Report to the Congress on the Office of Minority and Women Inclusion
- Inclusion of Minority-Owned and Women-Owned Businesses
- Financial Literacy Activities
- Diversity Policies and Practices of Regulated Entities
Equal Employment of Minorities and Women
The Board is committed to equal employment opportunity in all aspects of employment, and to fostering diversity and inclusion in the workplace. In support of its commitment, the Board has in place strategic objectives to attract, hire, develop, promote, and retain a highly skilled and diverse workforce. The Board also allocates significant resources to ensure the success of its equal employment opportunity (EEO) and diversity and inclusion initiatives, which assist in enabling the Board to compete with other federal agencies and the private sector for talented individuals.
Equal Employment Opportunity
The Board's Equal Employment Program, which is housed within the Office of Diversity and Inclusion (ODI), strives to meet the "Essential Elements of a Model EEO Program" as prescribed in the Equal Employment Opportunity Commission's (EEOC) Management Directive 715 (MD-715) and the Government-Wide Diversity and Inclusion Strategic Plan 2011 issued by the Office of Personnel Management and mandated by the President's Executive Order 13583. The Board has formal policies regarding equal employment opportunity, reasonable accommodation, and discriminatory workplace harassment, and the EEO Program undertakes training and analysis to ensure that the Board complies with all applicable laws and regulations. The Board uses elements of MD-715 (which includes an annual barrier analysis) as the primary metric to assess the effectiveness of its diversity policies and initiatives. Further, the Board reviews quarterly employment transaction data (i.e., hires and promotions) to determine any adverse impact based on race or gender as well as a complaint trend analysis.
In addition, the Board utilizes EEO management systems to identify strengths and areas for improvement in the talent acquisition process. By identifying potential issues, the Board can develop action plans that incorporate short- and long-term objectives. ODI works in conjunction with EEO liaisons from each of the Board's 15 operational divisions and Board leadership to ensure that inclusion and diversity exist at all levels of employment throughout the Board and that divisions identify and approach diversity challenges with transparency. Divisions also develop their own additional EEO and diversity strategies, such as management development, succession planning, and accountability, and include these strategies in management performance objectives.
To ensure the Board is aware of innovative developments and best practices, ODI consults with leading national professional organizations such as the Equal Employment Advisory Council, the Society of Human Resources Management, the Federal Interagency Diversity Partnership, Workforce Opportunity Network, the Conference Board, and the Federal Dispute Resolution Conference. These organizations conduct valuable research and benchmarking, and highlight relevant best practices, which ODI shares with division EEO liaisons to meet the Board's needs.
The Board annually submits to the EEOC an EEO Program Status Report as well as its EEO-1 Report, which is published at www.federalreserve.gov/aboutthefed/diversityinclusionrpt.htm. The Board's 2013 EEO-1 Report is included in this document as appendix A.
Highlights of the Board's 2012 and 2013 EEO-1 reported total workforce demographics are shown in tables 1, 2, and 3. The Board's total workforce is 44 percent female and 44 percent minority. The Board reported an increase of 69 (3 percent) employees in the total workforce for 2013, of which 32 were minorities and 20 were women. The percentage of minorities in the Executive Senior Level category increased from 21 percent in 2012 to 23 percent in 2013. In the 1st/Mid. Level Manager category, the percentage of minorities increased from 42 percent in 2012 to 53 percent in 2013 and the representation of women decreased from 65 percent in 2012 to 55 percent in 2013. The representation of women remained at 40 percent in the Executive Senior Level category. Hispanic representation in the Board's workforce continued to increase from a total of 106 employees in 2012 to 109 employees in 2013.
Table 1. Federal Reserve Board reported total workforce demographics, selected data, 2012 and 2013
Table 2. Federal Reserve Board workforce profile, 2012
|Exec. Sr. Level||1st/Mid. Level Manager||Professionals||Admin. Support Workers||Service Workers|
Table 3. Federal Reserve Board workforce profile, 2013
|Exec. Sr. Level||1st/Mid. Level Manager||Professionals||Admin. Support Workers||Service Workers|
The Board recognizes that a strategic approach to diversity and inclusion requires multiple, integrated, ongoing efforts. The Board continuously reviews and assesses its employment policies, procedures, and practices to ensure EEO compliance and the full utilization of our diverse and talented workforce. As examples, the Board closely monitors applicant pool data; the programs in place to advance and promote employees, as well as those related to skill development, succession planning, and compensation equity; and the pipeline of personnel available for promotions. Results of the Board's assessment(s) are considered when deciding how to address issues and trends.
