Reaffirming our investment in women
At Bank of America, our ongoing work to invest in women means that we support them as they make meaningful contributions within our company and in our communities. It also includes our focus on being a great place to work for our female employees, making the financial lives of our female clients and customers better and advancing the economic empowerment of women in communities around the world.
Our teammates are our most powerful resource. Being a great place to work for our employees is a key component of how we drive responsible growth in a sustainable manner, and is essential to how we make financial lives better. Our investment in women is evidenced by Bank of America’s strong female representation at all levels of the organization —women make up more than 50% of its global workforce; more than 45% of its global management team; more than 40% of its managers; and more than 30% of its board of directors.
Being a great place to work for women
Developing and advancing women: We’re committed to attracting and developing diverse and female talent, and have strong programs in place to help them advance their careers including our annual Global Women’s Conference, Diverse Leaders Sponsorship Program, and Power of 10 mentorship program.
Industry-leading benefits: We offer a variety of benefits and programs to support female employees in managing the demands of work and personal life including flexible work arrangements, tuition reimbursement, back-up child and adult care and 16 weeks of paid maternity, paternity and adoptive leave for U.S. parents. We recently enhanced our support for growing families including launching a support program that offers new and future parents expert guidance through fertility, egg freezing, adoption, pregnancy, surrogacy, infant care and the transition back to work. Our expanded reimbursement program provides our employees the flexibility to choose reimbursement for eligible adoption, fertility, and/or surrogacy expenses up to a collective lifetime maximum of $20,000 throughout their career at the bank. Our expense reimbursement benefit supports nursing mothers by covering costs associated with shipping breast milk while away on business travel.
Connecting women employees: We have a variety of enterprise and line of business networks in place to enable women to stay connected and develop skills to grow into future roles including our largest employee network, Leadership, Education, Advocacy and Development (LEAD) for Women and our Investing in Women Leadership Council, which brings together senior executives representing the company’s lines of business.
Workplace policies and practices: We’re focused on providing fair and equitable pay for all our teammates. In our most recent review of total compensation for U.S. and UK employees, results showed that across the company, compensation for women is on average equal to greater than 99% of that received by men. And we furthered this effort by restricting how we solicit compensation information from candidates during the hiring process.
Making the financial lives of women better
We’re driven by our purpose – to help make financial lives better, through the power of every connection. This includes helping our women clients and customers improve their financial lives and achieve their personal financial goals. We’ve continued to show our support for women-owned businesses by serving as the presenting sponsor for the fifth consecutive year at the annual National Association of Women Business Owners (NAWBO) Women’s Business Conference. In addition, through our gender lens investing strategy, we help consumers, corporations and investors create gender-related social change while growing their business profits. And through our Better Money Habits program, we’ve developed educational content focused on helping women navigate the unique challenges often faced in the workplace on topics like workforce reentry and retirement.
Advancing the economic empowerment of women through partnerships
Women play a vital role in driving economic growth within their communities and global economies, yet often face challenges in accessing capital and resources. That’s why we invest in partnerships to connect women entrepreneurs to the mentoring, training and capital they need for success. We’ve established the Bank of America Institute for Women’s Entrepreneurship at Cornell, the only online certificate program that provides women entrepreneurs with the skills, knowledge and resources to build, manage, and scale a successful business. Through the Tory Burch Foundation Capital Program, we’ve committed $100 million to help U.S. women entrepreneurs obtain affordable loans to grow their businesses. Around the world, our Global Ambassadors Program, a partnership with Vital Voices, and partnership with the Cherie Blair Foundation connect women entrepreneurs to mentoring and skills-building that will help them build business acumen. In addition, we partner with Kiva, an organization that provides loans to women entrepreneurs in more than 80 countries. Through our partnerships, we’ve helped more than 11,000 women entrepreneurs advance their businesses.
We’re proud of our efforts to invest in women
We’re proud to be recognized with the following prestigious accolades for our efforts to invest in our female clients, employees, and communities, including being named on Fortune’s 2019 Best Places for Women list for the first time.
LATINAStyle magazine has named Bank of America on its Top 50 Companies to Work For list for 20 years
2019 Catalyst Award winner for our efforts to support the success of women in the workplace
Recognized as a leader for the fourth consecutive year on Bloomberg's annual Gender-Equality Index
Named as one of the 100 Best Companies to Work For by Fortune magazine and the global research and consulting firm, Great Place to Work®
Named as the only financial services company on Fortune’s inaugural Best Big Companies to Work For list, which recognized seven companies with more than 100,000 U.S.-based employees that passed the Great Place to Work Certification bar
Ranked among the 50 Best Workplaces for Parents by Fortune magazine
Recognized as one of Working Mother magazine’s 100 Best Companies for 31 consecutive years
Named No. 1 financial services company on JUST Capital’s list of America’s Most JUST Companies for gender pay equity, expanded parental leave and gender diversity in management.
Named as Best Bank of Diversity & Inclusion by Euromoney magazine
Five of our female executives are ranked among the Most Powerful Women in Banking and Finance by American Banker magazine
Ranked as one of the National Association for Female Executives (NAFE) Top Companies for Executive Women
Recognized by Career Mastered as one of the Top 10 Companies for Women
Recognized as a Top Employer for Career Progression by Workingmums.co.uk
Recognized by ANITAB.org as one of their 2019 Top Companies for Women Technologists