Diversity and Inclusion Standards
The Federal Reserve Board (Board) is committed to ensuring equality in all aspects of employment, and to fostering diversity and inclusion in the workplace. This includes both the letter and the spirit of all current law. In support of this commitment, the Board's 2016-19 Strategic Plan includes a strategic objective focusing on the recruitment, development, and retention of a highly skilled workforce that enables the Board to meet its mission and to foster and sustain a diverse and inclusive environment. Also supporting the Board's commitment is a set of diversity and inclusion standards, which are outlined below.
Diversity and Inclusion Mission
Diversity and inclusion efforts at the Board support the execution of the Board's mission by ensuring that the organization's workforce is diverse and that policies and practices support an inclusive culture, not only in a manner that complies with all applicable laws, but also to provide equal opportunity for all employees to realize their full potential and to cultivate business relationships with diverse suppliers.
Diversity and Inclusion Responsibility at the Board
The Office of Diversity and Inclusion (ODI) administers and directs the Board's Equal Employment Opportunity (EEO) Compliance Policies and Programs, and directs the Office of Minority and Women Inclusion.
Diversity and Inclusion Standards at the Board
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 charged the Board of Governors with responsibility for developing standards for equal employment opportunity and the racial, ethnic, and gender diversity in the workforce and senior management of the agency, as well as for increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency, including standards for coordinating technical assistance to such businesses and for assessing the diversity policies and practices of entities regulated by the agency.
The Board is committed to building and sustaining a diverse workforce at all levels of the organization that will enable the Board to effectively carry out its mission. The Board has established the following diversity and inclusion standards to meet this objective:
- Organizational commitment
The Board reinforces its commitment to diversity and inclusion through a variety of communication channels and educational outreach efforts aimed at both internal and external audiences. For instance, the organization will develop and maintain a Diversity and Inclusion Strategic Plan--approved and supported by senior leadership--to guide its efforts in this area. The organization also implements policies and practices related to workforce diversity and inclusion in a manner that complies with all applicable laws. The ODI provides regular reports to Board members and senior management on diversity and inclusion efforts, measures, and achievements.
- Workforce diversity
The Board embraces the range of similarities and differences each individual brings to the workplace, including thought, experience, and background. The organization attracts, retains, and develops a diverse, agile, and highly qualified workforce to execute the Board's mission.
- Workplace inclusion
The Board cultivates an inclusive workplace to ensure that employees are engaged and recognized for their contributions by providing flexible work processes, varied work experiences, and training on behavioral competencies. The organization embraces diversity, recognizing that every employee has unique skills and talents, and works to support and coach employees to maximize their contribution and personal satisfaction through organizational initiatives.
- Supplier diversity
The Board's procurement policy, practices, and outreach provide minority-owned and women-owned businesses with a fair opportunity to successfully participate and compete to supply goods and services. The organization assesses vendor performance pertaining to EEO good-faith efforts and supplier diversity.
The Board develops practices and strategies to equip leaders with the ability to manage diversity, measure results, and refine approaches while institutionalizing a culture of inclusion. Management, at all levels, is held accountable for executing the Diversity and Inclusion Strategic Plan. The organization utilizes both quantitative metrics, such as applicant tracking data, and qualitative metrics, such as engagement survey results, to assess its diversity and inclusion performance.