The magazine selected Wachovia based on its programs and policies for childcare, leave for new parents, opportunities for women to advance, flexible work arrangements, work/life benefits such as elder care and other employee programs.
“Working mothers are an integral part of our company,” said Wachovia Chairman, President and CEO Ken Thompson. “We are honored to be recognized again for helping them -- and all employees -- balance their personal and professional lives.”
In surveying companies for this year’s list, Working Mother gave particular weight to considerations in three areas: flexible scheduling, childcare options and time off for new parents.
Some of Wachovia’s best practices include:
Use of Flexible Work Options such as telecommuting and flexible hours.
Seven high-quality childcare centers in three locations; access to a nationwide network of childcare centers, plus backup; holiday and summer school childcare programs.
Time away for adoption and 10 days of Family Care Time leave in addition to generous Paid Time Off.
Leave policy that allows for 16 weeks with job guaranteed; up to three years of education leave, six months of personal leave, one year parental/infant care leave and one year critical care leave.
On the 20th anniversary of the Working Mother 100 Best Companies list, the survey found that despite the growing popularity of compressed work weeks, job-shares, telecommuting and other workplace flexibility options, two out of three working mothers believe there is still a stigma attached to using flextime options that their companies allow. Wachovia works to eliminate this by offering working mother employees not just flexibility but advancement opportunities as well.
“I am proud that our company not only understands the pressures working mothers face, but also keeps individuals’ career goals in mind,” says Director of Human Resources and Corporate Relations Shannon McFayden. “As a working mother myself, and a leader of Wachovia, it is important to me that all employees have the resources and support needed to find meaning and success in their careers, while also having rich, full lives outside of work.”
Other noteworthy Wachovia best practices include:
Standardized education reimbursement plan available to all eligible employees with 2004 budget of $10 million.
Time Away From Work Community Service policy, which gives employees four hours of paid leave a month to volunteer.
Employee discount program and concierge services that offer employees easy access to and savings from hundreds of businesses.
Thirty-four rooms for nursing mothers.
Domestic partner benefits that offer flexibility for households and families.
A 6 percent matched savings [401 (k)] plan for all eligible employees.
A choice of competitive medical and dental benefits options.
“We salute Wachovia for its efforts on behalf of working mothers and for making the 100 Best for the tenth time,” said Carol Evans, CEO of Working Mother Media. “It is my hope that other companies around the country learn from the best and experience first-hand the value of flexibility as a business imperative.”
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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