Bank of America reported record profits last year even as it upped spending on employee day care and mental health. You regularly award stock to rank-and-file employees — at a cost of $3.3 billion so far — and your hourly minimum wage is now $21, up from $15 in 2017. What’s the thinking?
I’m just trying to get the work done. We’ve been investing in teammates, so it probably came up as a number one priority, frankly, in 2020, to keep the teammate safe and do everything we could to enable them to be safe.
You’re hearing about turnover rates and the great resignation. Our turnover rate in 2021 was basically the same as it was in 2019. We started this a long time ago to drop employee churn and have people be more career-oriented.
The company went from like a 20 percent down to 15 percent turnover. And now it’s 10 percent, 12 percent.
We’re not seeing the kind of turnover that you read about because of a long-term investment. We have a more stable workforce. That means we can do a better job for customers.
https://www.politico.com/news/2022/03/02/bank-of-america-ceo-brian-moynihan-00012821
I stopped reading at "stable workforce"? Seriously? Lately, more of the best employees and my colleagues have left than ever.