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| No. 14 |
WACHOVIA |
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Specialty Lists: No. 4 on The Top 10 Companies for Recruitment & Retention, No. 4 on The Top 10 Companies for African Americans, No. 9 on The Top 10 Companies for Executive Women, No. 3 on The Top 10 Companies for LGBT Employees
Industry: Financial Services
Main Competitors: Bank of America, Citigroup, SunTrust
U.S. Headquarters: Charlotte, N.C.
Number of U.S. Employees: 108,238
Annual Revenue: $31.6 billion
% of Operations Outside U.S.: 1 |
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| Wachovia |
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Why It's on Top 50: Wachovia has been on the Top 50 list since 2003, and for good reason. The bank is extremely strong in Human Capital and Corporate and Organizational Communications.
Diversity Strengths: Wachovia's work force is 39 percent Black, Latino, Asian American and Native American, as are 50 percent of new hires. This compares with Top 50 averages of 35 percent and 44 percent, respectively, and is remarkable for a financial-services company. Management is 28 percent Black, Latino, Asian American and Native American, and women are 58 percent of Wachovia's managers.
Chairman, President and CEO Ken Thompson gets a near-perfect score for CEO Commitment. He personally signs off on executive compensation tied to diversity; 25 percent of senior-executive bonuses are tied to meeting diversity goals. He meets regularly with employee-resource groups, chairs and appoints members of the diversity council and is involved with several nonprofits tied to traditionally underrepresented groups.
Wachovia demonstrates unbiased retention, meaning it is level across race/ethnicity and gender.
The company has first-rate mentoring, with 30 percent of managers participating, and work/life programs including on- and off-ramping, floating religious holidays, a Moms Corps, and family leave time and adoption assistance for domestic partners. The bank also has strong diversity metrics, including salary and recruitment data by race/ethnicity and gender, employee focus-group feedback on diversity, line-of-business diversity reviews, and CEO diversity reviews. Wachovia also has mandatory diversity training for its entire work force, available every month for more than one day.
Ken Thompson, Chairman, President and CEO: "I want to ensure we have a meritocracy at Wachovia where people are recognized based on their potential and performance and not negatively impacted based on any individual identity group membership."
More DiversityInc Articles on Wachovia:
Executive Recruiting Webinar
10 Winning Strategies From the Top 50 Webinar
Why Would I Want to Work There?
Wachovia's Rosie Saez
Eliminating Fear: Wachovia's Beth Butler
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KenThompson
Chairman, President and CEO | | | | |
Kim Spivey
Director of Diversity, Engagement and Inclusion | | | | |
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