BofA will donate US$ 100 against hunger for each worker who takes a booster dose

In a memo shared exclusively with CNN, Bank of America (BAC) said it will direct a $100 donation to local food banks and hunger relief organizations for each employee who updates their backup card information on the portal. vaccinations for employees before the end of January.

The shift shows how companies are responding to rising Covid-19 cases by trying to encourage their workforce to be fully vaccinated and beefed up.

“This is a direct investment in the health and well-being of the communities where we work and live,” Bank of America executives wrote in the memo. “Medical experts and health officials continue to emphasize that getting a booster dose is critical to protecting your health and safety, and that of your family, friends and community.”

Bank of America does not have a vaccine mandate, but it strongly encourages employees to be fully vaccinated, including boosters.

CNN medical analyst Dr. Leana Wen applauded Bank of America’s effort, though she questions whether a charitable donation is the most effective mechanism.

“I support any effort to encourage primary vaccinations and boosters. Reinforcements should not be seen as a luxury or a nice thing to have,” said Wen, an emergency physician and professor of health policy and management at George Washington University.

But Wen added: “Would there be a better way to achieve this result, including a direct financial incentive for the employee? This can be a more powerful incentive.”

Some companies offer bonuses to vaccinated workers. Last August, in the midst of the Delta wave, Vanguard offered employees $1,000 to be vaccinated.

Bank of America said it plans to host several on-site booster clinics across the country this month for employees.

Brian Kropp, head of Gartner’s human resources practice, said companies need to provide incentives and rewards for employees to be vaccinated. “For employees who are hesitant to get vaccinated, $100, $200 or $300 in incentives doesn’t seem to be enough to overcome their concerns,” Kropp told CNN in an email.

“While a donation to a charity is a good thing for companies to pursue, most employees prefer to receive $100 in cash.”

Eleanor Bloxham, founder and CEO of The Value Alliance and Corporate Governance Alliance, a firm that advises on corporate governance practices, said: “This is a very positive example of good corporate citizenship that I hope others will emulate. Good for the company: Good for the community. ”

Bank of America said this effort could direct up to $10 million to fight hunger across America and adds to the bank’s continued commitment to the cause. Bank of America said it has donated nearly $150 million to fight hunger since 2015.

“Millions of Americans are food insecure every day,” Bank of America said in the memo. “The pandemic has not only increased the challenges faced by many American families, but also by nonprofit organizations that provide vital resources to families across the country.”