Schwab has recently received the following Diversity Awards:
• Anointed one of the Top 25 Companies for Executive Women by Working Woman
• Recipient of the 2000 Catalyst Award for exemplary initiatives to advance women through the corporate ranks
• Schwab's co-CEOs received the 1999 Women in Technology International (WITI) Award for their efforts to promote workforce diversity initiatives that create a work environment in which all employees are able to reach their full potential
• Chosen as one of the "Top 25 Companies to Work For" by The Advocate, a magazine written for the gay and lesbian community. In an earlier issue, Schwab was dubbed "an industry pioneer in offering domestic-partner benefits and an early ENDA (Employee Non-Discrimination Act) supporter"
• Named one of the best companies for female employees in the November 1999 issue of Shape, a magazine dedicated to "mind and body fitness for women."
• Listed on WE magazine's list of Top 10 Companies to work for in the U.S. for people with disabilities (March/April '00 edition). WE magazine is the "the lifestyle magazine for people with disabilities, their families and friends." For more content on People With Disabilities, visit The Disability Network.

To learn more about Charles Schwab's commitment to diversity, Vault interviewed Sarah Bulgatz, a spokesperson for the company. Here's what she has to say on Schwab's excellent diversity record and why it comes "naturally."

What kind of in-house diversity groups does Charles Schwab support?

Schwab has a diversity task force whose mission it is to ensure the company's participation in an increasingly diverse marketplace - and to support and protect Schwab's values and culture. There are also several employee resource groups [that Schwab supports] including Black Professionals at Charles Schwab (BPACS); Gay, Lesbian and Bisexual Employees at Schwab (GLOBES); Hispanic Organization of Professional Employees at Schwab (HOPES); and PACE, a group that promotes education and acceptance of physically challenged employees. ~

Schwab also has an interactive women's network called WINS. You might be interested to know that we have a high percentage of women throughout the organization - just one of the ways in which we differ from traditional Wall Street firms. [At Schwab] 39 percent of employees overall are women [and] 36 percent of Schwab's corporate officers are women. Two of our vicechairmen are women. And companywide, approximately 77% of all employees report to women.

Are the employee organizations that you mention financially supported by the company?

Financial support is evaluated on a case by case basis. In order to receive corporate recognition and support, each group must create a charter or mission statement that is clearly aligned with Schwab's values. [The group] must be nonpartisan and nonsectarian and cannot support any doctrine or practice based on intolerance of another group. It cannot charge fees for membership, and it must be open to all employees. Its mission must be approved by the VP of Organizational Development who also serves as the chair of the Diversity Task Force.

Are these groups widely known through all of Schwab's branches?

We have a corporate intranet which is used extensively by employees. If you type in a jumpword such as "diversity," you can obtain company policies as well as more information on any one of these groups.

How does your company's on-campus recruitment reflect its commitment to diversity?

We're casting our recruiting net very broadly across college campuses throughout the U.S. However, we strategically target minority student associations at different colleges and do special presentations to them. Rutgers, which has the #1 rating for diversity in the nation, is an example of one institution where we've been doing a lot of recruiting. Overall, we've cast our net across approximately 40 undergraduate campuses - and, at the MBA level, at about 11 different campuses. We also recruit across all disciplines - from liberal arts to information technology, with everything in between. ~

Does your company have on-site daycare for working parents?

We have just piloted an on-site daycare program at our Orlando facility. It's still in the pilot stage, but I have a feeling it will be very successful.

How important is work/life balance to your company?

Work/life balance is very important here. In fact, Beth Sawi, our chief administrative officer and a member of the management committee, just published a book on the subject called Coming Up for Air: How to Build a Balanced Life in a Workaholic World. Schwab has several programs that support a more balanced lifestyle. For example, we have a pretty robust sabbatical program: employees who have worked at Schwab for five years are eligible to take four weeks off with full pay. They can tack on two weeks of accrued vacation time to their leave - and they have the ability to take another sabbatical every five years. We also have a Concierges service that helps employees with all kinds of time-consuming tasks - anything from scheduling appointments, to arranging parties or trips, to researching hard-to-find services or products.

Is there any additional information that Vault's readership should know about your company's diversity policies?

Diversity within our organization is what helps us to build bridges to the community. But the interesting thing at Schwab is that it's just a natural part of our culture - it doesn't come from a single initiative. The company has always valued diversity in its customer base. It has also fostered innovation and entrepreneurship among its employees [and] that has allowed for much grassroots action in the company, [including the making of] new business models.

The bottom line is - the company is very results-oriented. I believe Schwab is unique in the industry. It's a very employee-centric workplace. Employees are as important as clients and shareholders, and executive management realizes this. The fact that employees believe in the company's vision and values and are treated with respect and appreciation only serves to enrich the customer's experience.