Being a Great Place to Work 2019 HUMAN CAPITAL MANAGEMENT REPORT Published November 2019
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement | |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| ☐ | Definitive Proxy Statement | |
| ☒ | Definitive Additional Materials | |
| ☐ | Soliciting Material Pursuant to § 240.14a-12 | |
Bank of America Corporation
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
PAYMENT OF FILING FEE (Check the appropriate box):
| ☒ | No fee required. |
| ☐ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
| 1) | Title of each class of securities to which transaction applies: |
| 2) | Aggregate number of securities to which transaction applies: |
| 3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
| 4) | Proposed maximum aggregate value of transaction: |
5) Total fee paid:
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
| 1) | Amount Previously Paid: |
| 2) | Form, Schedule or Registration Statement No.: |
| 3) | Filing Party: |
| 4) | Date Filed: |
Being a Great Place to Work 2019 HUMAN CAPITAL MANAGEMENT REPORT Published November 2019
Table of contents 3 7 19A letter from Chairman Being a diverse and Supporting teammates’ and CEO Brian Moynihan inclusive workplace for physical, emotional our teammates around and financial wellness 4 the world Demonstrating how we 10 22 strive to be the best place Recognition for our teammates to work Recognizing and rewarding performance 236 12 Appendix Setting the tone at the top through oversight by Creating opportunities our Board of Directors for teammates to grow and develop What would you like the power to do?® At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose and achieve responsible growth. Our values Our purpose Responsible growth Eight lines of business • Deliver together To help make financial • We must grow and win in Serving the core financial lives better, through the market—no excuses needs of people, companies • Act responsibly • Realize the power of the power of every • We must grow with our and institutional investors connection customer-focused strategy through eight lines of business our people • Trust the team • We must grow within our risk framework • We must grow in a sustainable manner by:- Driving operational excellence- Sharing our success—Being a great place to work 2 BANK OF AMERICA
A letter from Chairman and CEO Brian Moynihan What would you like the power to do?® Every day at Bank of America, we ask that question. We ask it of our customers and clients, we ask it of our teammates, we ask it of our communities and we ask it of our shareholders. The answers we hear shape all we do as a company. Shareholders tell us they’d like us to keep delivering responsible growth. Focusing on responsible growth has allowed us to deliver strong success for our customers, clients and employees. This has produced strong financial returns for those who invest in our company and helped drive progress on societal priorities that impact all those we serve. Fundamental to this is being a great place to work and investing in the people who serve our clients and live and work in local communities across the U.S. and around the world. This is a core tenet of our framework of responsible growth. As we meet with our shareholders and other stakeholders, the importance they place on transparency and understanding of our employee practices is a common theme. With this report, we are pleased to provide additional clarity around all we do to support our teammates and their families, as well as some additional steps we are taking to continue to build on this progress. While we are making great strides, we know we have more to do. In sharing this report with you, we hope it will make it easier for you to see the full context of what we do as we continue to deliver responsible growth and help make financial lives better for all those we serve. Thank you.
Demonstrating how we strive to be the best place for our teammates to work Driving responsible growth 1. We have to drive operational philanthropy, financing and how produces sustainable results excellence. This makes it possible we manage our own activities and Our commitment to responsible growth to reinvest the savings back into expenses. We have robust internal is resolute and has four tenets: our team, our capabilities, our client and external governance to hold experience and our communities ourselves accountable to fulfill all • We have to grow—no excuses. and shareholders. of our environmental, social and • We have to keep our customer governance (ESG) commitments. 2. We share our success with our at the center of what we do. communities. That includes all we 3. We have to be a great place to work • We have to grow while staying do to drive progress on societal for our teammates. We publish within our risk framework. priorities, including those that additional information in our Annual • Our growth must be sustainable. are broadly defined in the United Report and Proxy Statement, and for Nations Sustainable Development the first time we are publishing this To be sustainable, our growth has Goals: clean/renewable energy, Human Capital Management Report to deliver on three things: gender equality, ordable housing to highlight our work and progress and others. We do this through our in greater detail.
