Fifth Place, money managers with more than 1,000 employees
AUM: $250 billion
Things are changing at New York-based OppenheimerFunds, and employees are noticing.
In early 2018, the company amended its Responsible Time Off policy to give employees greater flexibility in their work schedules. It also bolstered its new-parent leave policy — 16 weeks for maternity, up from 13 weeks, and eight weeks for non-birthing parents, up from five weeks.
"I am appreciative of the 9 to 5 schedule that is almost unheard of in this industry and in New York City in general, allowing me to spend time with my family and have optimal work-life balance," one employee said.
Those actions complement the company's commitment to volunteerism and a diverse workforce, said Andy Doyle, chief human resources officer. For example, the firm matches employee donations to eligible nonprofit organizations up to $5,000 per year and works with local Boys and Girls Clubs, as well as Common Impact to bring the skills of employees directly to bear through consulting to non-profits.
Through its ongoing commitment to math education for children, OppenheimerFunds donated $1 million to the National Museum of Mathematics in October and employees have worked with nearly 7,000 children inside and outside of classrooms on math basics as part of its 10,000 Kids by 2020 initiative, said Mr. Doyle.
In the first half of the year, employees logged nearly 4,000 hours of paid volunteer time off, including two trips to Costa Rica in which participants screened hundreds of students from at-risk schools for vision — supplying glasses to nearly 60 who needed them — and taught English and math.
In an emailed statement, OppenheimerFunds Chairman and CEO Art Steinmetz said: "We all share responsibility in building our corporate culture and I am proud of the diverse and inclusive thinking that inspires us to do our best work every day."
Oppenheimer Funds, which managed $250 billion in mutual funds, collective trusts and managed accounts, is set to become part of Invesco (IVZ) in the second quarter of 2019, but most of its funds will continue to be offered under the Oppenheimer Funds brand.