Federal Reserve Bank (NY)

  www.newyorkfed.org
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92 Employee Reviews (View Most Recent)

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Unsatisfactory in terms of New Challenges, Organizational Hurdles for growth

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Senior Systems Analyst  in  New York, NY
Former Employee - Senior Systems Analyst in New York, NY

Pros

Prestigious Name due to the Great work done by the bank on a Macro Economic scale.

Cons

Slightly outdated in terms of Technology and Processes. More of an Old school structure with Officers and Non-Officers even in technology units.

Advice to ManagementAdvice

Technology divisions are better if operated in a different way than the way the Core business of the bank is carried out. The same structures that apply in other areas of the bank may be suitable.

Doesn't Recommend
Approves of CEO

Other reviews for Federal Reserve Bank (NY)

  1. 6 people found this helpful  

    genuinely a great environment, with a few nitpicks

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  New York, NY
    Current Employee - Anonymous Employee in New York, NY

    Pros

    Overall, this is a fantastic place to work in a support staff capability. It varies depending on the department, but it's not nearly as hierarchical as one might assume. New employees are strongly encouraged to contribute in any way, and their suggestions are listened to and respected. Goal-setting is strongly encouraged, and performance reviews are a yearlong process rather than staged as one terrifying annual encounter: employees set goals with their manager, develop a plan to achieve these goals, and periodically check in with their supervisors in order to report progress and discuss suggestions or changes.

    The work itself is extremely versatile, and allows employees to make use of whatever skills they have developed during their previous careers. Professional development is easily accessible, often onsite, and strongly encouraged by management. Projects are flexible; employees are encouraged to volunteer for projects or committees they're interested in, even if those projects may be outside the traditional scope of their job. Movement within departments and even other Fed districts is relatively easy, which allows for a lot of flexibility, particularly for those in non-specialized fields.

    Employees are also given many opportunities to network based on common characteristics; there are clubs and organizations available for different ethnic groups, working parents, GLBT people and allies, and many others. There are also a lot of opportunities for volunteering within the bank and the community as a whole, and volunteers are frequently acknowledged and rewarded. When I chose a career at the Fed, "fun" was not the first word that came to mind, but that is exactly what it's revealed itself to be. I thoroughly enjoy my job and the people I work with, and am very invested in the work that I do. I genuinely love working here.

    Senior management generally responds very well to suggestions and criticism. Topics suggested in quarterly meetings are thoroughly addressed and frequently implemented. Generally, fellow employees are extremely welcoming and friendly, and have an excellent sense of humor. (It is rare to find a quarterly meeting that doesn't include at least one submitted question that is clearly meant to be taken sarcastically.)

    The benefits are overall outstanding, especially the things that are available onsite (such as a fitness center and medical care).

    Cons

    The main problem is that some of the great benefits are not available to all employees. For example, flexible work arrangements are touted as a major benefit, but some departments aren't permitted to use them even when it seems like it shouldn't matter. Also, not all employees are stationed at the head office, and those who aren't can't access some on-site benefits, even if they work nearby.

    Also, there is tremendous inconsistency in some employee policies. For example, new employees are told that they have unlimited sick leave. What they *don't* tell you is that this unlimited leave is only in the case of chronic, FMLA-approved absences, and that regular sick leave is only 8 days or 4 occasions in a rolling 12-month period. More than that and your manager is required to write you up. 8 days of sick leave is pretty sad in comparison with other employers in this field, and hiding it in the fine print?

    There are also inconsistencies in policy. For example, when there is a major weather event, occasionally employees will be told that they must report to work even though the weather is severe. However, many employees will simply no-show. Management takes an "honor system" approach to this and assumes that, if you did not go to work, it must have been because you were unable, and will often give out free vacation days for no-showing employees to use. Meanwhile, employees who may have struggled through difficult weather conditions are neither acknowledged nor rewarded.

    Really, what makes it disappointing is that other organizations in this field do much better, and there are plenty of examples of good policy they could use in crafting FRBNY's. Much of the policy that causes tension is just unnecessary and could easily be avoided.

    Advice to ManagementAdvice

    In short: consistency, consistency, consistency. Offering some departments or people benefits and not others is a sure-fire way to crush morale and make people feel shorted.

    Recommends
  2. 1 person found this helpful  

    Great Work/Life Balance

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Business Analyst  in  New York, NY
    Current Employee - Business Analyst in New York, NY

    Pros

    Good Salary
    Excellent Medical and Retirement Benefits
    Great Work/Life Balance
    Great Resume Builder
    Excellent Career Opportunities
    Bright People
    Friendly Work Environment

    Cons

    Low Raises and Bonuses
    Non Officers are treated like Non Entities

    Recommends
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