Federal Reserve Bank (NY) Reviews

Pros

Opportunities for knowledge sharing
Large organization
Benefits

Cons

Glass Ceiling
Hire Managemnt positions from outside

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Slightly outdated in terms of Technology and Processes.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 Senior Management

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.

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

Pros

- Co-workers are extremely knowledgeable and are willing to share their knowledge with others.
- If you are looking for retirement benefits, the Fed provides a pension as long as you are willing to put in at least 5 years.
- Work / life balance.

Cons

- Compensation is not what many would expect.
- Work travel can be burdensome depending on your role.
- Communications from management is not clear.

Advice to Senior Management

- As with all large agencies of the Federal government, be prepared to deal with bureacracy and unclear marching orders.

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 Senior Management

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.

Pros

Prestige and brand name
Interesting and meaningful work
Nice colleagues
Flexible work arrangements
Project based and room for career growth
Excellent benefits that are very tough to beat

Cons

Government stigma, although quasi, which is difficult to explain to family and friends exactly what you do there.
Clashes between more experienced and younger employees. Older employees may be stubborn at times.
Political and red tape, especially when implementing more efficient ways of doing things.

Advice to Senior Management

Seek younger employees that bring a new prospective and energy to the company. Increase bonuses / performance rewards to compete with private sector in order to retain top talent.

Pros

Good benefits, Flexible work arrangement.

Cons

Once hired, the growth is slow.

Advice to Senior Management

Should provide more opportunities for growth and advancement.

Pros

The pros of working at the Federal Reserve Bank of New York is the flexible friday, pension/retirement package, and information sharing among colleagues.

Cons

The downside is the overwhelming level of bureaucy. Promotion is also not necessary tide with merit, but politics. There are also some off the wall senior managers.

Advice to Senior Management

Senior managers need to weed out the managers with little to no management skills.

Pros

interaction with senior management and bank management, work/life balance, nice people

Cons

generally weak management, lack of measurable benchmark for performance appraisal, poor project management

Pros

- Great work/life benefits
- Extremely accomodating to training
- Interesting work

Cons

- Political culture
- Promotions are not transparent