Walking the walk and being on average greater than 99% our teammates $1.6 billion a great place to work of that received by men, and in aggregate. In our letter to shareholders in the compensation received by people Our own research has found that 2018 Annual Report, we discussed of color on average greater than stakeholders are placing increasing how, by driving responsible growth, 99% of non-people of color importance on intangible assets— we can and have delivered strong teammates, as validated by third-such as employee talent and gender results for our shareholders and party analysis. diversity—to assess the overall value continue to address the needs and • Support for new parents in of a company and its chance of long-priorities of society. In other words, the U.S., including 16 weeks paid term success.1 We believe being a how we are walking the walk to maternity, paternity and adoption great place to work for our employees deliver for all of our stakeholders. leave to allow time for new is a critical aspect of our success This report discusses what we do parents to spend with their child. and for our company’s role in society. to make this a great place to work. And, we are building on this progress In this report, we cover the Throughout the report, we provide with recent announcements, including: following topics: detailed information about the actions our company has taken for our more • Accelerating our increase in • Setting the tone at the top than 200,000 teammates and their minimum wage. We have made through oversight by our families across the globe, and we are regular increases over several Board of Directors years in our internal minimum pleased to provide transparency and • Promoting a diverse and rate of pay for our U.S. hourly clarity about that work in more detail. inclusive workforce teammates. Our minimum hourly Examples of the work we have done • Recognizing and rewarding wage for U.S. teammates is to date include: performance currently $17. We will raise it to • Diverse representation at all $20 in the first quarter of 2020. • Attracting and developing levels of our company, including a exceptional talent • Sharing our success with our Board of Directors and management teammates. This year marks the • Supporting teammates’ physical, team that are more than 45% third consecutive year we will emotional and financial wellness diverse. Additionally, women recognize our teammates’ efforts comprise more than 45% of the In the years ahead, we will continue to in driving responsible growth report on these items and the progress management team and 40% of the through a special compensation top three levels of our company. we are making against our human award. Approximately 95% of our capital management metrics as part • Equal pay for equal work, with teammates across the globe will of our ongoing focus on delivering compensation received by women receive the award. Over the past responsible growth. three years, we have awarded
Setting the tone at the top through oversight by our Board of Directors Our Board of Directors oversees our corporate strategy. The Board is composed of 17 directors, 16 of whom are independent from management. Among other important duties, in exercising their responsibilities, the Board and its committees oversee: • Management’s identification, • Reviewing and providing oversight in which results are achieved, measurement, monitoring and of our human capital management accountability in driving a strong control of our risks, including strategies, programs and practices, risk-management culture and compliance risk and conduct risk including diversity and inclusion a robust review of scorecards, (D&I) goals and progress including specific diversity metrics • Our maintenance of high ethical standards and ective policies and • Regularly requesting and receiving • Meeting with key managers practices to protect our reputation, briefings from senior management below the senior-most management assets and business on matters related to how we level to assess for themselves manage conduct risk, such as how conduct and culture • Our establishment, maintenance employee training and issue expectations are cascaded and administration of appropriately prevention, detection, escalation, throughout our organization designed compensation programs management and reporting and plans • Reviewing our annual Employee • Holding management accountable Engagement Survey results, • Our ESG initiatives, which include for the timely escalation of including the Engagement and our human capital management issues for review with the Board Diversity & Inclusion indices policies and practices and its committees Our Board firmly supports our Our Board and its committees have • Overseeing our incentive plan commitment to responsible growth, a key role in the oversight of our design and governance processes including our policies, plans and culture, setting the tone at the top and to provide an appropriate balance processes, to ensure we are a great holding management accountable for of risk and compensation outcomes place to work. The Board is routinely maintaining high ethical standards. They briefed on the metrics, benefits, do this in a number of ways, including: • Evaluating performance for programs and policies outlined in executive officers across a range this report. of factors, such as the manner Current Board Members1 6 Women Directors 47% African-American Bank of America is 1 of only 4 2 Diverse Directors S&P 100 companies with 6 or more women on the Board1 Hispanic Director 1 CEO included in Board Members
