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Case Studies

A Legacy of Loyalty: Bank of America’s Comprehensive Benefits to Support Working Caregivers at Every Stage of Life

Organizational Snapshot

Bank of America stands as one of the world’s premier financial institutions, providing individuals, small and mid-sized businesses, large corporations, and institutions with a comprehensive suite of banking, investment management, and financial risk solutions. At the heart of everything they do lies a simple yet powerful question: “What would you like the power to do?” This guiding principle enables Bank of America to understand what truly matters to their clients, employees, and shareholders. It reflects their unwavering commitment to helping those they serve achieve their goals, recognizing that true success stems from empowering individuals, businesses, communities, and employees to realize their aspirations and fulfill their vision.

Policy

Child Care Assistance

Region

Region Title

With 97 markets domestically

Industry

Banking/Finance

Size

Large

213,000 Employees

Male/Female

N/A

Founded

1904

“At Bank of America, we know that supporting working parents is vital for creating a strong workforce and vibrant communities. We provide flexible, responsive benefits and resources to help our employees manage both their careers and family responsibilities at every stage of life. This recognition reflects our commitment to fostering a workplace that values family and empowers employees to achieve their goals.”

Mike Pavell

President, Bank of America Fort Worth

Family Friendly Policy Overview

New Parental Support: Bank of America supports new parents with up to 16 weeks of paid parental leave and up to an additional 10 weeks of unpaid leave, for a total of 26 weeks of leave. Employees enrolled in a U.S. national bank medical plan can also take advantage of a lifetime family planning benefit of up to $20,000 for adoption, fertility, or surrogacy expenses. Additionally, the company provides nursing benefits and coverage through Maven to help ease the transition into parenthood.
Child Care Assistance: The company eases the burden of child care costs for their employees with families by providing up to 50 days of subsidized back-up child care annually and access to a Dependent Care FSA. Eligible employees can also receive up to $275 per child per month in reimbursement to help offset ongoing costs through the Child Care Plus program, alongside tuition discounts and elder care services to provide financial relief for working families.

Workplace Flexibility: Understanding that a supportive work environment is key, Bank of America offers flexible and hybrid work options where possible. The company is also committed to providing office accommodations tailored to employees’ individual needs, ensuring everyone has a comfortable and effective place to work.

Prioritizing Mental Health: Bank of America understands that mental health support is a crucial investment. Their Employee Assistance Program (EAP) offers mental health coverage, therapy access, mental health days, and stress management programs. Employees enrolled in a U.S. national bank medical plan (and their covered spouse or partner, and children 13+) also have virtual access to licensed therapists and board-certified psychiatrists seven days a week, through Teladoc Health.

Support for Life’s Key Moments: Employees and their families receive personalized, concierge-style assistance from the bank’s Life Events Services team, which helps them navigate medical accommodations, life insurance, and other benefits. In times of crisis, the Employee Emergency Fund offers essential financial support, and the company’s partnership with Memorial Sloan Kettering Cancer Center offers expert guidance for those facing a cancer diagnosis. Employees also have access to research and referral services that connect them with specialists for child care, elder care, special education and IEP planning, and other major life events — reducing stress and supporting overall well-being.

Sabbatical Program: One of the bank’s most impactful programs is their paid sabbatical, which offers leave to long-serving employees. After 15 years of service, employees are eligible for up to four weeks off, increasing to six weeks after 25 years. The paid sabbatical program helps employees recharge, achieve personal goals, and spend time with loved ones.

College Planning: The bank also offers employees and their dependents one-on-one guidance for college planning and admissions. This support includes assistance with high school course selection, PSAT/SAT prep, essay and application reviews, building a college wish list, and admission insights.

Policy Implementation Overview

Continuous Enhancements: The bank’s benefits team is committed to continually enhancing the employee experience and overall well-being. By actively listening to employee feedback and regularly assessing marketplace offerings, the team identifies opportunities to enhance its benefits to meet the evolving needs of employees. For example, the company provides virtual care solutions, such as Teladoc and Hinge Health, to provide convenient, cost-effective support for employees and their families. This illustrates Bank of America’s dedication to listening to its team and calibrating its benefits to better serve them.

Talent Attraction: The bank’s exceptional policy offerings consistently attract top talent in the financial services industry. As a forward-thinking organization, it prioritizes, and continuously strives to improve, employee quality of life. The team remains dedicated to innovation and finding new ways to excel.

Reduced Absences: Thanks to Bank of America’s generous parental leave, child care assistance, life events support services, and overall family-friendly benefits, the team is able to reduce absenteeism and increase productivity as employees are able to be present for the moments that matter.

The Impact

Bank of America, a 2025 Best Place for Working Parents Large Business National Innovator, demonstrates its commitment to employees through comprehensive, family-friendly policies. When companies prioritize comprehensive, family-friendly benefits, they empower employees to balance their personal and professional lives seamlessly. At Bank of America, thoughtful policies like paid parental leave, child care assistance, employee sabbaticals, and mental health support create an environment where employees feel valued and supported. These initiatives foster loyalty, reduce stress, and drive engagement, proving that employees don’t have to choose between their career and their family. This commitment reflects Bank of America’s dedication to building a thriving, motivated workforce that can achieve success at work and at home.