Federal Reserve Board

www.federalreserve.gov
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  1. 1 person found this helpful  

    Great Organization;

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

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

    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 ManagementAdvice

    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.

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    Terrific Place for an Economist

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

    I have been working at Federal Reserve Board full-time

    Pros

    Supportive of Research; Cooperative and Friendly Culture

    Cons

    A bit disorganized and bureaucratic

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  3.  

    Great place for interns

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - IT Intern in Washington, DC
    Former Intern - IT Intern in Washington, DC

    I worked at Federal Reserve Board as an intern (more than a year)

    Pros

    REAL work, Great work life balance, not too stressful

    Cons

    None. The intern program is well thought out.

    Advice to ManagementAdvice

    The intern program is good. Especially

    Recommends
    Positive Outlook
    Approves of CEO
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  5. 1 person found this helpful  

    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
  6. 1 person found this helpful  

    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
  7. 4 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
  8.  

    The Federal Reserve is a serious and organized

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Intern in Washington, DC
    Former Intern - Intern in Washington, DC

    I worked at Federal Reserve Board as an intern (less than a year)

    Pros

    great experience, salary and benefits.

    Cons

    The atmosphere is fairly dull

    Advice to ManagementAdvice

    Renovate the building

    Recommends
    Positive Outlook
    Approves of CEO
  9. 1 person found this helpful  

    Incompetent and lazy colleagues + bully managers

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

    I worked at Federal Reserve Board full-time

    Pros

    If you like not doing real work, you can get by. This one guy in our department shipped 2 lines of code in a whole quarter. 2 LINES! And he didn't get fired.

    Of course, this is really a con if... you know... you like providing value.

    Cons

    Almost every employee at the Board is either lazy or incompetent. Examples of laziness:

    1. Taking a two hour lunch break PLUS 1 hour coffee break consistently every day.
    2. Promising that your work is done, but not being anywhere really close.
    3. Taking months long vacations.

    Examples of incompetence:

    1. Shipping 2 lines of code in a whole quarter!
    2. Managers not really managing, just playing the political game of looking good. My manager would say anything, even say "Oh the project is going soooo well!". Total bs.

    Examples of bullying:

    This one lady we work with shouts at our daily standup EVERY SINGLE DAY. SERIOUSLY?

    Advice to ManagementAdvice

    I have no real advice for you, because you'd never follow it anyway. You're too concerned with looking good, playing nice to your own managers, and waiting for retirement. You need to fire slackers and the incompetents, but you'd never do anything to rock the boat.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    Very relaxed work environment

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

    I have been working at Federal Reserve Board full-time (more than a year)

    Pros

    Easy transition from college to work environment

    Cons

    Can get a bit boring

    Recommends
    Positive Outlook
    Approves of CEO
  11.  

    Working at the Federal Reserve was a wonderful experience.

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

    I have been working at Federal Reserve Board full-time (more than a year)

    Pros

    Everyone you work with is kind and eager to help and work with you on a variety of projects.

    Cons

    Certain positions are very stagnant and after a couple years you have to move on.

    Recommends
    Neutral Outlook
    Approves of CEO

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