Being a diverse and inclusive workplace for our teammates around the world Our commitment to diversity starts at the top with our Board of Directors and CEO Our teammates reflect the diversity of our external stakeholders. At all levels of the company, we focus on attracting, retaining and developing our diverse talent. We strive to mirror the customers, clients and communities we serve. Our Board and its committees play a key role in the oversight of our culture, holding management accountable for the highest principles of ethical and professional conduct and a commitment to being a great place to work. CEO Management team members The Global Diversity & Since 2007, Brian Moynihan has cascade goals to ensure Inclusion Council (GDIC) chaired the Global Diversity & commitment and accountability The Council promotes diversity Inclusion Council—the chief across the company, as well as goal setting, which is embedded governing body for our D&I strategy. support and drive an inclusive in our performance management work environment. process and occurs at all levels Management team members of the organization. The management team sets the Chief Diversity & D&I goals of the company. Inclusion Officer The GDIC consists of senior Each management team member We have a senior Human Resources executives from every group, and has action-oriented diversity targets. executive who partners with the has been in place for over 20 These targets are subject to our CEO and management team to years. The council sponsors and quarterly business review process, drive our D&I strategy, programs, supports business, operating unit used as part of talent planning initiatives and policies. and regional D&I councils to ensure and included in scorecards alignment to enterprise diversity reviewed by the Board. strategies and goals. Global workforce We believe that achieving strong operating results—the right way—starts with our teammates. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our diverse stakeholders. Over Over Over Over 50% 45% 50% 45% of our management of our management of our global workforce of our U.S.-based workforce team is diverse team are women are women are people of color
As part of our commitment to talent management process and who Equal Employment responsible growth, we regularly fuel the pipeline for our management Opportunity (EEO) categories report the progress of our workforce team. We benchmark against other firms and diversity metrics. We believe this Managers industry metrics to monitor and review routine disclosure holds our representation across EEO categories. management team accountable We hold our more than 20,000 managers By disclosing our workforce data, and ensures we are delivering on accountable for driving progress in we demonstrate the progress we are our commitment to increasing diversity within their teams. We also making—progress that is driven representation across the company provide opportunities for managers to from the top down by leadership against key categories, including: sponsor and support rising talent to who embrace D&I as integral to our continue building our diverse workforce. Management levels business success. By maintaining Campus hires this focus, we believe our company We have built robust analytics and We are focused on building a strong, will be well-positioned to attract and put processes in place at all levels diverse talent pipeline of future leaders. retain diverse talent, better serve our of the company to drive progress Through recruitment orts and clients and communities, and build and accountability. We measure partnerships, we’re attracting some of meaningful and trusting connections diversity progress across our top three the best and most diverse talent from among our teammates. management levels, comprised of approximately 1,200 people in senior around the world. roles who are part of our executive Improvements in Key Workforce Metrics +27% +28% +20% +33% increase in WOMEN increase in WOMEN increase in PEOPLE OF increase in PEOPLE OF in management in our global COLOR in management COLOR in our levels 1-31 campus class2 levels 1-31 U.S. campus class2 “To measure how our efforts are working, we track our workforce data meticulously. At least once a month, senior leaders receive updated scorecards tracking the representation of diverse talent at every level. We also track our culture of inclusion through our Diversity and Inclusion Index, which is at a record high for the enterprise.” – Cynthia Bowman CHIEF DIVERSITY & INCLUSION OFFICER1 Percent increase from 2015-2018 2 Percent increase since 2009
Since 2015, we have maintained or increased workforce diversity while reducing our total headcount by 5%. Management levels and managers Global and U.S. diversity1 20152 2018 Management Women 33% 42% levels 1-3 People of Color 15% 18% Women 42% 41% Managers People of Color 32% 37% 1 Data for women is global; people of color is U.S.-only 2 Above, we disclose ‘Global and U.S. Diversity’ beginning in 2015, as we made a renewed commitment to our organizational health in October 2015. Under the broader umbrella of Operational Excellence, we focused on flattening and streamlining our organization with the goal of increasing communication, reducing bureaucracy and elevating talent. Campus hires Global and U.S. diversity1 20092 2018 Women 32% 41% Full-time class People of Color 36% 48% 1 Data for women is global; people of color is U.S.-only 2 For ‘Campus Diversity,’ we disclosed our workforce data beginning in 2009, since we measure against a 10-year cycle. Equal Employment Opportunity (EEO) categories U.S. diversity 2015 2018 Executive/Sr. level Women 32% 33% officials and managers People of Color 15% 18% First/Mid-level Women 49% 49% officials and managers People of Color 33% 36% EEO financial services benchmarks – 2017 U.S. diversity Women People of Color : : We’re proud of our position Executive/Sr. level BAC 32% BAC 16% relative to the EEO financial officials and managers EEO: 31% EEO: 13% services benchmarks for senior : : and mid-level women and First/mid-level BAC 49% BAC 35% people of color categories. officials and managers EEO: 48% EEO: 24% The above 2017 metrics reflect the most recent data available from the EEOC.
Recognizing and rewarding performance Equal pay for equal work We are committed to equal pay for For over a decade, we have conducted We also have a standard U.S. practice equal work through our pay-for- analyses with outside experts to that restricts the solicitation of performance philosophy. We maintain examine individual employee pay before compensation information from robust policies and practices that year-end compensation decisions are candidates during our hiring process. reinforce equal pay for equal work, finalized, and we adjust compensation This helps ensure that we consider new including reviews with oversight from where appropriate. hires for their individual qualifications our Board and senior leaders. and roles, rather than how they may have been previously compensated. Equal Pay for Equal Work Commitments Board and senior Annual analysis Compensation Analysis expansion into Fair hiring practices, leader oversight from outside experts adjustments, where additional geographies including pay inquiry appropriate in the future restrictions in the U.S.
