Across the U.S., it’s our hundreds of thousands of colleagues who do the real work of helping make American’s financial lives better while driving economic growth and opportunity. These teammates are the foundation of our success and the reason Bank of America continues to grow and innovate.
That is why we are doubling down on our workforce, with a commitment to hire nearly 20,000 additional people from military backgrounds, community colleges and in our financial centers nationwide over the next five years. We’ve also raised our minimum hourly wage to $25 per hour for entry level employees.
Bank of America made a similar military hiring commitment ten years ago that resulted in hiring more than 20,000 veterans, and we are excited to increase that number by 50%.
In a region such as San Diego that has nearly a quarter-million veterans and is one of the largest concentrations of military personnel in the nation, such hiring commitments can go a long way to aid the transition into lasting civilian careers.
Having banked the U.S. military for over 100 years, we recognize that the incredible skillsets of military servicemembers — discipline, commitment, the ability to adapt quickly to changing environments, to name a few — are readily transferable skills to succeed in banking and finance roles.
One of my many colleagues here in San Diego demonstrating the successful transition from military service to successful banking career is Tony Guminski, who was a parachutist with Army’s 82nd Airborne Division and earned a Purple Heart. Now a vice president working with San Diego businesses, Tony credits his Army work ethic and leadership experience as a sergeant — along with BofA’s professional development programs — for his professional success.
Along with the valuable skills that military service instills, community and junior colleges also serve as important sources supplying core skillsets that readily translate into workforce success. San Diego’s award-winning colleges are a tremendous training ground for entry-level roles and can serve as a valuable hiring pipeline of local talent.
Additionally, our wage increase will ensure that many full-time and part-time entry level hourly employees will now earn over $50,000 annually. Our $25 per hour rate is well above the California and San Diego average hourly pay for an entry level job — both starting around $16.50 per hour according to ZipRecruiter.
While we have steadily increased our starting minimum wage, from $15 in 2018 to now 67% higher, this is not just about the paycheck. These entry level jobs can be the beginning of a fulfilling and successful career.
Strong starting wages combined with great benefits, professional skills development and career advancement opportunities create an ideal launchpad to start and grow a career here in San Diego.
A great example of this launchpad model is my colleague Alenoush Aslanian, who started as a minimum wage, part-time teller with Bank of America shortly after graduating UC San Diego (she also proudly attended San Diego City College before becoming a Triton). Leveraging the company’s professional development resources, Alenoush has been promoted into more senior roles — currently as an assistant vice president, business solutions advisor.
Research consistently shows that when people have long-term career opportunities and earn more, they spend more on durable goods, dine out more, save to buy homes that plant roots in neighborhoods, and invest more in their futures overall. That’s good for individuals, families and our communities.
With nearly 1,100 BofA employees across San Diego and 58 financial centers that house many of our entry level roles, it’s easy to see the positive benefits that these hiring commitments and pay increases will have locally.
Our hope is that, by being at the forefront of more opportunities for more American workers, Bank of America can help inspire others to invest in their employees. That way, together, we can strengthen the workforce, lift up communities and build a more resilient economy.
Mark Kremers is the San Diego market president for Bank of America.
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