At Bank of America, 79 percent of employees say their workplace is great.

EMPLOYEE RATINGS

     

This review is based on 677 employee surveys, with a 90% confidence level and a margin of error of ± 3.16. It was published on Jun 29, 2017. 3169 Visitors

What Employees Say

I feel good about the ways we contribute to the community.
91%
 
I am able to take time off from work when I think it's necessary.
88%
 
People here are treated fairly regardless of their race.
90%
 
People here are treated fairly regardless of their sexual orientation.
94%
 
People here are treated fairly regardless of their gender.
90%
 

What They Do

We asked Bank of America to explain what they do. Here is what they had to say.

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.

About this Company

Website: www.bankofamerica.com Industry: Financial Services & Insurance
US Headquarters: Charlotte, North Carolina, 28255 US Sites: 4600
Major Locations: Dallas/Ft. Worth, Texas; New York City, New York; Phoenix, Arizona; Los Angeles, California; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; San Francisco/East Bay, California US Employees: 175,000
Worldwide Revenues: $83,700 million Employees Worldwide: 200,000
Corporate Structure: Public Stock Symbol: BAC
Founded: 1874

Bank of America has been awarded:

Best Workplaces for Parents 2017 (ranked 46)

Best Workplaces for Diversity 2017 (ranked 26)


Headquartered in Charlotte, North Carolina, our employees around the world are passionate about improving the financial lives of individuals and families within the communities where we live and serve.

Perks and Programs

We asked Bank of America to share a few programs they feel really capture what's unique about their workplace. Here is what they had to say.