We realize that there are various metrics The results of our 2018 review of total compensation across related to the topic of pay equity, the U.S., U.K., France, Ireland, Hong Kong and Singapore showed: and we have consulted with external experts regarding the most appropriate analysis to support our commitment Compensation received by women is to D&I progress and measurement. In on average greater than 99% of consideration of this advice and the size of our company, we believe our that received by men. equal pay for equal work analysis is the most appropriate measure at this time. We believe our pay-for-performance approach—combined with our focus In the U.S., compensation received by people of on workforce representation—will color is on average greater than 99% of that continue driving the advancement and received by non-people of color teammates. representation of women and people of color in our company. Our strategy, programs and actions are guided by our commitment to be a leader in the solution for equal pay for equal work, contributing to the advancement of women and people of color both within our workforce and in society as a whole. Competitive compensation % Sharing our success We pay our teammates fairly based on market rates for their roles, experience +50 We have invested and how they perform, and we regularly Minimum Wage $ benchmark against other companies 1.6B2010-2019 both within and outside our industry from $11.30/hr to $17/hr through special to help ensure our pay is competitive. compensation awards We are an industry leader in establishing to approximately an internal minimum rate of pay above all mandated minimums for our U.S. $ % hourly teammates, and have made 20 95 regular increases over the past several Bank of America years. Our minimum hourly wage for of our teammates U.S. teammates is $17. We will raise it minimum wage across the globe to $20 in the first quarter of 2020. ective Q1 2020 over the past three years
Creating opportunities for teammates to grow and develop Attracting and recruiting exceptional talent A key aspect of responsible growth skills to meet their full potential. Our 28 Historically Black Colleges and is attracting and retaining exceptional campus programs also pair thousands of Universities (HBCUs). Through our talent from around the world to Bank interns with leaders across the company Africa Internship Program, we hire of America. This starts with how we to make an impact from the start. interns from universities in Côte d’Ivoire, recruit new teammates and extends Egypt, Ghana, Kenya, Nigeria, South Our campus recruitment initiatives and to the many ways we support their Africa, Togo, Uganda and Zimbabwe. partnerships are fueling a pipeline of professional development and diverse talent to our company. We hire We also partner with more than 30 career growth. from more than 350 universities organizations focused on advancing Starting with early identification around the world to fill internship diverse talent—including the National programs, we connect first- and and full-time positions, including 16 Black MBA Association, Robert Toigo second- year college students to Hispanic-Serving Institutions in key Foundation, The Posse Foundation, opportunities across the company to locations, including Puerto Rico, and Disability:IN and Lesbians Who Tech. equip them with the knowledge and In 2019, we welcomed our most diverse summer internship class in our company’s history: 47% among global interns 57% among U.S. interns Women up from 45% in 2018 People of Color up from 55% in 2018
We continue to drive progress in the diversity of our future leaders, as seen through our campus hires: 41% among campus hires in 2018 48% among campus hires in 2018 up from 32% in 2009 up from 36% in 2009 Women People of Color In addition to early identification and campus programs, we focus on recruiting military and veterans, LGBT+, people with disabilities and individuals from low-and-moderate income (LMI) communities. Specifically, we: • Support military personnel and partnerships with organizations • Hire and reskill individuals veterans as they transition to such as Out & Equal Workplace from low-and-moderate income civilian life; by the end of 2019, Advocates and Reaching Out. (LMI) communities; since 2018, we will have hired 10,000 our Consumer and Small Business • Hire people with cognitive and military veterans, achieving our division has hired nearly 7,500 developmental disabilities; our five-year commitment. employees from LMI communities Support Services team is comprised LGBT+ —more than 70% of our 10,000 • Attract and develop of over 300 employees across commitment by 2023. talent through targeted multiple locations. Developing and retaining talent to sustain responsible growth We recognize how important it is for • Our Military Transition and and tactics to help multicultural employees to develop and progress Career site, militarytransition. women in progressing their careers in their careers. That’s why we provide bankofamerica.com, ers ongoing through a seven-month virtual a variety of resources to help teammates learning tools that address common development experience. grow in their current roles and build challenges military teammates • Women’s Executive Development new skills. face when transitioning to the Program: Leverages the faculty corporate workplace. Learning tools of Columbia Business School to • Through our tuition reimbursement engage, develop, retain and support We value our teammates’ varied the career advancement of high program, we provide up to $5,250 experiences and learning styles. Through annually for eligible undergraduate potential talent. The program our personalized approach, we er or graduate courses and discounts includes assessments, virtual learning and development programs that at a number of universities, plus development sessions, executive ensure all teammates have access to the free, unlimited individual academic sponsorship and local market resources they need to advance their advisory services. engagement opportunities. careers, including: Leadership investment • Diverse Leader Sponsorship • Our Learning Hub allows Program: Pairs diverse rising teammates to create personalized We er a range of development talent with senior leader sponsors learning plans tailored to their programs for leaders who show to increase the visibility and roles and interests. The Hub also potential as future business and representation of diverse talent. provides access to books, articles, C-level executives, including: The program includes development courses and videos to build • Women’s Next Level Leadership sessions, executive sponsorship industry knowledge and enhance Program: Provides strategies and engagement opportunities. their professional skills.
