What we've done at Bank of America to support employee wellbeing

Open and ongoing conversations about mental health paired with benefits and programs that support the physical, financial and emotional wellbeing of our teammates, their loved ones, and the communities in which we live and work, are central to our approach of driving Responsible Growth and building a Great Place to Work.

 

 

In recent years, support for mental health and emotional wellness in the workplace has come into focus for many industries including ours, and for good reason. More than one-in-five adults live with a mental illness and three quarters of U.S. workers report at least one symptom of a mental health condition.

What we've done at Bank of America to support employee wellbeing:

In 2018, we put a greater focus on how we support the emotional wellness of our employees and their families. We have since made significant progress toward reducing the stigma and expanding offerings to better help teammates manage stress, build resiliency and pursue mindfulness. Our holistic approach to wellness supports managers and individual contributors and it appeals to job seekers who today are prioritizing mental wellness benefits more than ever before.

Late last year, we introduced an industry-leading global sabbatical program to give employees who have been with us at least 15 years the opportunity to recharge and refocus. The program offers four to six weeks of paid time off and our employees have valued this gift of time. I was particularly touched by one teammate who said the time off allowed them to take a family member to cancer treatments.

As a mother, I recognize the heightened toll on teammates who are caregivers to children, disabled or elderly dependents. A recent Morning Consult poll showed that a higher percentage of employed caregivers said they always, often, or sometimes feel too tired after work to enjoy their personal lives, compared to employees who aren’t caregivers. In 2023, we are continuing to provide up to 50 days of back-up childcare and eldercare when arrangements weren’t available.

We have also expanded our in-person confidential counselling services provided through our Employee Assistance Program by adding onsite benefits counsellors in some of our large locations and doubled the number of free in-person confidential counselling sessions to 12 annually. Our virtual counselling offering also provides access to an unlimited number of free, confidential phone calls with counsellors available 24/7.

Our support for our teammates’ mental wellness doesn’t stop when they leave the office. Our Life Event Services (LES) team provides the resources needed to navigate major life events like support for teammates with terminally ill family members, resources for those impacted by domestic violence, or assistance for those who have been affected by a natural disaster. Last year alone, our LES team supported teammates nearly 200,000 times.

Our efforts can't be limited to May...

While Mental Health Awareness Month gives us a good opportunity to remind employees about what resources are available and how to use them – and last year more than 90% of our teammates reported that they were aware – we know that our efforts can’t be limited to May. As we find new ways to improve and promote employee mental health and emotional wellness, let’s also work to encourage and support more conversations about mental health in the workplace. Taking action will help erase the stigma and create an environment where individuals feel unhesitant, safe and supported when choosing to make use of the resources available to them.

Goal-setting is an important step for any part of your well-being, including your financial and mental health. 

Arianna Huffington, founder and CEO of Thrive Global and long-standing Bank of America partner, breaks down the steps you should consider as you set your goals and gives some great advice on how to achieve them. This conversation was an incredible way to wrap up Mental Health Awareness Month, and I appreciate Arianna’s work to bring mental health to the forefront of our professional and personal lives.

Another top tip - Practicing gratitude:

We’re grateful for our teammates and communities that support us every day and we want to encourage others to practice gratitude too.

Not only can it lead to greater happiness, but it can give a much-needed boost to your mental health. From writing down the things that you’re most grateful for to thanking a friend or teammate, these small actions can make a big difference.

 

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