In addition to monitoring hiring and promotion, the Board also monitors the retention of women and minorities by job category, level, and grade. In the event there are concerns about retention, ODI works with management to address any issues.
Further, the Board utilizes the complaint investigation process to address employees' concerns and to identify trends in the workplace that may adversely affect the Board's employees.
ODI and the Office of Employee Relations collaborate to ensure that the Board properly administers its EEO policies, including those relating to reasonable accommodations for employees with disabilities, and its workplace-related policies, such as adverse actions and disciplinary actions.
Recruitment and Retention
The Board recognizes that a work environment that attracts and retains top talent is essential. ODI, Human Resources, Employee Relations, and Organizational Development and Learning collaborate continuously to promote an excellent quality of work life at the Board for all employees.
Short-term and long-term strategies are developed to help ensure women and minorities are represented in the Board's applicant and candidate pools and are considered for hires and/or promotions for key positions. In 2013, the Board filled 409 positions, of which 113 were summer interns. Fifty-seven percent of the positions filled were in the following major job families: attorney, computer professional, financial analyst, economist, and research assistant.
The Board utilized a variety of sources to fill the positions. Thirty-nine percent of the positions were filled internally. In filling the remaining 61 percent of positions, the Board used a variety of methods to attract a broad range of candidates, including job boards, social media (e.g., LinkedIn Talent Advantage, Federal Reserve System's Diversity Twitter account), career fairs, and publications that aid in providing diverse pools of candidates with the skill sets necessary to fill positions.
Additionally, as part of its strategy to attract diverse pools of talented applicants, the Board recruits from a number of colleges and universities for full-time positions, including those listed in table 4.
Table 4. University career fairs and recruiting outreach initiatives utilized by the Board in 2013
|Big East Career Fair|
|Carnegie Mellon University|
|Christopher Newport University|
|Clark Atlanta University|
|Columbia University - Engineering Consortium|
|Florida A&M University|
|Florida International University|
|George Washington University - School of Business|
|James Madison University|
|New Jersey Institute of Technology|
|Pennsylvania State University|
|New York University - Polytechnic School of Engineering|
|Rochester Institute of Technology|
|Scholarship for Service|
|University of Maryland|
|University of Miami|
|University of North Carolina at Charlotte|
|University of Virginia|
The Board also continues to partner with the Reserve Banks to participate in national diversity recruiting events by sharing the cost of career fairs, engagements hosted by professional organizations (National Society of Hispanic MBAs, Asian MBA (AMBA), and the Thurgood Marshall College Fund), and networking opportunities with special interest organizations. The Board is collaborating with the National Capital Region chapter of Year Up and will have a formal internship program during the summer of 2014. Year Up empowers urban young adults with the skills, experience, and support to achieve their potential through professional career opportunities and higher education. It offers a one-year, intensive training program that equips students with a combination of hands-on skill development, college credits, and corporate internships.
In addition, the Board identifies students for paid summer internships. The internship program helps enable the Board to identify candidates for future employment opportunities and provides students hands-on opportunities and insight into the mission and work of the Board and the Federal Reserve System. Many of the students are recruited through colleges and universities (including Historically Black Colleges and Universities), special interest publications, and diversity focused organizations (e.g., the Hispanic Association of Colleges and Universities, Washington Internship for Native American Students, Workforce Recruitment Programs - College Students with Disabilities, and INROADS).
Training and Mentoring
In 2013, the Board continued to provide Workplace Harassment Prevention training and counseling services to divisions to address EEO and/or diversity issues and trends. Other diversity-related training included "Conflict Resolution," "Diversity Management Awareness," "Fierce Conversations," and "Micro-Triggers."
In compliance with the training requirements of the Notification and Federal Employee Antidiscrimination and Retaliation Act (No FEAR Act), the Board has contracted with Navex Global to provide No FEAR web-based training in 2014. This training is required for all employees. The segments will cover EEO compliance, disability and accommodations, and discriminatory workplace harassment.
