1. Implementation of Diversity Practices
The Bank of America abides by a corporate philosophy that values diversity and aims to implement it on a large scale within the organization. On its websites, the bank proclaims that “work environment draws on the strength of every associate to build an atmosphere of personal and professional growth” (Bank of America Corporation 2006).
To implement the goals of increasing diversity and including different types of employees in corporate environments, the Bank of America has created a number of organizations and groups. One of them is the Diversity Advisory Council, including employees from different levels who can make a difference at the organizational level. Diversity Business Councils are found in many BoA divisions, exploring issues pertaining to diversity and producing recommendations for the improvement in this area. The bank has also organized the Diversity Network that aims “to encourage and capitalize on the diversity of our associates and promote personal and professional development” (Bank of America Corporation 2006). Diversity is also promoted by various affinity groups acknowledged and supported by the bank’s management, including various racial groups, people with disabilities, gays and lesbians, bisexuals, and women.
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The efforts of the Bank of America to implement diversity did not go unnoticed by business publications and analytical agencies. Over the course of years, the bank has accumulated a number of rewards for its commitment to diversity practices. Among those are a Best Company for Working Mothers from Working Mother magazine, a Best Company for Diversity from DiversityInc., one out of top 100 Companies for Hispanics from Hispanic Magazine, Best Company for Latinas from LATINA Style magazine, and others.
2. Corporate Social Responsibility
The Bank of America demonstrates a consistent commitment to community development. One of the examples is the Neighbourhood Excellence initiative in which the bank invests in the development of local nonprofits in different locations. The bank reports to “fund $200,000 in operating support to 2 nonprofits in each of 40 markets” (Bank of America Corporation 2006). In addition, it provides funds to leaders with significant accomplishments and student leaders.
The bank partners with a number of charity and non-profit organizations to assist them in noble causes. For example, it claims to be committed to participation in disaster relief efforts nation-wide. Cooperating with HomeAid America, the Bank of America participates in the construction of homes for the poor. The organization is involved in building houses for the temporary homeless in 11 states. On January 14, 2005, the Bank of America provided “a $100,000 grant and $50,000 sponsorship” for this organization to help it forward its goals (Bank of America Corporation 2006).
Another example of how the Bank of America applies the notion of Corporate Social Responsibility is the MBNA Foundation supported by the bank. It strives to support financially “education, human services, health services, and the arts” (Bank of America Corporation 2006). These community donations are distributed as grants for which any local organization can apply.
The financial institution in 2004 announced the goal of $1.5 billion annual donation to corporate philanthropy over 10 years. This signifies a serious commitment to CSR, even against the background of the company’s revenues.
3. Rewards and Team Incentives
The Bank of America has an extensive award program designed to inspire people to achieve company goals. Since the bank is committed to the image of a responsible company, it chose to reward employees who lead an environmentally conscious lifestyle. Each employee who lives at a distance of 90 miles or less from Boston, Charlotte, NC, and Los Angeles, will receive the amount matching a $3,000 federal tax credit for replacing one’s car with a hybrid vehicle. Anne Finucane, the bank’s Global Marketing & Corporate Affairs associate, says: “”Given the size of our commuting associate base, the hybrid program expands our commitment to the environment and helps our associates to participate in making a difference while cutting down on their commuting costs” (Drosjack 2006).
Outlining the basics of its corporate compensation, the bank states that a large part of the compensation comes in incentives and bonuses, although it does not disclose exactly what proportion and the details of the bonus system. The program called Rewarding Success will provide incentives to employees receiving less than $100,000 annually. They will get a cash bonus or defer it to their retirement account if the company “meets or exceeds annual business targets” (Bank of America Corporation 2006).
As to team incentives, the Bank of America does not seem to be really committed to them. The only evidence of teamwork is the existence of the Team Bank of America, but this system includes a number of teams that promote the company’s CSR goals such as environment protection, community development, and volunteer services. This network gives employees opportunities for self-expression, but there is no mention of any financial incentives included in its framework.
Bibliography
Bank of America Corporation. 2006. 27 Aug. 06 <http://www.bankofamerica.com>.
Drosjack, Melissa. “Private Sector, States Promote Rewards for Hybrid Drivers.” Fox News 5 July 2006. 27 Aug. 06 <http://www.foxnews.com/story/0,2933,202067,00.html>.
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