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).

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.

Accomplishments

• Continue reengineering effort of the existing PMP.
  • Solicited feedback from all participants in the pilot groups, and formed three subcommittees to identify improvements and changes.
  • Implemented changes to the training materials, the rating systems, and the online form based on participant and subcommittee feedback.
• Explore automated tools to assist with the new PMP.
  • Reviewed leading automated talent management systems, attended demos of possible solutions, and met with Federal Reserve Banks, private companies, and the Department of Treasury. In addition, worked closely with industry experts to acquire industry insights into talent management solutions, resulting in the procurement of a new automated performance management solution.
• Complete the pilot program currently ongoing in six divisions and roll out the new PMP to the remainder of the Board.
  • Completed the pilot of a new performance management process called the 3Cs Conversations model. For the 2015 performance period, all divisions will participate in the new process.
• Review and revise administrative policies to align with and support the new PMP.
  • Updated and posted policies related to academic assistance, leave for professional development, provisional employment, and vacant-position posting.
• Train people managers in better techniques for performance management.
  • Offered 25 sessions of "Conversations at the Core" and "Partnering for Success."

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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.

Accomplishments

• Finalize and seek approval for revisions to the Board's Adverse Action policy.
  • Finalized the updates to the Board's Adverse Action policy that aligned to the new PMP.
• Finalize communication and posting of policy.
  • Posted the updated policy on the Board's internal website.

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Objective 4.3: Enhance the talent management processes.

HR staff, working with leaders across the Board, will establish a systematic process to identify critical officer and manager positions and develop an effective succession planning process. 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.

Accomplishments

• Develop a long-term succession plan to address the impact of the upcoming retirement wave and implement portions of the plan as appropriate Boardwide.
  • Continued work on succession planning for division directors, deputy directors, and critical officers.

• Continue implementation of the strategic HR recommendations to 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 workforce.
  • Employed the Lominger Architect Competency Library to help identify appropriate competencies and formulate questions for the interview process, which aligned to the needs of the division sourcing the position.

• Develop enhanced cross-training and career development opportunities and strengthen management and leadership development programs Boardwide.
  • Continued developing a comprehensive core curriculum for staff that will complement staff development and performance goals.
  • Conducted data collection and analysis to understand the current state of officer leadership skills and provide initial recommendations for proposed Officer Development Program.

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

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.

Accomplishments

• Continue to review compensation and benefits offerings and implement changes to enhance attraction, retention, and development of Board talent.
  • Conducted an analysis of market pay and reviewed the Board's compensation structure against available market data. Recommended a compensation redesign for the Board's compensation structure and overall program.
  • Received approval to implement a Boardwide compensation redesign in 2015.
• Continue to review, enhance, and develop employee life programs to help employees achieve balance in their professional and personal lives.
  • Completed a work-life balance and flexible work arrangement survey. Reviewed and analyzed telework policies of other federal agencies compared with the Board's policies.
  • Implemented Employee Life TV, developed a series on financial education, and expanded the employee Bright Horizons program.
  • Completed the Boardwide engagement survey in 2014. The results were compiled, and a report of the findings was prepared for review and discussion. In December, division directors began sharing high-level results with their individual divisions. Leaders of each division will work with their engagement champion to develop an action plan to address the findings.

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