• Accelerated Development their teams. The program ers Providing pathways to new Program: Year-long executive a range of interactive, tailored opportunities and reskilling development program that helps resources to fit managers’ needs At all levels of our company, we provide accelerate the growth of top and learning styles. current and prospective teammates with leaders through in-person and visibility into available roles and cross-• Manager Excellence Consultants: virtual learning events, as well functional opportunities as they consider Aimed at mid-level managers, HR as one-on-one coaching from what’s next for their careers. In 2018, professionals provide one-on-one an external coach. our career tools, resources and programs coaching and virtual and in-person helped more than 17,000 teammates • Leader Development Forum: sessions to help managers build find new roles at our company. Held four times annually, this forum their skills and connect everyday provides top leaders with practical decisions to enterprise priorities. Our Career Path Tool helps teammates tools to enhance their leadership visualize and explore career paths and • In 2018, more than 85% of eligible ectiveness and exposure to future roles, as well as the steps needed managers voluntarily participated in peers and company leaders. to get there. some form of manager development • Emerging Leader Program: program, which contributed to Through our internal career site, Focuses on engaging top-talent and reduced overall turnover. Also, myCareer, we er enhanced job search mid-level leaders with direct reports participating managers have 30% capabilities and career planning tools. to develop leader ectiveness less attrition, receive 29% higher We also partner with Year Up and in their current roles and create performance ratings and give other nonprofit organizations to help development opportunities for over 100% more recognition to individuals prepare for the challenges future positions. their team. of first-time professional employment To drive manager capabilities and build • In addition to our company-wide and a potential career with us, leadership skills, we er resources for manager and executive programs, including those without a college new and seasoned leaders, including: many of our lines of business education or whose life circumstances have their own tailored career may prevent them from accessing • Manager Excellence Program: development programs. Line of professional employment. Shares practical business tips business learning and development Additionally, through our Pathways from senior leaders and industry programs may include enterprise career program, we partner with experts, giving managers insight development content, as well as external organizations to help connect into topics that support company specific role-based programming. us to candidates with strong potential. priorities. The monthly sessions We believe developing our talent Pathways participants are trained are accessible virtually or on-at this deeper, business-specific through The Academy—an award-demand to meet participants’ level is critical to ensuring our winning, high-tech curriculum supporting preferred and global schedules. • New Manager Program: teammates are equipped with the career development of more than Helps new or recently promoted the training and skills they need 66,000 Consumer and Small Business managers build the knowledge and to deliver innovative solutions teammates. skills they need to successfully lead for our clients. Supported the career development Helped more than of more than Committed to hiring 17K 66K 10Kteammates find roles at Consumer and Small Business individuals from low-and-our company teammates through The Academy, moderate income (LMI) our award-winning, high-tech communities by 2023 curriculum (+70% complete)
Promoting an inclusive workplace through learning opportunities To help drive our culture of inclusion, include internal and external clients and communities, like a teammates have access to a range of experts, resources and support we recent Boston-based session on programs and resources focused on can offer and teammates’ personal substance abuse disorders and how building understanding in the workplace. experiences. More than 60,000 individuals can support those on We explore inclusive leadership teammates have participated in the road to recovery. behaviors through candid dialogue formal sessions in their businesses, • Inclusion Manager Series: on diversity, including: local markets and other company-Provides learning opportunities to wide settings, including an • Courageous conversations: equip managers to better manage enterprise broadcast on domestic Our series engages teammates bias and drive inclusion deep within violence awareness, as well as a in candid dialogue on the issues their teams. town hall focused on emotional that matter most, like D&I, social • myD&I Development Program: wellness and mental health. justice, mental health, race, ers a series of D&I-focused gender and equality. Outside the company, we also learning sessions created for host local conversations with our Over the last few years, we individual contributors. have expanded our approach to “When I saw the support that the bank had in place for diversity and inclusion years ago, I decided it was time for me to be 100% authentic and bring my whole self to work. I haven’t looked back since, and it has made all the difference.” BANK OF AMERICA EMPLOYEE