  • Support for families: In 2016, Bank of America expanded its U.S. maternity, paternity and adoption leave from 12 to 16 weeks of fully paid time off for eligible employees. An employee can now take up to 26 weeks total paid and unpaid leave. Our policy allows parents the flexibility to start a parental leave when it works best for their family within the first 12 months after the new child arrives. In 2016, more than 8,000 employees took parental leave. We also know that employees care for elder and other family members. We offer a range of family care services, such as back-up adult and child care, access to experts who can assess an elder family member’s well-being and elder care law services.
  • Life Event Services (LES) team: We have a dedicated team of specialists who help support employees during major life events. This specially-trained LES team provides timely, holistic support for Bank of America employees and family members during a variety of life events including facing a terminal illness; retiring from the company; the loss of a spouse, partner or child; taking a leave of absence; experiencing domestic violence; and undergoing a gender transition while working for the company. The team has helped nearly 40,000 employees since launching in 2014.
  • Domestic violence awareness: As part of our overall efforts to support the health and wellness of our employees, Bank of America created a Domestic Violence Task Force to help educate employees about how to recognize the signs of domestic violence, respond appropriately and expediently, and refer those affected to resources that can help. In conjunction with the national Domestic Violence Awareness Month in October 2016, more than 3,000 of our employees across 20 U.S. markets spent more than 800 volunteer hours helping raise awareness about domestic violence. Our Life Event Services team also has specialists trained to help employees directly affected by domestic violence. The team serves as a personal connection to all the resources the bank offers, such as corporate security, employee relations and confidential counseling.
  • Women’s empowerment: We invest in women’s leadership and economic empowerment, helping women make, meaningful contributions—within the company and around the globe. Women represent more than 50% of our global workforce, more than 40% of our global management team, and more than 30% of our independent board of directors. Our Global Women’s Conference brings together female leaders to learn about leadership and advocacy, and our Women’s Executive Development Program offers a 10-month program to develop and retain talent – studies show attendees are seven times more likely to be promoted. Our Global Ambassadors Program in partnership with Vital Voices connects women entrepreneurs from more than 50 countries to mentoring. We also partner with Paradigm for Parity, a coalition dedicated to addressing the gender gap in corporate leadership.
  • Supporting employee health and wellness: Bank of America provides opportunities for employees to become more knowledgeable about their health, and help them save money on health care expenses. Over the past six years, more than 85 percent of Bank of America employees completed voluntary health screenings and questionnaires. In addition, more than 70,000 employees engaged with a health coach in 2016 alone. As a result, 68 percent of our employees remained in a low-risk health category between 2013 and 2016, and 23 percent moved to a lower-risk health category. Our focus on wellness helped us keep medical plan premiums flat five consecutive years for employees who earn less than $50,000 per year.
  • Physical activity challenges: The Get Active! program began in 2013 and is a team-based, eight-week challenge in which Bank of America employees can earn a reward (or choose to donate their reward to a charity) by taking 56,000 steps per week to improve their overall health. In 2016, more than 93,000 employees at all levels participated in the Get Active! Get Connected challenge. Employees formed 14,000 teams across the globe, and collectively walked over 33 billion steps and almost 17 million miles in the spirit of healthy competition and fun.
  • Employee Networks: Bank of America’s Employee Networks provide employees with opportunities to connect with each other to develop leadership skills, build strong ties with their communities, broaden their view of diversity and address issues that matter to them. We have 11 Employee Networks with more than 240 chapters made up of more than 93,000 memberships worldwide. Our Employee Networks are open to all employees and include: , the Asian Leadership Network, Black Professional Group, Disability Advocacy Network, Hispanic/Latino Organization for Leadership and Advancement, Inter-Generational Employee Network, Leadership, Education, Advocacy & Development for Women (LEAD) for Women, Lesbian, Gay, Bisexual, Transgender Pride, Military Support & Assistance Group, Multicultural Leadership Network, Native American Professional Network and the Parents & Caregivers Network.
  • Courageous Conversations: A few years ago we introduced courageous conversations: a program to yield open dialogue between teammates on issues important to them. These conversations help employees understand and learn from each other, and provide support. In 2016, civil strife, protest and loss of life around the world and in our own backyard reminded us of the importance of this support, recognizing we are affected in personal ways, and that those feelings do not pause when we come to work. We continue to provide space for employees to share what’s on their minds and the personal impacts of external events. We involve our community partners to provide a view into the needs of the neighborhoods affected, and how we can make a positive impact on important issues.
  • Employee volunteerism: Bank of America supports employees’ volunteer and charitable efforts as global citizens, with a focus on opportunities in which employees can leverage their skills and expertise toward addressing a pressing societal issue. As part of our commitment to volunteerism in our communities, employees can take up two hours of paid time each week, with manager approval, to volunteer. In 2016, employee volunteers contributed approximately 2 million hours to help address community needs from mentoring to building affordable housing to packaging food for the hungry. In addition, employees donated nearly $30 million, which was doubled in impact through our matching gifts program for a total of nearly $60 million in funding to help address pressing social issues.
  • Personal development: We provide a variety of resources to help teammates grow in their current role, build new skills or take on new responsibilities. In 2016, our employees completed over nine million learning hours – including both required and discretionary learning – to help them be successful now and prepare for future opportunities. Our innovative Learning Hub lets employees create personalized learning plans and access millions of books, article, courses and videos. Last year, more than 75% of eligible managers voluntarily participated in some form of manager development – including virtual, digital and live training. Our research shows that managers who participate in manger development have lower direct report turnover, give more recognition.

COMPENSATION BY THE NUMBERS

75% Company-paid health coverage for employees 75% Company-paid health coverage for dependents
75% Company-paid health coverage for part-timers 20 hours Weekly hours required for part-timers to receive health insurance
$5,250 Maximum Tuition Reimbursement

COMPENSATION PROGRAMS

  • 401(k) or 403b Program
  • Restricted stock units
Our employee networks help us maintain a workplace where employees feel appreciated and engaged, and can build their careers with us.

WORK-LIFE BALANCE BY THE NUMBERS

30 days Paid time off after one year of full-time employment 30 days Paid time off after one year of part-time employment
10 days Paid sick days after one year of full-time employment

WORK-LIFE BALANCE PROGRAMS

  • Flexible schedule
  • Telecommute option
  • Compressed work weeks
  • Subsidized On- or Off-site Fitness
  • Onsite Amenities (Dining/food options, fitness centers and classes, banking)

FAMILY CARE BY THE NUMBERS

80 days Job-protected maternity leave (including FMLA/STD) 80 days Fully-paid maternity leave (does not include personal vacation or paid time off)*
80 days Job-protected paternity leave (including FMLA)80 days Fully-paid paternity leave (does not include personal vacation or paid time off)*
$8,000 Adoption benefit80 days Job-protected parental leave for adoptive parents (including FMLA)*
*Employees are not required to use all their personal paid time off before taking parental leave. All employees are eligible for parental leave benefits.

