TRAILBLAZER Pacsetter Late Bloomer
Company Narrative
Wells Fargo, a financial services company providing banking and wealth management to individuals, businesses, high-net-worth individuals, and institutions, has been ranked as a TRAILBLAZER on the Women’s Power & Influence Index.
Wells Fargo has achieved pay parity, they have an extensive professional development and mentorship program built into their ‘Women’s Connection’ Employee Resource Group. Wells Fargo offers up to 16 weeks of paid parental leave for primary caregivers and up to four weeks for non-primary caregivers. In 2022, Wells Fargo’s Connect to More program, in partnership with the Nasdaq Entrepreneurial Center, supported over 1,000 women entrepreneurs nationwide with mentorship and resources. They also have a DE&I Council that develops and monitors the company’s DEI initiatives.
As of 2022, over half of Wells Fargo’s workforce is female and nearly 42% of women hold leadership positions.
Sufficient information regarding Wells Fargo’s female recruitment programs and subsidized childcare could not be found.
Workforce Profile
Equitable Pay
✓ Does the company demonstrate a clear and transparent commitment to equal pay?
“Wells Fargo is committed to fair and equitable compensation practices and we regularly review our compensation programs and practices for pay equity.”
Ref: Wells Fargo Pay Equity (Website)
✓ Does the company perform an annual analysis of gender pay equity and pay disparities?
“Wells Fargo is committed to fair and equitable compensation practices and, since 2015, has conducted an annual pay equity review through engagement with a third-party expert. The review analyzes employee compensation, taking into account gender, race, and ethnicity, and factors such as role, tenure, and geography. The review process can include compensation adjustments in the event we identify pay gaps.”
Ref: Pg 43, Wells Fargo ESG Report 2022
✓ Do female employees earn at least 95% of what their male counterparts earn?
“The 2022 review, modified for adjustments as described, showed that globally, women at Wells Fargo earn more than 99 cents for every $1 earned by their male peers, and U.S. employees who are racially/ethnically diverse earn more than 99 cents for every $1 earned by their white peers.”
Ref: Pg 43, Wells Fargo ESG Report 2022
Career Growth
✓ Does the company demonstrate a commitment to actively attracting, retaining, and/or promoting women within the organization?
“The Women’s Connection mission is to connect, support, and empower women at work and in our communities with a focus on professional grown, health, financial well-being, philanthropy and volunteerism.”
Ref: Wells Fargo Employee Resource Networks (Website)
✓ Does the company provide professional development programs designed specifically for female employees?
“The Women’s Connection mission is to connect, support, and empower women at work and in our communities with a focus on professional grown, health, financial well-being, philanthropy and volunteerism.”
Ref: Wells Fargo Employee Resource Networks (Website)
✓ Does the company provide professional development programs designed specifically for diverse employees?
“Hispanic & Latino Connection is an association of employees from all segments and cultures with an interest in the Hispanic/Latino culture, working to champion diversity, awareness and understanding.”
Ref: Wells Fargo Employee Resource Networks (Website)
✓ Does the company offer a formal mentoring program to support the career advancement of all female employees?
“We are passionate about developing our workforce and empowering our employees in their careers at all levels. That’s why we created the Wells Fargo Mentoring Program in 2020. The Mentoring Program’s strategy and framework aim to help our employees have positive, enriching, and engaging experiences across business divisions and job levels. Mentoring is also a part of the Employee Resource Networks’ offerings. Our mentorship philosophy focuses on supporting a more diverse, equitable, and inclusive environment, and encouraging engagement and leadership development.”
Ref: Pg 13, Wells Fargo DE&I Report 2022
✓ Does the company offer a formal mentoring program to support the career advancement of diverse employees?
“We are passionate about developing our workforce and empowering our employees in their careers at all levels. That’s why we created the Wells Fargo Mentoring Program in 2020. The Mentoring Program’s strategy and framework aim to help our employees have positive, enriching, and engaging experiences across business divisions and job levels. Mentoring is also a part of the Employee Resource Networks’ offerings. Our mentorship philosophy focuses on supporting a more diverse, equitable, and inclusive environment, and encouraging engagement and leadership development.”
Ref: Pg 13, Wells Fargo DE&I Report 2022
✘ Does the company have policies and programs in place to actively recruit female candidates?
Information regarding this criterion was unavailable or incomplete.
✓ Does the company have policies and programs in place to actively recruit diverse candidates?
“Wells Fargo remains committed to increasing diverse representation. In 2022, we recommitted to our diverse candidate slate guidelines with enhancements focusing on simplicity of process and improving the experience of all candidates, internal and external. We’ve provided updated training for recruiters and managers on the diverse candidate slate guidelines, including how they should be applied throughout the recruiting and hiring process. For most senior posted U.S.-based professional and manager job levels, Wells Fargo expects a 50% diverse candidate slate and diverse interviewer on interview panels in first-round interviews.”
Ref: Pg 13, Wells Fargo DE&I Report 2022
Work-Life Balance
✓ Does the company demonstrate a commitment to providing support and/or time off for women with children?
