Federal Reserve Board

  www.federalreserve.gov
  www.federalreserve.gov
There are newer employer reviews for Federal Reserve Board

 

Can't beat the view

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Analyst in Washington, DC
Current Employee - Analyst in Washington, DC

I have been working at Federal Reserve Board full-time (more than 5 years)

Pros

No Title 5 to worry about, so sequestration does not affect us. Benefits are through the roof (have never seen a retirement package and 401k/thrift plan as generous). Salaries are respectable, but lag other Federal Regulators (FDIC, OCC, CFPB) by 25%. Work-Life balance is excellent and family indeed comes first. Plenty of training and developmental opportunities available, just need to ask. Has been a fair amount of churn in leadership and division officers that "we've always done it this way" is on it's way out the door. The culture is collegial and the only employees referred to by title are the seven Governors; everyone else is first-name basis.

Cons

As mentioned, the salaries are lower than other regulators and promotions can be tough as there are few manager and officer spots available due to the flatness of the Board. The pace is excruciatingly slow for anyone coming from private sector and can be enough to drive someone to quit. Almost every decision requires a consensus vote and generating support can take months, if not years. This covers everything from volunteering for a team (you need permission from your boss) to passing out cash awards (consensus votes) to major changes in operational policies (requires so many approvals you ask yourself if it's worth the trouble).

Advice to ManagementAdvice

Let your managers and supervisors manage; get them away from day-to-day tasks that staff can do. You tell me I'm budgeted at X% of salary for cash awards, yet no one can tell me how I earn that. And why, oh why, do you sit on this until December? If I hit a homerun in April, what are you waiting for? Also, you are overstaffed. Too many people sitting around waiting for something to do.

Recommends
Positive Outlook
Approves of CEO

69 Other Employee Reviews for Federal Reserve Board (View Most Recent)

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  1.  

    Great learning experience

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Board

    Pros

    Talented colleagues with diverse skill sets, good pay, supportive managers/officers, decent work-life balance, and unlimited access to valuable resources (including tech), imminent move to farragut west offices

    Cons

    lack of over-time pay, mediocre cafeteria, turnover, under-staffing issues, lack of parking and transportation to and from the board

    Recommends
    Positive Outlook
    Approves of CEO
  2. 3 people found this helpful  

    Beware

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Analyst in Washington, DC
    Current Employee - Financial Analyst in Washington, DC

    I have been working at Federal Reserve Board full-time (more than 3 years)

    Pros

    Prestige (for what it's worth), adjacent to National Mall, OK cafeteria, annual leave, insurance (health, dental, vision), raises available (but if you are not one of the 20% "high performers", you will tread water economically with low raises with 70% of the staff at the "commendable" (nice way of saying average) level.)

    Cons

    Performance evaluations (that is, the dreadful so-called PMP) use the forced distribution, or "rank and yank" method. Google it; forewarned is forearmed. A set percentage are given bad reviews, with encouragement to quit. The internal webpage shows no one gets below commendable; do not believe it. The entire performance evaluation system is a true insult to workers who bravely try to meet impossible-to-satisfy expectations. Again, my fellow human beings--beware.

    [To employees (current and future): As low-level managers will be taking notes for the PMP on computer, you must make sure to ask for a copy of any managerial documentation with your name on it. If denied, make note of the denial. Also, take assignments, do well on them, write a success list (for your own eyes only) so that you can update your resume and leave at will. Your heart, soul, and mind will thank you when you leave the building for the last time.]

    Resistance to necessary change. Just because it worked in 1970 does not mean the exact practice must continue in the Internet era.

    Excessive division between PHD and non-PHD staff. PHD staff advances; the rest languish.

    Advice to ManagementAdvice

    Complete transparency (that is, sunshine) should be standard operating procedure. Employees have a right to know if managers are making adverse decisions about their careers behind closed doors with a outside facilitator.

    Forced distribution ultimately will cause systemic failure, requiring congressional attention to fix the mess.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
There are newer employer reviews for Federal Reserve Board

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