FAMILY CARE PROGRAMS

  • On-site or near-site backup childcare center
  • Childcare reimbursement during business travel
  • Lactation room(s)
  • Paid sick leave to care for a child or relative

HEALTH INSURANCE COVERS

  • Mental health care
  • Alternative treatments (such as acupuncture, homeopathy, or chiropractic)
  • Fertility treatments

Community and Environmental Impact

104 hours Paid time off to volunteer $176,173,927 Philanthropic donations in last year
$29,271,401 Total company-matched employee donations in last year Global Environmental Executive Leads environmental impact team
Yes Sustainable commuting program

Diversity

  • CEO is responsible for the success of formal recruiting and retention diversity goals
  • Written policy prohibits discrimination based on (at a minimum) age, disability, race/ethnicity, religious beliefs, gender and sexual orientation
  • Formal programs (such as resource groups, mentorship, networking, or other affinity groups) support professional development for: Under-represented racial/ethnic minority groups; Women; Lesbian, gay, bisexual or transgender employees; Disabled employees; Employees reentering the workforce
  • 200 events a year connect employees with peers from different racial/ethnic, religious or country-of-origin identities
  • Non-birth parents in same-sex relationships can take parental leave
  • Medical care covers gender confirmation surgery

Workforce Diversity

 
Our diversity makes us stronger, and is essential to our ability to serve our clients, fulfill our purpose and drive responsible growth.
 
Committed to reaching their fitness and physical wellness goals, hundreds of employees run the Bank of America Chicago Marathon each year.

How to Get Hired

We asked Bank of America for some inside information on how to get hired at the organization. Here is what they had to say.

What key characteristics tell you a prospective employee will be a great fit for your company?

Attracting and retaining talented people to help grow our company responsibly is critical to our success. We look for individuals who have a passion for serving our customers, clients and communities, and who are committed to our purpose of working together to make financial lives better through the power of every connection. This requires employees who reflect and value our diversity - in thought, style, culture, ethnicity and experience. We look for candidates who have a genuine interest in our business and who demonstrate a high standard of professional skills and experiencesCandidates who exemplify these skills, coupled with personal integrity and an aptitude for leadership, will always be a great fit for our company.

What can prospective employees do to get your attention?

At Bank of America, we look for unique perspectives and diverse backgrounds that can yield dynamic ideas. Our diversity is critical to our ability to serve clients, fulfill our purpose, and drive responsible growth. It is at the core of how we work as an organization, and it is essential to how we work in communities. We are drawn to candidates who are able to bring their authentic selves and distinctive expertise to the organization.

Are there any positions or types of candidates you are particularly focused on hiring in this coming year?

We are committed to attracting and retaining a diverse and inclusive workplace. Our diversity makes us stronger and is essential to our ability to meet the needs of our customers and clients. Through partnerships, investments and programs, we’re connecting women, diverse ethnic and cultural groups, and persons with disabilities to the resources they need to maximize their potential. Our military recruiting team also partners with niche organizations to find talented military service members, military spouses and veterans to join our company.

What should interested candidates do to find out more and get started?

We recommend interested candidates start by learning about our company. Access our website at www.bankfoamerica.com to learn about our different lines of business and our involvement in the community, visit one of our 4,600 financial centers across the U.S., or attend our events and presentations on campuses across the country. This will help candidates get to know our business, our team members, and our values. In addition to traditional channels and partnerships, we encourage candidates to utilize our innovative platforms through their preferred channels, including our Twitter presence, @BofA_Careers and LinkedIn.

hiring Outlook

36% Openings filled by current employees
* All figures refer to 12-month period prior to reporting, unless otherwise noted.

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