BofA Plans to Restrict Pay Conversations During Job Interviews
- Bank takes aim at compensation gap for women, minorities
- Review finds women make 99% of what male employees earn
Photographer: Chris Keane/Bloomberg
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Bank of America Corp. will impose new restrictions on inquiring about a job candidate’s salary history, aiming to help close a gap between how much women and minorities are paid compared with other employees.
The policy, which takes effect in March, “restricts how we solicit compensation information from candidates during the hiring process,” Sheri Bronstein, the bank’s global head of human resources, said in a memo to employees this week. “We will implement it across the company to help ensure we consider new hires for individual qualifications, roles and performance, rather than how they may have been compensated in the past.”