business, our GDIC focuses on creating a diverse workforce and an inclusive workplace. Commitment from the top drives accountability with diversity goals embedded in strategy, scorecards and business reviews.
  • Empowering and developing leaders: Our personalized leadership programs support the sponsorship and pullthrough of emerging talent. We provide long-standing and impactful development opportunities with programs such as our Women’s Next Level Leadership program and our Diverse Leaders Sponsorship program. Our women’s leadership program focuses on the unique challenges multicultural women face in progressing their careers. Our diverse leadership program pairs diverse talent with senior leader sponsors to proactively help identify career pathways and build diverse talent pipelines.
  • Building our future pipeline: We identify future talent potential through our partnerships with 200-plus schools and organizations from which we recruit, retain and promote diverse talent. Our most recent campus recruiting class was more than 40 percent women and 50 percent minority. We track and report on diverse slates and have a dedicated diversity talent acquisition team.

Inclusion

Focusing on the diversity of our people is an important first step, but equally important is maintaining an inclusive environment in which every employee matters.

Examples include:

  • Supporting strong and impactful Employee Networks: Our employee networks increased more than 24 percent over the past year with more than 120,000 members and 260 chapters. Network prioritiesalign to business strategy and focus on five key pillars: external recruitment, professional development, workplace culture, business strategy and community development. All networks are supported by senior leader sponsors and advisers.
  • Driving an inclusive culture in all business lines: All of our business lines have D&I business or regional councils charged with planning and implementing diversity strategies.
  • Encouraging employees to bring their full selves to work: To help deliver on our promise to provide benefits and resources that meet the needs of our diverse teammates, we launched the “Count Me In” campaign to encourage employees to self-identify information about their race/ethnicity, sexual orientation, gender identity, disability and military status. The campaign yielded a 2,310 percent increase in participation from the previous year and will help us continue to deliver benefits and programs that support the needs of our diverse population.

Clients and Communities

Our commitment to D&I is felt by clients and throughout the communities we serve. Our culture advances our business and has meaningful social impact. Examples include:

  • Meeting the needs of our diverse clients and customers: We meet our clients where they are, through a variety of programs and services including Spanish-language training and services, accommodations for those with disabilities, and dedicated investment management teams for LGBT clients and customers.
  • Prioritizing diversity and inclusion with suppliers: We spend more than $2 billion each year with women and minority-owned business partners.
  • Driving progress through community partnerships: We proudly partner with organizations like UnidosUS, Paradigm for Parity, National Urban League, Out & Equal, National Association of Asian American Professionals, United National Indian Tribal Youth, National Veterans Transition Services, the Love Has No Labels campaign and Special Olympics, to help drive diversity and inclusion in the communities we serve.

Innovations That Proved To Be Effective

It is vitally important we embrace and appreciate every individual’s background — his or her culture, heritage and experiences. This demonstrates our commitment to being a great place to work and upholds values that strengthen the communities we serve. That’s why we often hold courageous conversations: group discussions that encourage open dialogue among employees on topics that are important to them. The goal of these conversations is to promote inclusion, understanding and positive action by creating awareness of employees’ experiences and perspectives based on differences in background or viewpoints. We also aim to use this venue to address community events that affect our employees, recognizing that we are all affected by different events in personal ways and those feelings do not pause during work hours.

We hosted dialogues ranging from small conversations within teams or employee networks to enterprise conversations with community partners, since beginning courageous conversations in 2015. Topics include race, gender dynamics, the role of the majority in diversity, social justice, LGBT equality, inclusion in the workplace, and local and national current events. We hosted courageous conversations with panels of diverse leaders in the wake of violence in Dallas, Baton Rouge, Minneapolis, Charlottesville and Charlotte. In conjunction with these conversations and others, our expert Life Event Services team members — who provide support for employees during significant life events and moments that matter most — offered resources, services and advocacy to teammates and their family members who were directly affected.

We have built upon the strong foundation of our relationships with clients and our partnerships with outside organizations, and incorporated courageous conversations into our ongoing work. Examples include:

  • Diversity in sports as part of our sponsorship of the PGA Championship
  • Conversations regarding the lasting legacy and impact of the Vietnam War, and the dialogue that surrounded it, as part of our sponsorship of the 10-part documentary film, “The Vietnam War” by Ken Burns and Lynn Novick.

A courageous conversation toolkit that was rolled out across our company in 2017 to help managers host and facilitate courageous conversations within their lines of business, networks or local markets.

Dialogue with community leaders, civil rights leaders, local politicians and members of local police who engage with staff on key issues.

To date, more than one-fourth of our population has participated in a courageous conversation, including our board of directors, global senior leaders and local market presidents. Our employees know, through these conversations, that we are committed to being an inclusive workplace that welcomes dialogue on issues that are important to them and to the communities we serve. With that dialogue comes understanding, empathy and respect of differences, yielding positive outcomes for workforce diversity, inclusion and productivity.