“Backup childcare programs are available in the U.S. and in some other countries.”
Ref: Pg 45, Wells Fargo ESG Report 2022
✓ Does the company provide child care support for employees?
“When your regular child care arrangements fall through, there’s no need to stress. You have access to 20 days of in-home and center-based backup child care.”
Ref: pg 7, Wells Fargo Benefits 2023
✘ Does the company offer subsidized child care?
Information regarding this criterion was unavailable or incomplete.
✓Does the company offer paid maternity leave for birthing parents?
“Wells Fargo provides up to 16 weeks of paid parental leave for a primary caregiver and up to four weeks for a parent who is not the primary caregiver to care for a new child following birth or adoption (available after one full year of service).”
Ref: Wells Fargo Benefits (Website)
✓Does the company provide paid parental leave that extends beyond birthing parents to include surrogacy, adoption, and paternity leave?
“Wells Fargo provides up to 16 weeks of paid parental leave for a primary caregiver and up to four weeks for a parent who is not the primary caregiver to care for a new child following birth or adoption (available after one full year of service).”
Ref: Wells Fargo Benefits (Website)
✓ Does the company demonstrate a commitment to supporting the health benefits of its female employees?
“Our culture supports employees wherever you are on your health and well-being journey. We offer tools and resources so the healthy can stay healthy, those who may face health problems in the future can begin to make positive changes now, and those with current health care needs have the support to manage them.”
Ref: Wells Fargo Benefits (Website)
✓ Does the company offer women-specific health benefits for female employees?
“Wells Fargo provides extensive benefits for employees who are starting families. U.S. benefits include maternity support, up to $35,000 in support for fertility treatments, up to $5,000 in reimbursement for costs related to adoption, and free breast milk shipping for employees who are traveling on Company business.”
Ref : Pg 45, Wells Fargo ESG Report 2022
Workplace Standards
✓ Does the company have a policy listing prohibited behaviors, such as harassment and retaliation?
“Wells Fargo prohibits sexual harassment and harassment of any of our employees, contingent resources, vendors, applicants for employment, or customers based on an individual’s race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, physical or mental disability, pregnancy, marital status, hairstyles or hair texture, status as a protected veteran, or any other status protected by federal, state, or local law.
‘Sexual harassment’ is defined by law as unwanted sexual advances, requests for sexual favors, or visual, verbal, or physical conduct of a sexual nature when: • Submission to this conduct is made either explicitly or implicitly a term or condition of an individual’s employment. • Submission to or rejection of this conduct is used as the basis for employment decisions that affect the individual. • The conduct has the purpose or effect of unreasonably interfering with an individual’s work performance or creating an intimidating, hostile, or offensive work environment”
Ref: Pg 35, Wells Fargo Employee Handbook
✓ Does the company mandate all employees to undergo harassment and discrimination training?
“All newly hired employees without direct reports are required to take the employee version of the online harassment prevention training course within 60 days of hire and annually thereafter. All managers must complete the manager version of the online harassment prevention training course within 60 days of hire or promotion to manager status and annually thereafter.”
Ref: Pg 35, Wells Fargo Employee Handbook
✓ Does the company have a defined harassment policy that includes promptly addressing reported incidents?
“Violating the policy against all forms of harassment, including failure to report, can result in corrective action, which may include termination of your employment.”
Ref: Pg 35, Wells Fargo Employee Handbook
Stakeholder Engagement
✓ Does the company demonstrate a commitment to helping external stakeholders address gender equality issues?
“We’re finding ways to support diversity throughout our communities and with our stakeholders.”
Ref: Pg 25, Wells Fargo DE&I Report 2022
✓ Does the company offer and support initiatives that promote gender equality in the community?
“Our Connect to More program launched in 2021 to support the success and sustainability of women-owned businesses through access to expertise, mentorship, and specialized resources. As part of the program, Wells Fargo partnered with the Nasdaq Entrepreneurial Center2 to offer complimentary support through its signature Milestone Circles. In 2022, the program served more than 1,000 women business owners from 47 states.”
Ref: Pg 27, Wells Fargo DE&I Report 2022
✓ Does the company demonstrate a commitment to helping internal stakeholders/employees address gender equality issues?
“DE&I councils play an important role in promoting a more inclusive and equitable workplace culture. A DE&I council is a group of people within a line of business, enterprise function, and/or international region that stewards, champions, develops, informs, implements, and monitors DE&I initiatives, programs, and policies. These councils include representatives from different lines of business who support diversity, equity, and inclusion in the workplace.”
Ref: Pg 18, Wells Fargo DE&I Report 2022
✓ Does the company offer equity-focused trainings, speaker programs, or events for employees?
“The Asia Pacific DE&I council partnered with the Women’s Connection ERN to celebrate International Women’s Day. The virtual discussion covered topics such as how women’s empowerment is synonymous with sustainability, the importance of forging allies, and helping women understand they’re not alone.”
Ref: Pg 18, Wells Fargo DE&I Report 2022