Annual Performance Report 2015
PrintStrategic Theme 4: Maximizing the Value of Human Capital
- Objective 4.1: Increase efficiency and effectiveness of the existing performance management process.
- Objective 4.2: Reduce administrative burden associated with the adverse-action process while respecting employees' due process rights.
- Objective 4.3: Enhance the talent management processes.
- Objective 4.4: Increase equitability in compensation and benefits in closer alignment with the Federal Reserve System and market.
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.
In this Section:
2015 Initiatives and Accomplishments
Complete the transition and implementation of the new performance management process.
- Established three subcommittees to work with pilot participants to identify improvements and implement changes prior to full Board rollout.
- Completed the rollout and implementation of the new performance management process.
Implement the automated tools to assist with the new performance management process.
- Implemented the first in a series of performance management automated tool.
Review and revise administrative policies to align with and support the new performance management process.
- Updated and posted administrative policies related to the new performance management process.
Train managers in the use of better techniques for performance management conversations and improve the quality of coaching conversations with staff.
- Provided oversight and support for all employees to learn and understand the new performance management process.
- Delivered online training sessions for staff and managers as well as training sessions for all employees, using tools and techniques to foster two-way and forward-focused conversations at all levels.
Objective 4.2: Reduce administrative burden associated with the adverse-action process while respecting employees' due process rights.
In this Section:
2015 Initiatives and Accomplishments
- The objective was completed in 2014. The policy will be reviewed based on experiences from the new process.
Objective 4.3: Enhance the talent management processes.
In this Section:
2015 Initiatives and Accomplishments
Implement tools and a standard succession template and process.
- Continued to work with divisions to update Boardwide succession planning, including succession planning for division directors, deputy directors, and critical officers.
Continue implementation of the strategic HR recommendations.
- Identified strategic needs and competencies for each job to help identify appropriate competencies and formulate questions for the interview process, thereby supporting a more flexible and diverse workforce.
- Issued a final interagency policy statement in the Federal Register that establishes joint standards for assessing the diversity policies and practices of the entities regulated by the agencies, as required by section 342 of the Dodd-Frank Act.
Work with leadership in each division to develop action plans to address the 2014 Engagement Survey results.
- Completed the data collection and provided reports to the Committee on Board Affairs, the Chief Operating Officer, and the Board's senior leadership.
- Held division meetings to inform staff of the survey results. Developed action plans for each division based on the results.
- Conducted discussion sessions Boardwide to collect additional information from staff related to the Engagement Survey.
- Coordinated cross-divisional projects to address common improvement opportunities, including designed and implemented a Boardwide mentoring program.
- Began planning for the 2016 Engagement Survey.
Enhance cross-training and career development opportunities to strengthen management and leadership development programs Boardwide.
- Continued developing a comprehensive core curriculum for staff that will complement staff development and performance goals.
Objective 4.4: Increase equitability in compensation and benefits in closer alignment with the Federal Reserve System and market.
In this Section:
2015 Initiatives and Accomplishments
Continue to review compensation and benefits offerings and implement changes to enhance attraction, retention, and development of Board talent.
- Evaluated the Board's compensation program and benefits offerings. Recommended changes to implement a process that is more market-based. Received approval for the redesign and implementation process.
- Communicated to employees through multiple channels information about the new compensation program, including informing staff that the pay practices will become more market and performance driven.
Continue to review, enhance, and develop employee life programs to help employees achieve balance in their professional and personal lives.
- Received the 2015 Seal of Distinction from WorldatWork, Alliance for Work-Life Progress, recognizing the Board for demonstrating leadership in workplace strategies and practices to help its employees achieve success in work-life effectiveness.
- Increased employee usage of the telework program by 7.1 percent, from 2014.
- Continued to provide information to staff through videos and employee events focused on financial education; employee benefits programs; and health, fitness, and wellness programs.
- Increased usage of the backup care program.
