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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2015

Strategic Theme 4: Maximizing the Value of Human Capital

Create a work environment built on market-oriented compensation, a performance- and talent-focused culture, as well as support for academic and personal achievement that allows the Board to attract and retain top diverse talent, while fostering a culture of inclusion and maximizing performance.


Objective 4.1: Increase efficiency and effectiveness of the existing performance management process (PMP).

In this Section:

Human Resources (HR) staff, working with the HR Task Force, will reengineer the existing PMP to make the process more performance and accountability focused and explore automated tools to assist with writing performance evaluations.

Projects and Initiatives
  • Complete the transition and implementation of the new performance management process (PMP).
  • Implement the automated tools to assist with the new PMP.
  • Review and revise administrative policies to align with and support the new performance management process.
  • Train people managers in the use of better techniques for performance management conversations and improve the quality of coaching conversations with staff.

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Objective 4.2: Reduce administrative burden associated with the adverse-action process while respecting employees' due process rights.

HR will work with Legal Division staff to update the Board's adverse action policy. A work group will identify inefficiencies and make policy revisions to reduce the administrative burden and ensure fairness in the adverse action process.

  • The objective was completed in 2014. The policy will be reviewed based on learnings from the new process.

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Objective 4.3: Enhance the talent management processes.

In this Section:

HR staff, working with leaders across the Board, will establish a systematic process to identify critical officer and manager positions, develop an effective succession planning process, and work to implement change based on the feedback of the 2014 Boardwide Engagement Survey. Work will include assessing the readiness of each division to engage in the process and meeting with appropriate stakeholders. In addition to succession planning, HR staff will also work on personnel development programs and enhancements to current training offerings.

Projects and Initiatives
  • Implement a standard succession template, tools, and process.
    • Continue to update the Boardwide succession planning.
  • Continue implementation of the strategic HR recommendations.
    • Ensure the competencies identified and used during the recruitment process are in direct alignment with the Board's strategic needs, thereby creating a more flexible and diverse workforce.
  • Work with leadership in each division to develop action plans to address the 2014 Engagement Survey results.
  • Enhance cross-training and career development opportunities to strengthen management and leadership development programs Boardwide.

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Objective 4.4: Increase equitability in compensation and benefits in closer alignment with the Federal Reserve System and market.

In this Section:

HR staff will review the Board's compensation program and work-life offerings and recommend changes to enhance the attractiveness of the Board as an employer.

Projects and Initiatives
  • Continue to review compensation and benefits offerings and implement changes to enhance attraction, retention, and development of Board talent.
  • Continue to review, enhance, and develop employee life programs to help employees achieve balance in their professional and personal lives.

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Last update: June 8, 2015

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