Brian Moynihan, CEO of Bank of America, has said, "To employees, our principle is to keep you safe: We will continue to do everything we can to protect your workplace, and to help you to adapt to the new working conditions." The company is continuing to pay employees if they are out of work due to direct or indirect virus-related impacts. They will not be doing any layoffs or job reductions this year as a result of the coronavirus, and have committed to hiring more than 3,000 teammates through their summer internship and campus recruitment programs. The bank continues to attract and hire teammates, and in March alone, hired more than 2,000 new employees to the company.
To support its more than 208,000 teammates through the crisis, the bank’s enhanced compensation and benefits include:
- Special compensation incentives for those serving clients in U.S. financial centers, call centers and operation centers – eligible employees are being paid for their regular, full weekly schedule, even if their hours are reduced, and are receiving a special supplemental payment of $200 per pay period. Those who continue going into the office and working overtime are receiving double the hourly base pay rate for any overtime worked. In Q1 2020, the company increased its U.S. minimum hourly wage to $20, a year ahead of schedule.
Expanded employee benefits include:
- No-cost coronavirus testing and related office, urgent care and emergency room visits
- Access to Teladoc® with 24/7 virtual access to doctors
- Home delivery service of prescription maintenance medications
- Access to virtual consults with board-certified psychiatrists, licensed psychologists or therapists.
- The bank is protecting paid sick time and paid time off, and providing access and special allowances for child or elder care.
- The company is also paying for transportation for teammates who need to come into work, so they don't need to take mass transit.
- Its specialized Life Event Services team is providing support and resources to help teammates navigate everyday challenges.
- The bank has issued myStrength, a free online and mobile mindfulness app offering personalized activities to support teammates’ emotional wellness.