Bank of America receives Freedom Award
Jun 25, 2013
Recognizing the company’s support for employees who serve
The Department of Defense has named Bank of America as a recipient of the 2013 Secretary of Defense’s Employer Freedom Award, the highest honor given by the United States government to employers for support of employees serving in the National Guard and Reserve. Each year, the agency recognizes 15 companies for their work to ensure employees have the resources and help needed to fulfill their military commitment while employed.
“Our military teammates and families have made a lot of sacrifices to serve our country,” said CEO Brian Moynihan. “We’re proud to support them, and I’m pleased our company is being recognized for all we are doing to serve them.”
Freedom Award recipients are selected by a national board comprised of senior Department of Defense officials, business leaders and prior awardees. Bank of America was recognized for the company’s long history of supporting the U.S. military, including its focus to recruit, develop and retain military men and women. Recognizing the unique needs that these families face as they transition to and from active duty, the company has created programs to bring in the best talent, help them transition to new roles, and ensure they have the support they need throughout their career.
“The thousands of military men, women and families who serve as part of our team every day bring skills and experience that make us better,” said Andrea Smith, Global Head of Human Resources. “We are committed to providing broad-based resources and programs to assist them and their families, and attract more veterans and service members to join our team.”
Bank of America’s support of our military employees is part of the company’s overall commitment to supporting the military. Through the Military Affairs Advisory Group (MAAG), there is a focus on reintegrating service members in the civilian workforce through education, wellness, employment and housing.
“This recognition is a demonstration of the incredible progress our teams have made over the last few years to build on our company’s long-standing support for the U.S. military,” said Jeff Cathey, Military Affairs executive.”Through these efforts we provide tremendous support for our military teammates, community members, customers and clients.”
Supporting our military teammates
Military reservists, veterans and military spouses can connect to a variety of resources at the bank, including the employee network - the Military Support & Assistance Group (MSAG), the Veterans Transition Assistance Program, and many benefits such as best-in-class military leave policy.
The company also helps bank-employed military dependents find a new role when their family moves to a new duty station. Since the program began last year, the bank’s Staffing team has helped employees stay with the bank and continue in their career despite their relocation. While this program has only been used by a small number of employees so far, the impact on them and their families has been tremendous.
Recruiting veterans and service members to join Bank of America
Since 2011, Bank of America has hired more than 4,000 veterans, Guard and Reserve members, and will hire an additional 10,000 over the next several years. There is a dedicated team focused on military recruiting and the company actively participates in organizations like the Network of Champions and the Military Spouse Employment Partnership. As a result of their training and experience, veterans are able to fill a variety of roles across the bank from entry level positions to more senior management roles in technology, operations, trading, financial advisor services, sales and customer service, and wealth management. One example of how businesses are supporting this effort is Global Banking & Markets’ Veteran Associate Program which launched earlier this year. This internship provides veterans with hands-on experience through rotations in customer-facing roles within sales and trading, treasury solutions and the Commercial Bank.
Serving the military community
The company’s overall support of the military also includes customer support and home donations. Currently, the bank serves more than 2 million active and veteran military customer households, including the overseas operation of military banking facilities in 10 countries supporting the needs of active service men and women around the world. They have also made a 3-year commitment to donate up to 1,000 properties to injured military veterans and first responders in partnership with organizations such as the Military Warriors Support Foundation, Operation Home front, Homes for Our Troops and Habitat for Humanity.