Dive Brief:
- Bank of America has reached its five-year goal of hiring 10,000 teammates from low- and moderate-income (LMI) neighborhoods in three years, it announced Sept. 30. The bank accomplished this through its Pathways program which, established in 2018, builds a bridge between the BofA and talent recruited through nonprofit organizations, the announcement explained.
- Because of the program’s success, BofA said it plans to hire 10,000 more workers by 2025.
- Additionally, BofA is now paying an hourly wage of $21. In that Oct. 6 announcement, BofA recommitted to its goal of paying employees at least $25/hour by 2025.
Dive Insight:
In both the 2018 and 2021 press releases, BofA highlighted its relationships with UnidosUS and Year UP. The former is a Latino civil rights organization that focuses on housing and financial empowerment, immigration issues and healthcare, along with education.
Year Up, which has partnered with the likes of Amazon, Facebook, Glassdoor, Microsoft and Twitter, focuses mainly on business and financial operations, sales and customer support, software development and IT training.
Additionally, BofA built a pipeline with Boys & Girls Clubs of America and partnered with tech upskilling organization The Urban Alliance and the National Urban League, a civil rights organization similar to UnidosUS that focuses on the Black experience.
Through its recruiting partnerships, BofA claimed its success was due to "a defined onboarding plan," on-the-job training, upskilling and "a roadmap to full-time employment and future career opportunities."
What’s noteworthy is that all Pathways recruits receive the kind of training that any BofA new hire does through "The Academy." This training outfit provides learning opportunities for all employees in the Consumer & Small Business division and in its Merrill division. To use its turn of phrase, the bank "invests in you every day, from your first day, so that you can succeed in your role and develop a dynamic, successful career." Finance and leadership skills are taught through bootcamps and instructor-led coursework — but also client engagement simulators, interactive labs and virtual reality, as well. This ties back into trends in training, including VR learning and leadership skills.
"Since 2018, Pathways has fueled our talent pipeline by providing long-term career opportunities for people from LMI communities who often face barriers to employment," the bank’s CHRO, Sheri Bronstein, said in a release. "This work furthers the bank's longstanding commitment to creating equal employment opportunities for all by building a strong, diverse talent pipeline through hiring and recruiting, including from LMI neighborhoods, continuing our ability to mirror the clients and communities we serve."
