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Edward Jones Plans Pay Equity Studies, $150M in Donations

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What You Need to Know

  • The firm’s initiatives include an anticipated $150 million in philanthropic contributions in the U.S. and Canada in the next five years.
  • By the end of 2025, the firm is committed to conducting regular pay equity studies to propel ongoing improvements and maintain equity.
  • Less than 2% of associates in U.S. home offices said they had a gap in pay for work equal to their peers’, the firm found.

In its third annual Deeply Invested: Purpose, Inclusion and Citizenship Report released this month, Edward Jones lays out the ways in which it strives to be a force for good in society.

The firm’s initiatives include an anticipated $150 million in philanthropic contributions to hundreds of causes across the U.S. and Canada over the next five years.

By the end of 2025, the report says, Edward Jones is committed to conducting regular pay equity studies to propel ongoing improvements and maintain equity. 

Last year, the firm analyzed pay across U.S. home offices and determined that less than 2% of associates identified as having any kind of gap in pay for work equal to their peers’. It addressed these identified gaps to ensure equal pay for equal work. 

According to the report, this analysis concluded that Edward Jones employs best practices to ensure that pay decisions are not affected by bias based on race and ethnicity, gender and gender identity, sexual orientation and military status. 

In five years, the firm aims to have 20% people of color and gender parity among leaders in its U.S. and Canada headquarters, 15% people of color and 40% women among U.S. and Canadian home office general partners and 15% people of color and 30% women among U.S. and Canadian financial advisors. 

In July 2020, Edward Jones renewed its five-year strategic alliance with the Alzheimer’s Association to raise $50 million over 10 years. The report says this continued support will enhance the association’s care and support programs, provide educational materials, fund critical Alzheimer’s research and influence early detection.

To build economic inclusion and financial health, Edward Jones expects to educate an estimated 1 million adults and youth over the next five years through the firm’s Financial Fitness program.

“It is with deliberate intent that we strive to create opportunities for our internal and external stakeholders, and as we look ahead to our next 100 years, we seek to ensure each action drives measurable impact,” Kristin Johnson, Edward Jones’ chief human resource officer and chief transformation officer, said in a statement.

Becoming Environmentally Responsible

According to the report, Edward Jones is evaluating its direct and indirect effects on the environment and is developing a comprehensive approach to address the future more sustainably. 

This will entail addressing external environmental partnerships, energy management, sustainable buildings, environmentally responsible material usage, reduction of greenhouse gas emissions, water management and waste management.

In addition, the firm has committed to pursue six United Nations Sustainable Development Goals that are most aligned to its business and ability to exert an influence, including:

  • Aligning actionable strategies and measures to U.N. SDG targets and reporting its progress in its March 2022 report.
  • Quantifying the effects that sustainability and UN SDG commitments will have.
  • Measuring and reporting on impacts and outcomes, not just activities.

Supporting Good Causes

Last year, the report notes, Edward Jones contributed $25.7 million nationally — including $16 million locally in St. Louis — through corporate, foundation and associate philanthropic support of 254 unique organizations across a variety of causes to create continued collective impact and economic growth. Sixty-eight percent of this total will go to health and social services.

The firm’s associates and retirees contributed to the Edward Jones Disaster Relief Fund for associates who were affected by COVID-19 and natural disasters.

As part of that five-year goal to contribute $150 million in U.S. and Canadian communities, Edward Jones says it will build on its legacy of community engagement in the St. Louis region, its hometown for nearly a century, with an anticipated $80 million in philanthropic giving toward inclusive growth and community well-being.