There are newer employer reviews for Federal Reserve Board
There are newer employer reviews for Federal Reserve Board

See Most Recent

Helpful (1)

Great Organization;

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Anonymous Employee
Current Employee - Anonymous Employee

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

Recommends
Neutral Outlook
Approves of CEO
Recommends
Neutral Outlook
Approves of CEO

Pros

The Fed has an important mission and has been a major force for economic stabilization over the past few years. It can be a great organization to do well by doing good, especially as a young person. Most employees are passionate and excited about the work they're doing. The pension, benefits, and work-life balance are excellent.

Cons

The Board seems to prioritize giving management roles to those who are talented at their group's work rather than emphasizing leadership/management potential or skill. We have a lot of gifted practitioners who seem to flounder when forced to manage and set strategy. On the other hand, young people interested in moving into management don't have a clear path to do so. Those willing to do the most work may quickly find themselves overwhelmed and unable to get management buy-in to delegate/rebalance their work. Also, the superstar premium is modest. Unlike at some private sector employers, taking on more work and hitting it out of the park may result in a raise and bonus only moderately larger than that received by those who are barely skating along. Since the upside is limited but the added workload and resultant stress can be substantial, employees are loath to take on new responsibilities. Getting rid of bad employees seems to be excessively difficult. Certain problem employees and managers are worked around rather than removed or demoted.

Advice to Management

Encouraging more churn would shake out a lot of the petty politics and fiefdoms, helping to break the siloed mindset. The rotational programs that are currently happening within the research divisions are a step in the right direction. The Board would be well served to build a pipeline of young management trainees and give them opportunities for project management roles and other development prior to becoming group or section managers. Talented young people interested in management frequently leave because they worry it will take years or even decades to have a chance at a management position.

0 reviews filtered by
  • Any Location
  • Any Job Title
  • Any Status
  1. Terrific Place for an Economist

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Board full-time

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    Pros

    Supportive of Research; Cooperative and Friendly Culture

    Cons

    A bit disorganized and bureaucratic


  2. Helpful (1)

    Can't beat the view

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    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)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    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 Management

    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.


There are newer employer reviews for Federal Reserve Board
There are newer employer reviews for Federal Reserve Board

See Most Recent

Work at Federal Reserve Board? Share Your Experiences

Federal Reserve Board

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.