Military & Veterans Programs and Support
Nov 08, 2013
For more than 90 years, supporting the military has been a focus for Bank of America. Our commitment includes funding for nonprofits, recruiting and hiring veterans, and donating homes to injured service members. In the last several years, we have broadened our programs for service members, veterans and their families, and bank employees who have served in the military. Here are some of our programs to improve their lives.
Philanthropy and community outreach
We support a wide range of nonprofit organizations that help members of the military and their families, including programs that help service members and veterans achieve financial empowerment. Our efforts include financial education and coaching taught by employees through the bank’s Community Volunteers Program. We also provide financial education, wealth building and tax-preparation services, and scholarship opportunities for service members and their families.
This year, we launched our second annual Express Your Thanks campaign, which invited the public to connect with our military in a fun, easy and meaningful way. Each expression of thanks via social media generated a $1 donation from the Bank of America Charitable Foundation. The campaign continued from Memorial Day to Veterans Day, and reached its goal of generating $1 million, which was split evenly between the Wounded Warrior Project and Welcome Back Veterans.
By the end of 2013, we will have donated nearly 1,000 homes to military families and first responders across the country through donations to nonprofit organizations and local government programs. In addition to making homes available to families in need, these donations stabilize neighborhoods and aid the recovery of the housing market.
Recruiting and hiring
Military service members bring important skills and experiences to their careers, and so we actively work to attract, develop and retain them as employees. We currently employ nearly 6,800 active service members and veterans, including 1,600 hired in 2012. To meet our hiring goals, we have established a dedicated team of recruiters who partner with organizations to identify and secure top talent. For details on our military and veteran recruiting efforts, visit http://careers.bankofamerica.com/military/.
Employee support and engagement
We also offer a range of programs to engage military service members who work for the bank and their families. The company provides paid military leave for up to five years, including continued medical and insurance benefits and personal financial management when employees are called to active duty.
Our support for employee veterans, military service members and their families is provided primarily through our Military Support and Assistance Group (MSAG). The group is a network for veterans and their families, as well as active duty/reserve military and other employees, to work together on areas of common interest and support those affected by their experiences of military life. MSAG also creates opportunities for advancement and leadership development through networking, mentoring and information forums.
This year, we expanded our Job Transition Assistance Program (JTAP) for military spouses. For employees whose families are relocating because of a change in military station, JTAP helps them find positions at the bank in their new location and positions them for continued growth in their careers.
An ongoing commitment
According to Andrew Plepler, Bank of America’s Corporate Social Responsibility and Consumer Policy executive, “Our focus on military service members is critical to our overall Corporate Social Responsibility efforts and will provide the support and guidance veterans need as they leave active duty.”