Guest commentary: BofA hiring more military vets and Tri-County locals is good business
By Midge Campbell-Thomas & Greg Bland
Researchconsistently 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 communities.
That is why Bank of America is doubling down on its 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.
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.
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 the tri-counties of Ventura, Santa Barabara and San Luis Obispo that has over 68,000 veterans, such hiring commitments can go a long way to aid the transition into lasting civilian careers.
One of our many colleagues here in the tri-counties demonstrating the successful transition from military service to a successful banking career is Darrin Gauvin, who spent a decade in the U.S. Air Force, serving in South Korea as a data operations manager. He even worked at the Pentagon as a Staff Sergeant.
Darrin then found a lasting career at Bank of America as a senior business controls specialist — a role that readily translated his military career skills to assess complex, high-stakes information to implement effective business controls for the global banking company.
As a major employer in the region, we also recognize that our community and junior colleges provide core skillsets that readily translate into workforce success. California’s Community Colleges system has 2.1 million students at 116 colleges, the largest system of higher education in the country, and the tri-county’s award-winning colleges are a tremendous training ground for entry-level roles and can serve as a valuable hiring pipeline of local talent.
In addition to these hiring commitments, our new $25 hourly minimum rate is well above the California and tri-county average hourly pay for an entry-level job — both starting around $16.50 to $17.50 per hour according to Zip Recruiter. This latest wage increase ensures that entry-level employees will now earn over $50,000 annually.
With nearly 2,300 Bank of America employees across Ventura, Santa Barbara and San Luis Obispo counties, and 27 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.
While we have steadily increased our starting minimum wage from $15 in 2018 and now 67% higher, it’s 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 the tri-counties.
A great example of this launchpad model is our colleague Iran Zaranda, who started in an entry-level role at one of our Santa Maria financial centers. Then, by utilizing Bank of America’s professional development benefits, Iran pursued multiple licenses to become a Financial Solutions Advisor, where she now advises clients in San Luis Obispo with their wealth-building goals and manages over $11 million in assets.
Across the U.S., it’s our hundreds of thousands of colleagues who do the real work of helping make Americans’ 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.
Our hope is that, by being at the forefront of providing greater opportunities for more 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 an even more resilient American economy.
Midge Campbell-Thomas is Bank of America’s president for Ventura-Santa Barbara and Greg Bland is Bank of America’s president for San Luis Obispo.
