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Board of Governors of the Federal Reserve System
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Annual Performance Report 2013

Strategic Theme 4: Maximizing the Value of Human Capital

Create a work environment built on market-oriented compensation and support for professional and personal achievement that allows the Board to attract and retain top talent, while reinforcing collegiality.


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 begin to reengineer the existing PMP and will explore automated tools to assist with writing performance evaluations. HR plans to roll out the new PMP in 2014.

Accomplishments
  • Analyzed PMP survey data and disseminated the results Boardwide. Six divisions began piloting the revised PMP process, and their feedback will be incorporated into the final process design. The new process will be rolled out Boardwide in the third quarter of 2014.
  • Developed communication and training plans for the new PMP process.
  • Developed guides and communication materials for current mid-year performance discussions and distributed the information Boardwide.
  • Commenced collecting feedback from pilot divisions on components of the new PMP process, which will be reviewed, approved, and integrated into the PMP process following completion of the pilot.

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

In this Section:

HR will work with staff from the Legal Division to update the Board's adverse action policy. The work group will identify inefficiencies and make policy revisions to reduce the administrative burden and ensure fairness in the adverse action process. HR plans to finalize the adverse action policy revisions during the second quarter of 2013.

Accomplishments
  • A work group identified inefficiencies and made policy revision recommendations to reduce administrative burden and ensure fairness in the adverse action process. The revised adverse action policy is pending final approval.
  • Updated the Board's adverse action policy.

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Objective 4.3: Enhance the talent management processes (succession planning, development programs, training, etc.).

In this Section:

HR staff, working with leaders across the Board, will begin a systematic process to identify critical officer and manager positions and develop an effective succession planning process. In 2013, staff will assess the readiness of each division to engage in the process, and begin succession planning meetings with division directors and deputy directors. The Board is on schedule to complete most division officer succession plans in 2013; the remainder will be completed during the first quarter of 2014. Manager/supervisor succession planning will commence in 2014 and then all employees in 2015. Current plans are to have all nonadministrative employees reviewed by the end of 2015.

Accomplishments
  • Began work on succession planning for division directors, deputy directors, and critical officers in 2013. Succession planning work will continue into 2014.
  • Began drafting a comprehensive core curriculum for staff that will complement staff development and performance goals. This work will also continue into 2014.

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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. In 2013, staff will complete all compensation and work-life reviews and will develop recommendations for enhancements and changes.

Accomplishments
  • Conducted an analysis of market pay for most divisions.
  • Reviewed the Board's compensation structure against available market data. Aligned the new structure with the Board's market pay philosophy to ensure that the best staff are attracted, developed, and retained.
  • Reviewed existing incentive award programs and submitted recommended changes to the Board for approval in the fourth quarter.
  • Inventoried the Board's work-life programs, compared the Board's programs to "best practice," and developed recommendations for enhancements or changes.
  • Contracted with Ken Blanchard consultant and Office of Personnel Management consultant to conduct telework training. Conducted telework training for HR staff and managers/supervisors in HR, Banking Supervision and Regulation, and the Office of Inspector General.
  • 3rd Act conducted retirement seminars.

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Last update: May 7, 2014

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