Being accountable to our diversity commitment through our leadership councils, Employee Networks and external partnerships Diversity leadership councils Employee Networks • Multicultural Leadership Network We encourage peer-to-peer support Our leadership councils work closely • Native American Professional through our diversity leadership councils. with our 11 Employee Networks, Network Our councils convene regularly to hear comprised of more than 300 chapters • Parents and Caregivers Network from our management team and external and 160,000 memberships worldwide. thought leaders, provide oversight The Employee Networks help teammates External partnerships of our diversity commitment, discuss develop leadership skills, build ties with In addition to our leadership councils strategies to improve advocacy, local communities and advance and Employee Networks, we reinforce sponsorship and retention, address diversity recruitment. our commitment to diversity and unique obstacles to career advancement Our Employee Networks include: expand our impact by partnering and grow client relationships. • Asian Leadership Network with other organizations focused on Our diversity leadership councils include: advancing and driving inclusion in • Black Professional Group • Black/African American Executive the workplace, including: • Disability Advocacy Network Leadership Council • The Hispanic Promise: Launched • Hispanic/Latino Organization for in 2019 by the We Are All Human • Hispanic-Latino Leadership Council Leadership and Advancement Foundation with the goal of • Asian Advisory Council • Inter-Generational creating a more inclusive work • Investing in Women Leadership environment for Hispanics Employee Network Council • Leadership, Education, • HBCU Challenge: Launched by • LGBT+ Executive Leadership Council Congresswoman Alma S. Adams, Advocacy and Development • Disability Advisory Council (LEAD) for Women the Challenge is a public pledge to encourage corporations to • Military Advisory Panel • Lesbian, Gay, Bisexual and create partnerships with HBCUs Transgender (LGBT+) Pride • Global NextGen Council to help produce top minority • Military Support and talent as part of their D&I orts. Assistance Group 11 300 160KEmployee chapters memberships Networks
• CEO Action for Diversity & • Disability:IN: A nonprofit resource • U.S. 30% Club: Launched in 2014, Inclusion: The largest CEO-driven for business disability inclusion the U.S. 30% Club is comprised business commitment to advance worldwide, Disability:IN’s network of CEOs and Chairs who are D&I in the workplace, representing of over 185 corporations expands committed to developing and more than 85 industries, all opportunities for people with promoting female talent within 50 U.S. states and millions of disabilities. their organizations, with a goal of teammates globally achieving 30% female directors • Women in Finance Charter on S&P 100 boards by 2020. • Catalyst CEO Champions for in the U.K.: Launched by the U.K. Change: A group of over 60 CEOs government in 2016, the Women pledging to advance more women in Finance Charter aims to improve into all levels of leadership gender diversity in U.K. financial services. “I am so proud of my company for supporting courageous conversations, and feel honored to work for an organization that supports us all.” BANK OF AMERICA EMPLOYEE
Employee Engagement Survey and turnoverWe have conducted an annual Employee Engagement Survey for nearly two decades. In 2019, 88% of teammates (nearly 180,000 people) participated, demonstrating our teammates’ willingness to give us feedback on how we are meeting their needs. Since 2012, our Employee Engagement Index has steadily increased to record levels at 85%. We also measure an internal D&I Index1 that gives us feedback on our D&I orts and how our teammates feel about being able to bring their whole selves to work. This index is also at record levels. As further evidence of our inclusive culture, we also continue to see an increase in teammates who feel free to speak their minds and share opinions.The results of the survey and the process of continuous improvement that ensues is discussed with the Board at least annually. Our orts are reflecting our progress in being a great place to work, and resulting in record engagement levels and historically low turnover across the company.Employee Engagement Survey and turnover results90 16Employee Engagement Score Turnover85 1585% Score 15% 15% 15% 82%80 1480% 14%T75 75% 76% 13 urno 75%Engagement v ee 73% er Emplo y 70 12% 12% 1265 1160 102012 2013 2014 2016 2017 2018 2019“We have been driving increased levels of employee engagement, which means more employees are providing feedback to the company and they’re having that much more influence over the company and culture. This in turn leads to a more involved and focused workforce, which naturally reduces turnover, and ultimately leads to stronger relationships and greater client satisfaction.” – Dean Athanasia, President CONSUMER AND SMALL BUSINESS1 Our Diversity and Inclusion Index measures core areas like how comfortable teammates feel sharing erent opinions without fear of negative consequences, whether or not they feel they are being treated fairly, their impression of how well Bank of America has done in creating an environment where people of diverse backgrounds can succeed, and how Bank of America values the unique experiences our teammates bring to the workplace.18 BANK OF AMERICA
Supporting teammates’ physical, emotional and financial wellness We are committed to supporting our teammates’ and their families’ wellbeing by offering flexible and competitive benefits. Physical wellness with larger company subsidies Emotional wellness Our approach to physical wellness is for those earning less. Also, our Through a range of innovative, built on the things we can do to help average contribution increases industry-leading and flexible address health risks and manage health since 2012 have been below programs and benefits, we support care costs for our teammates, including national health care trends. our teammates through everyday robust health and insurance benefits • Teammates are encouraged to challenges, special moments and and wellness resources. Between complete a voluntary annual critical life events, including: current U.S.–based teammates and their wellness health screening and • Twenty-six weeks of parental families and retirees, we are responsible questionnaire—and receive a $500 leave—16 weeks of which are for providing comprehensive health credit to their annual medical plan fully paid for eligible teammates. and wellness benefits to nearly premium. If the employee’s spouse/ Additionally, we offer a variety 400,000 people. partner also completes these of other leave options, including • Since 2012, there has been no activities, this credit is increased personal-, medical- and military-increase in medical premiums to $1,000. More than 85% of leave. Full-time teammates are for teammates earning less than employees and their spouses/ also eligible for 20 days of paid $50,000. For all teammates, partners complete the wellness bereavement leave after losing we vary the medical premium activities annually. a spouse, partner or child. contribution by annual pay level, Note: Specific programs vary by region. U.S. programs shown.
