Diversity, equity, and inclusivity (DEI) in an organization help bring unique perspectives and ideas to create more innovative, productive, and resilient enterprises. It also contributes to equality of opportunity and treatment in the workplace at all stages of the employment relationship, including recruitment, retention, promotion, remuneration, and access to training and skills development.
Over the past three decades, the gender gap in organizations has narrowed, attributed to labour mobility worldwide. There has been an increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, which helps to promote an open and inclusive workplace. However, labour market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Globally, banks are reporting diversity and inclusivity to ensure that all genders and backgrounds have a more equitable and inclusive workplace. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.
Bank of America Corp (BoA) is a bank and financial holding company that offers a range of banking products, wealth management services, and other related financial solutions through its subsidiaries. Its portfolio of offerings comprises deposit services, loans, credit and debit cards, certificates of deposits, and investment solutions. In 2021, the company reported 53.5% women participation in its workforce. Representation of women in the company at the senior management level was 36.7% in 2021.
In 2021, the representation of Asian employees of Bank of America in the US workforce was 13.3%. Black & African American and Hispanic & Latino employees represented 13.3% and 18.5% of the US workforce, respectively.
Bank of America increased the representation of people of color in all management positions to 41% since 2015. The company also made improvements in the representation of Asian, Black & African American, and Hispanic-Latino teammates across key categories such as management levels 1–3, managers, executive/senior level, and mid-level.
United States of America
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United States of America
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United States of America
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