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| No. 26 |
WELLS FARGO & CO. |
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Specialty Lists: No. 9 on The Top
10 Companies for Recruitment & Retention, No. 4 on The Top 10 Companies for
Latinos, No. 3 on The Top 10 Companies for Executive Women
Industry: Financial Services
Main Competitors: Wachovia, Bank of America, Citigroup
U.S. Headquarters: San Francisco, Calif.
Number of U.S. Employees: 159,800
Annual Revenue: $39.3 billion
% of Operations Outside U.S.: 0 |
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| Wells Fargo & Co. |
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Why
It's on the Top 50: The California-based bank has been on the Top 50 every
year for the eight years of the list and is known for its efforts to reach out
to multicultural customers and its work-force diversity.
Diversity
Strengths: Wells Fargo's work force demonstrated its diversity commitment.
The work force was 10 percent Black, 8 percent Asian, 14.5 percent Latino and 1
percent Native American. Compare that with new hires and you really see the
progress. New hires last year were 10.5 percent Black, 9.25 percent Asian, 19.25
percent Latino and 1 percent Native American.
The bank has excellent and
innovative work/life programs, including a 24-hour access program to help
employees find childcare, eldercare and other services, including back-up
emergency childcare; partial reimbursement for joining Weight Watchers; a
defined-benefit pension plan funded solely by Wells Fargo; assistance with
financial planning, on-site health clubs and volunteer-leave
sabbaticals.
Wells Fargo has mandatory annual reviews that measures team
members against four core competencies, one of which is diversity. Diversity is
included in employee interviews, focus groups, scheduled management-employee
interviews and exit interviews.
Wells Fargo demonstrates a strong
commitment to its LGBT employees, including bereavement leave, adoption
assistance, relocation assistance and family leave for same-sex domestic
partners.
The bank also has a strong philanthropic commitment to
traditionally under-represented groups, including the Human Rights Campaign
Foundation, the Neighborhood Reinvestment Corp. (a Native American community
development training program), the Asian and Pacific Islander American
Scholarship Fund, the National Sports Center for the Disabled, the Special
Olympics and the Association of Mexican American Educators.
The bank
allocates 23 percent of its multicultural market budget to media aimed at
traditionally underrepresented groups, compared with a Top 50 average of 15
percent.
John Stumpf, CEO: "We cannot be one of America's great companies unless we become more diverse. It's a tremendous business opportunity -- because it enables us to use creativity, fresh thinking and multiple perspectives to respond fast and effectively to emerging customer needs. By making diversity a competitive advantage, we can make the company a better place to work, better understand our ethnically diverse customers' needs, give customers and communities outstanding service and deliver more value to our stockholders."
Pat Crawford, Head of Diversity: "We want everyone to feel valued for their culture, skills and traits, and to know they can fulfill their ambition and contribute to the success of the company. That's why diversity at Wells Fargo is part of our culture and integrated into all of our business practices and everyday actions."
More DiversityInc Articles on Wells Fargo &
Co.:
Maximize Multicultural Marketing to Grow Your Business
Webinar
Understanding the Immigrant Experience: Wells Fargo's Michelle
Scales
People & Places: Avid Modjtabai
Candid Advice From CEOs on Diversity
Higher Education: Why It Matters, How You Can Prepare
Banking on
Remittance: Attracting Immigrants Via Wire Transfers
Diversity
Councils: Task Forces for Change
Notable Quotes From Top 50 CEOs on
Diversity
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John G. Stumpf
President, CEO and Director
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Pat Crawford
Senior Vice President and Head of Enterprise
Diversity | | | | |
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