Bank of America does not have a vaccine mandate but strongly encourages employees to get fully vaccinated, including boosters.
According to CNN, some companies have offered bonuses to vaccinated workers. Last August, amid the Delta wave, Vanguard offered employees $1,000 to get vaccinated. Bank of America said it plans to host several on-site booster clinics across the country this month for employees.
Brian Kropp, head of Gartner’s human resources practice, said companies need to offer both carrots and sticks to get employees vaccinated.
“For employees that are vaccinate hesitant, $100, $200 or $300 worth of incentives doesn’t seem to be enough to get them over their concerns,” Kropp told CNN in an email. “While a donation to a charity is a good thing for companies to pursue, most employees would prefer to get $100 cash.”
Eleanor Bloxham, founder and CEO of The Value Alliance and Corporate Governance Alliance, a firm that advises boards on corporate governance practices, said, “This is a very positive example of good corporate citizenship that I would hope others would emulate. Good for the company: good for the community.”
Bank of America said this effort could direct up to $10 million to fight hunger across America and is on top of the bank’s ongoing commitment to the cause. Bank of America said it has donated nearly $150 million toward hunger relief since 2015.
“Millions of Americans suffer from food insecurity each day,” Bank of America said in the memo. “The pandemic has not only increased the challenges faced by many American families, but also the non-profit organizations who deliver vital resources to families across the country.”
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