• Center-based and in-home back-up Financial wellness teammates who experience loss care solutions available for The business case for financial wellness due to natural disasters or other children and adult family members is clear: if teammates are not financially unexpected emergency hardships. well, there is a greater chance that they Teammates can receive up to • Reimbursement for eligible may not be physically or emotionally $2,500 in relief for a qualified adoption, fertility and/or surrogacy well either. That’s why we offer robust disaster and up to $5,000 for an expenses up to a maximum of financial benefits focused on driving emergency hardship. $20,000 throughout an employee’s career with us better behaviors across life priorities • Better Money Habits®, a free and the financial spectrum, including: education resource helping people • Training for 20,000 managers • Automatically enrolling teammates improve their financial wellness, through our partnership with into the 401(k) plan, as we know through our partnership with Thrive Global, focusing on stress starting saving early helps with Khan Academy management, building resiliency and understanding mental health financial planning for retirement. • Charitable donations through warning signs in teammates Based on service for eligible our Employee Giving Program U.S. teammates, we make an anytime, including credit card • Unlimited, confidential, free 24/7 annual contribution of 2% -3% and payroll contributions that can phone access to specialists for regardless of employee 401(k) be automatically doubled with counseling during difficult moments contribution level. We also have matching gifts up to a total of for teammates and eligible matching contributions of up $5,000 per year. Each year, our household members, plus six free to 5% of eligible pay on a dollar-teammates direct more than face-to-face counseling sessions for-dollar basis. $70 million to communities via per issue • Financial assistance through individual giving and our company’s our Employee Relief Fund for matching gift program. “Being a great place to work means having a culture of caring for our teammates—providing resources and programs for all aspects of wellness, including physical, emotional and financial.” Sheri Bronstein CHIEF HUMAN RESOURCES OFFICER Note: Specific programs vary by region. U.S. programs shown.
Supporting our employees Life Event Services (LES) is an internal, highly specialized group providing personalized support for major life events, including connecting employees to resources, benefits, counseling and other support. More than 100,000 team members have worked with the highly trained and empathetic LES team members for needs related to the following areas: Leave of absence Terminal illness Domestic violence support for employees who need support for terminally ill employees support and connections to assistance with a complex leave or and their family members resources for employees guidance with a leave-related issue impacted by domestic violence Retirement Medical accommodations Transgender support for employees who support for employees who need support for employees are preparing for retirement workplace accommodations transitioning in the workplace and connections to relevant benefits and resources Survivor Critical event Military – new in 2018 support for managers, employees support for employees support for our military employees and retirees who experience who are personally impacted and families as they join the bank, the loss of a loved one by an event such as a natural relocate or take military leave disaster, violence or house fire “ I’m so grateful for LES support when Hurricane Dorian destroyed our “Your understanding has made our family home. The bank generously gave me time to be with my family tragedy easier to bear.” family and help them rebuild their house. This would never have been Bank of America Employee possible were it not for the rental van LES provided to get a large amount of supplies to a boat. It meant so much to my family that I “ When I did not know what to do was able to support them—both practically and emotionally—during or where to go, you had answers.” this terrible time.” Bank of America Employee BANK OF AMERICA EMPLOYEE Note: Specific programs vary by region. U.S. programs shown.
