Investing in women good business
According to the U.S. Bureau of Labor Statistics, there were 109,000 more women working than men, occupying 50.04 percent of positions, in December 2019. However, once the pandemic evolved, thousands of women left the workforce to accommodate responsibilities brought on by stay-at-home orders, which left them as full-time caregivers.
According to the January jobs report, almost four times as many women than men left the workforce this January — 275,000 women compared to 71,000 men. Overall, nearly 2.4 million women have exited the workforce since last February, compared with less than 1.8 million men.
Investing in women goes beyond equal pay and equal opportunities. Today’s commitment requires a comprehensive approach, which can include anything from supporting young girls who see high paying, fulfilling careers to mentoring women who want to start a business and ensuring career development opportunities are offered at every level.
A snapshot of Bank of America’s current employee demographics shows that women make up 50 percent of our global workforce, 32 percent of our global management team, more than 40 percent of our managers and 35 percent of our board of directors — exceeding industry benchmarks.
While no one formula can equally be applied to all companies, Bank of America has made a commitment to continue to invest every day in helping make meaningful contributions within our company and in communities at large.
For example, the bank partners with more than 350 colleges and universities around the world to recruit diverse talent, and our most recent summer intern class was 47 percent female. We also have programs designed specifically to support the retention and career development of female employees and other professional development opportunities.
But an effective diversity and inclusion program goes beyond recruitment and development and includes progressive workplace policies and benefits, so all employees feel supported in managing responsibilities at work and at home. For example, we offer 16 weeks paid parental maternity, paternity and adoption leave, as well as childcare reimbursement and support for employees caring for aging parents.
As a leader in financial services, Bank of America also supports women entrepreneurs with capital and resources to help them grow their businesses. For instance, we partner with the Tory Burch Foundation Capital Program providing women with access to affordable loans to grow their business; and through the Bank of America Institute for Women’s Entrepreneurship at Cornell we are providing 50,000 women entrepreneurs with free, online learning to help advance their businesses. Here in Bakersfield, we support nonprofit organizations dedicated to putting women on a path to economic stability and success such as Dress for Success and even the Girl Scouts.
We’re proud of these investments, and while the recognition underscores our commitment to a diverse workforce, the achievements directly reflect the dedication, effort and drive to make a positive and lasting impact on our company and the communities we serve.