Diversity MBA Magazine - April 2008 - (Page 16) To p 5 0 C o m p a n i e s f o r D i v e r s i t y – N u m b e r 1 And where diversity is concerned, BOA isn’t just about race, gender, or sexual orientation. It goes much further. “We want people to bring their whole self to work, to not leave a piece of themselves at the door because they think it’s not valued,” says Geri Thomas, senior vice president of global diversity and inclusion. “Here, it’s not about assimilation,” she adds. Diversity at BOA also means recognizing that people approach learning differently, that there are differences in vision, experience, and talents. The commitment starts at the top. “Our CEO considers himself the chief diversity officer,” Thomas says. “Accountability starts with him and extends to associates. We all understand we are responsible for diversity, regardless of our role.” Chairman/CEO Kenneth Lewis explains the company’s philosophy: “Our commitment to diversity is a commitment to individuals and to the team. It’s about creating an environment in which all associates can fulfill their potential without barriers, and which the team is made stronger by the diverse backgrounds, experiences, and perspectives of individuals. It’s about giving all of us -individually and together -- the possible chance to succeed.” Indeed, the numbers speak for themselves. Kenneth Lewis, CEO More than 65% of BOA’s Bank of America 210,000 employees are female, more than 40% minorities, and nearly 25 % of its officials and managers are minorities. Diversity and inclusion has long been an integral part of the bank’s culture. Fifteen of the company’s 105 founding stockholders were women. As early as the 1800s, the bank managed the trust account for the Volta Bureau School for the hearing-impaired and the African-American Teachers Union retirement fund. In 1919, BOA formed international foreign departments to serve Russian, Spanish, Greek, and Italian customers. Its first tellers were multi-lingual, and in 1920, the bank named its first female vice president. understand and address the needs of our associates, customers, clients and shareholders,” says Kelly Sapp, company spokesperson. “For us, business is a 24-hour clock. In order for us to meet our needs it is critical that our workforce reflect where we do business and meet our diverse customer needs.” She adds that embracing diversity also provides fresh ideas and perspectives and promotes ingenuity and collaboration BOA’s diversity framework includes four pillars – supplier diversity, philanthropy, retention/recruitment, and providing products and services that meet the financial needs of a diverse customer and client base. It’s important, Sapp notes, to have a supplier base that reflects the customer, community, and associates. “Promoting a better economic environment through supplier diversity helps our communities and Bank of America thrive,” she says, adding that when BOA’s supplier diversity program began in 1990, spending was approximately $11 million. As of 2006, the figure was $1.3 billion. The growth was achieved through structured development activities as well as internal process improvements, while increasing the products and services obtained from diverse-owned businesses. When it comes to philanthropy, the bank is in its fourth year of achieving an unprecedented 10-year goal to donate more than $1.5 billion to nonprofit organizations engaged in improving the health and vitality of neighborhoods. In 2007, the Bank of America Charitable Foundation invested over $200 million in communities across the country, making it the most generous financial institution in the world, and the second largest donor of all U.S. corporations in cash contributions. Bank associates also contributed more than 675,000 volunteer hours last year. BOA actively seeks diverse talent. In 2007 alone, the bank partnered with The Consortium, Robert Toigo Foundation, National Black MBA Association, National Association of Hispanic MBAs, National Association of Women MBAs, and Reaching Out MBAs (GLBT MBAs) – to find top diverse MBA talent. The firm conducts several campus-recruitment events at top business schools and historically Black colleges and universities. It offers internships for first-year MBA students across the entire BOA organization, and has teams in place dedicated to working on diversity-recruitment initiatives and for campus and military recruiting. The bank offers plenty of opportunities for MBAs, such as the Operations MBA Leadership Rotational Program and the Technology MBA Program. “What some don’t realize,” says Sapp, “is that you don’t have to be a banker to be at Bank of America. There are positions in marketing, human resources, real estate, technology, and more, for example.” With all the possibilities, it’s no wonder the company has achieved the nickname, “Bank of Opportunity.” Jose w w w. d ive r s it y mb a ma g a z in e. c o m A Competitive Advantage Why such an early commitment to diversity? To BOA, it’s smart business. “Fostering a diverse and inclusive workplace gives us the business advantage to 16 http://www.diversitymbamagazine.com
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