Recognition We’re honored to be recognized by organizations and media around the world for our efforts to be a great place to work. In 2019, we were recognized by Fortune as one of their 100 Best Companies to Work For, Catalyst for investing in women, Euromoney as the Best Bank for Diversity and Inclusion and LinkedIn as a top company in the U.S., among several others. Below are some of our most recent awards. Fortune Investing in Women Initiative Equileap 100 Best Companies to Work For (2019) Catalyst Award Winner (2019) U.S. and Global Gender Equality Reports (2019) Best Big Companies to Work For (2019) Forbes named the leading company only financial services company recognized World’s Best Employers (2019) in U.S. for gender equality Best Workplaces for Women (2019) Best Workplaces in Financial Bloomberg Black Enterprise Sector-Neutral Gender-Equality 50 Best Companies for Diversity (2018) Services & Insurance (2019) Index (2019) Best Workplaces for Diversity (2019) Dave Thomas Foundation Financial Services Gender-Equality for Adoption Best Workplaces for Parents (2019) Index (2017) Best Workplaces for Giving Back (2018) 100 Best Adoption-Friendly Workplace RateMyPlacement (2019) Change the World (2019) 100 Undergraduate Employers named the top global bank (2019-2020) Disability:IN Global Employer of the Year (2019) Euromoney PEOPLE Magazine World’s Best Bank for Diversity and Companies that Care (2019) National Association of Asian American Professionals Inclusion (2019) World’s Best Bank (2018) AnitaB.org Milestone Honor Award (Asian Leadership Network, 2016) World’s Best Bank for Corporate Social Top Companies for Women Responsibility (2017) Technologists (2019) Global Finance Magazine Diversity MBA Magazine Best Bank in the World (2019) Asia’s Best Bank for Corporate Social Responsibility (2019) 50 Out Front: Best Places for Women & LATINA Style Diverse Managers to Work (2019) LinkedIn Top 50 Best Companies for Latinas JUST Capital to Work for in the U.S. (20 years) 50 Top Companies in the U.S. (2019) top ranking financial institution America’s Most JUST Companies (2019) Top 12 Companies of the Year (2019) Military Times Top 12 Employee Resource Groups Working Mother of the Year (Hispanic-Latino 100 Best Companies Best for Vets: Employers (2019) 31 consecutive years Organization for Leadership Stonewall & Advancement, 2019) Best Companies for Multicultural UK Workplace Equality Index (2019) NAFE Women (2019) Fatherly Top Companies for Executive Best Companies for Dads (2019) 50 Best Places to Work for New Women (12 years) Dads (2018)
APPENDIX Equal Employment Opportunity (EEO) diversity statistics 2018 EEO Table (by number of teammates) U.S. employee diversity in 2018 Native Black/ American Two or Job Hispanic/ Hawaiian/ Total by Gender White African Asian Indian/ more Total Category Latino Other Pacific gender American Alaskan Native races Islander Executive/senior Male 2,215 88 99 244 7 0 20 2,673 level officials and 4,012 managers Female 1,085 82 57 102 6 0 7 1,339 Male 7,689 823 1,325 1,676 32 35 154 11,734 First/mid-level 23,117 officials & managers Female 7,205 1,348 1,599 1,024 36 27 144 11,383 Male 26,334 2,093 2,558 6,141 111 91 570 37,898 Professionals 59,537 Female 13,277 2,148 1,689 4,068 74 70 313 21,639 Male 11,523 4,148 6,929 2,992 85 111 752 26,540 All other 83,042 Female 23,053 11,395 14,962 5,274 244 240 1,334 56,502 Male 47,761 7,152 10,911 11,053 235 237 1,496 78,845 Totals 169,708 Female 44,620 14,973 18,307 10,468 360 337 1,798 90,863 2018 EEO Table (by percentage of teammates) U.S. employee diversity in 2018 Black/ American Native Hawaiian/ Job Hispanic/ Two or more Total by Gender White African Asian Indian/Alaskan Other Pacific Category Latino races gender American Native Islander Executive/senior Male 55.2% 2.2% 2.5% 6.1% 0.2% 0.0% 0.5% 66.6% level officials and Female 27.0% 2.0% 1.4% 2.5% 0.1% 0.0% 0.2% 33.4% managers Total 82.3% 4.2% 3.9% 8.6% 0.3% 0.0% 0.7% Male 33.3% 3.6% 5.7% 7.3% 0.1% 0.2% 0.7% 50.8% First/mid-level officials & managers Female 31.2% 5.8% 6.9% 4.4% 0.2% 0.1% 0.6% 49.2% Total 64.4% 9.4% 12.6% 11.7% 0.3% 0.3% 1.3% Male 44.2% 3.5% 4.3% 10.3% 0.2% 0.2% 1.0% 63.7% Professionals Female 22.3% 3.6% 2.8% 6.8% 0.1% 0.1% 0.5% 36.4% Total 66.5% 7.1% 7.1% 17.1% 0.3% 0.3% 1.5% Male 13.9% 5.0% 8.3% 3.6% 0.1% 0.1% 0.9% 32.0% All other Female 27.8% 13.7% 18.0% 6.4% 0.3% 0.3% 1.6% 68.0% Total 41.6% 18.7% 26.4% 10.0% 0.4% 0.4% 2.5% Male 28.1% 4.2% 6.4% 6.5% 0.1% 0.1% 0.9% 46.5% Totals Female 26.3% 8.8% 10.8% 6.2% 0.2% 0.2% 1.1% 53.5% Total 54.4% 13.0% 17.2% 12.7% 0.4% 0.3% 1.9%