The Federal Reserve System Leadership Exchange Program, in conjunction with division-specific mentoring programs, enables participants to develop skills relating to their careers. The exchange and mentoring programs provide hands-on learning, promote exposure to different employment experiences, and broaden cross-system opportunities and visibility.
The Board's talent development processes also correlate to six performance competencies:
- decision quality
- learning agility
- drive for excellence
- perspective and strategic
- collaborative relationships
- effective communications
The competencies are grouped by employee role (e.g., manager or officer) and include desired behaviors in shaping, guiding, and leveraging diversity and inclusion.
Talent is developed through participation in the Executive Coaching Program, the System Senior Leadership Initiative, and the Quick Start for Managers Program. The Quick Start for Managers Program provides several interactive learning sessions for new managers to design a plan of action to help enable them to be successful. The sessions are: "Exploring Your Role as a Manager," "Motivating and Engaging Others," "Influencing and Managing Up," "Managing Results," "Providing High-Impact Feedback," "Navigating Conflict," "Building High Performance Teams," and "Realizing Your Impact." A Quick Start program for officers will be developed in 2014.
Employees are encouraged to take part in development opportunities through self-assessment, coaching, mentoring, service on task forces, participating in significant high priority projects, and taking on special assignments.
In 2013, a total of 149 officers and managers participated in leadership programs, of which 46 percent were female and 31 percent were minorities.
Minorities in the pipeline (grades FR-27 through 29) to official staff increased by 13 percent, from 256 in 2012 to 289 in 2013.1 The Board's outreach initiatives resulted in more diverse applicant pools for major job families, such as financial analyst and information technology (IT) professional. Out of a total of 409 hires, 167 were minorities. The minority hires included 15 Hispanics in the major job families.
Challenges and Next Steps
Although there was some improvement, there continue to be challenges in the hiring of Hispanics in the overall workforce, and in the hiring of minorities in the job families of economist, program analyst, and regulatory and business analyst.
To help improve the current state of low Hispanic representation, the Board has strengthened its recruiting for major job occupations through its relationships with professional associations and academic institutions, such as the Association of Latino Professionals in Finance and Accounting, the National Society of Hispanic MBAs, and universities with significant Hispanic representation (e.g., Florida International University, the University of Maryland, and the New Jersey Institute of Technology), and by sourcing applicants for internships through organizations such as the Hispanic Association of Colleges and Universities.
Further, the Board also anticipates exploring new sources for recruitment of Hispanics such as partnering with community colleges that have joint programs with four-year universities and colleges to identify juniors for summer internship positions. This will enable students to gain experience in critical job occupations and encourage future applicants and candidates for job opportunities after degree completion.
The Board continues to address low representation of minorities in the official staff as well as in the pipeline to become official staff. During calendar year 2013, the official staff had 20 new appointments, of which 14 were internal promotions. While 8 women were appointed, no minorities were appointed. This can be attributed to insufficient availability of minorities in the senior professional levels from grades FR-28 through 29 from which official staff is drawn. Although minorities were not appointed to the official staff of the Board in 2013, there was an increase of 36 percent in minority managers (grades FR-25 through 27). The potential for these managers to reach senior professional levels in the long-term should increase the number of minorities in the pipeline from which official staff is selected. Under a broad management mandate, succession planning and workforce planning strategy objectives are being established to ensure leadership and accountability in addressing this issue. In addition, during the initial stages of appointing official staff, the director of ODI is now consulted and is a member of the reviewing team (which also includes representatives from the Human Resources Department and the Division of Financial Management) that evaluates proposed actions. This allows the ODI director to better support inclusion and diversity at the official staff level and to ensure that the Board's leadership nomination criteria and process are inclusive.
The Board has also completed an availability analysis utilizing the 2010 Census civilian labor force data to determine minority representation in the major occupations of the Board. The census data continue to show significant low availability of minorities, particularly in the economist job occupation for all minority groups and women. To address this, the Board continues to organize, oversee, and participate in the three programs under the purview of the American Economic Association's Committee on the Status of Minority Groups in the Economics Profession (CSMGEP): (1) the Summer Economics Fellow Program; (2) the Summer Training Program; and (3) the Mentoring Program. The Board also plans to expand its participation at a number of recruitment and outreach events that target minority and women students and experienced professionals in the occupations of financial analyst, IT, quality assurance, system analyst, and attorney.
1. Official staff is equivalent to Senior Executive Service. Return to text