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.

Projects and Initiatives

• Continue reengineering effort of the existing PMP.
• Explore automated tools to assist with the new PMP.
• Complete the pilot program currently ongoing in six divisions and roll out the new PMP to the remainder of the Board.
• Review and revise administrative policies to align with and support the new PMP.
• Train people managers in better techniques for performance management.

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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.

Projects and Initiatives

• Finalize and seek approval for revisions to the Board's adverse action policy.
• Finalize communication and posting of policy.

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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.

Projects and Initiatives

• Develop a long-term succession plan to address the impact of the upcoming retirement wave and implement portions of the plan as appropriate Boardwide.
• 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.
• Develop enhanced cross-training and career development opportunities and 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.

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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