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).

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.

Projects and Initiatives

• Assess PMP survey data to set a baseline for future measures.
• Revise the budget to reflect implementation timelines associated with projects in the three-year automation plan.
• Develop guides and communication materials for current mid-year performance discussions.
• Identify components and focus of the new process, including compensation, automation requirements, and process map.
• Develop communication and training plans for the new process.

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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 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. 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 non-administrative employees reviewed by the end of 2015.

Projects and Initiatives

• Finalize and publish revised policies and processes.
• Develop training and communication programs.

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

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.

Projects and Initiatives

• Begin succession plans for division directors, deputy directors, and critical officers, with a target completion date of 2014.
• Develop and deliver a comprehensive core curriculum for staff that will complement staff development and performance goals.

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

Projects and Initiatives

• Review compensation structure and components for alignment with market pay philosophy and available market data.
• Review existing incentive award programs.
• Conduct market pay analysis for each division.
• Inventory the Board's work-life programs, compare to "best practice programs," and develop recommendations for enhancements or changes.

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