Recognizing and rewarding performance
Our strong pay-for-performance philosophy rewards long-term, sustainable results.
We promote a culture that appreciates and celebrates achievement year-round at all levels. This includes opportunities for teammate-to-teammate recognition, for managers and senior leaders to call out individuals and teams with point-based rewards and for managers and senior leaders to celebrate milestones for anniversaries and service to our company and legacy.
This is in addition to the actions we take to make Bank of America a great place to work, including sharing our success with our teammates. Since 2017, we have awarded more than $4 billion in special compensation awards in recognition of efforts in driving responsible growth. In 2023, approximately 96% of employees have received or will receive an award.
We pay our teammates fairly based on market rates for their roles, experience and how they perform, and we regularly benchmark against other companies both within and outside our industry to help ensure our pay is competitive.
Equal pay for equal work commitments
We are committed to equal pay for equal work through our pay-for- performance philosophy. We maintain robust policies and practices that reinforce equal pay for equal work, including reviews with oversight from our Board and senior leaders. For the last 16 years, we have conducted analyses with outside experts to examine individual employee pay before year-end compensation decisions are finalized, and we adjust compensation where appropriate.
We also have a standard U.S. practice that restricts the solicitation of compensation information from candidates during our hiring process. This helps ensure that we consider new hires for their individual qualifications and roles, rather than how they may have been previously compensated.
We realize that there are various metrics related to the topic of pay equity, and we have consulted with external experts regarding the most appropriate analysis to support our commitment to diversity and inclusion progress and measurement. In consideration of this advice and the size of our company, we believe our equal pay for equal work analysis is the most appropriate measure at this time. We believe our pay-for-performance approach — combined with our focus on workforce representation — will continue driving the advancement and representation of women and people of color in our company.
We continue to enhance our efforts to compensate our employees fairly and equitably. We expanded our review from our regional leadership hubs (U.S., U.K., France, Ireland, Hong Kong and Singapore) to include India. Results of this equal pay for equal work review showed:
- Compensation received by women is on average greater than 99% of that received by men.
- In the U.S., compensation received by people of color is on average greater than 99% of that received by non-people of color teammates.
Our strategy, programs and actions are guided by our commitment to be a leader in the solution for equal pay for equal work, contributing to the advancement of women and people of color both within our workforce and in society as a whole.