FHLB Boston Reviews | Glassdoor

FHLB Boston Reviews

Updated July 22, 2017
25 reviews

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2.6
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Ed Hjerpe III
22 Ratings

25 Employee Reviews

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  1. "Great place to work!"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at FHLB Boston full-time

    Pros

    I look forward to coming to work every day. I have interesting work and supportive co-workers in a mission-focus environment. FHLB Boston is a small company (# of employees) with a big balance sheet and an outsize impact on the economy, the communities served by our members, and affordable housing. So employees feel like they can make a difference. The Bank has a highly educated and smart employee base, who try hard to always do the right thing. (The value of that cannot be overstated!) The benefits are excellent (competitive health insurance, dental, commuter subsidy and :::drum roll::: a defined benefit pension plan that the board just increased...don't know many companies doing that!)

    Cons

    It is a heavily regulated GSE, which definitely impacts the culture and limits how much innovation is possible. But that is probably true of other heavily regulated financial institutions. Also, based on other reviews, there are some disgruntled employees, although that attitude is not apparent within the culture of the place. Most people seem to really like it here, and we have many "boomerangs" (people who left and came back when they realized that the grass was NOT greener on the other side).


  2. Helpful (2)

    "Twenty Year Anniversaries"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at FHLB Boston full-time (More than 10 years)

    Pros

    Employees make this company run without much assistance by the senior management team.

    Cons

    I just celebrated an anniversary, am fully vested and can't wait to retire from FHLB Boston.....no tears here. It's all about the Senior Management here.

  3. "Federal Home Loan Bank of Boston"

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

    I worked at FHLB Boston full-time

    Pros

    Great place to work -- good people, good mission

    Cons

    Things tend to move slowly but steadily


  4. Helpful (1)

    "Anonymous"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at FHLB Boston full-time (More than 10 years)

    Pros

    Their benefits are not bad

    Cons

    Don't hire enough minorities in high positions

    Advice to Management

    Hire more minorities


  5. Helpful (1)

    "A great place to be"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at FHLB Boston full-time

    Pros

    Overall, the pay and benefits are very competitive. People work hard, but there is a consistent emphasis on maintaining a good work-life balance. The bank is strong and stable and that's not an easy accomplishment considering the recent recession. I've never worked at a company with so many employees who have stayed for 10, 20 or even 30 years. Senior managers are very accessible, friendly and smart. I find them to be approachable, insightful and open to new ideas.

    Cons

    While having so many employees who have been employed for so long is a positive thing overall, I think there are some people who have been at the bank for so long that they are resistant to change or new ideas. I certainly feel like

    Advice to Management

    I recommend continuing to strive to provide employees of all levels a voice within the organization. There are a lot of hard-working, knowledgeable people with great ideas about how we can grow and prosper and serve our members and communities better.


  6. Helpful (1)

    "Best Career Decision Ever!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Boston, MA
    Current Employee - Anonymous Employee in Boston, MA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at FHLB Boston full-time

    Pros

    Pension Plan (Non-Contributory too!), Tuition Reimbursement, 50% MBTA or Parking, Compensation, Bonus, Work & Home balance, Training Opportunities, and above it all...a culture that has evolved into one that strongly supports its employees. I've worked there for almost 3 years and experienced very positive changes with a re-organization of IT, engaged leadership, making sure the right people are in the right positions. New leadership in IT, now known as Bank Technology, has unified us in a singular vision that empowers staff, allows for mistakes, assigns accountability, and strongly encourages collaboration above all, which was a problem for us for some time, mostly due to previous leadership and staff not having this type of mindset. Thankfully that has all changed! After having a banner year the CEO and our Board rewarded every employee with an additional, and significant, bonus. This, being in addition to the standard bonus compensation that is part of most employees compensation package.

    Cons

    No place is perfect and we certainly have our pockets of challenges as can be seen by reading some of the more negative reviews here, but take those with a grain of salt. It is a small workforce and as such there are limitations around progression, depending upon your goals. I've worked in some very challenging places such as a major retailer, and working at the Bank has been one of the best choices I've made. I'm looking forward to a long career with them.

    Advice to Management

    Stay the course! Keep empowering employees and recognizing great performers.


  7. Helpful (1)

    "Excellent place to work overall"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at FHLB Boston full-time (More than 5 years)

    Pros

    In the short time I have been back at the bank (yes, I am a "boomerang"), I see open mindedness to make real and positive change at all levels of the organization. The business and technology teams are collaborating for results. We have a specific strategy for technology that is transparent for all to understand. Transparency does not stop at the strategy of the bank - The CIO has a blog and today posted recent survey results - both good and bad; the CEO does quarterly town halls. Silos are getting windows supporting more communication and collaboration across disciplines. Roles are being looked at more broadly and overall skills (both soft and hard) are being considered when filling positions. Some recent examples really knocked my socks off because they challenge the status quo and support skill and career advancement for those involved.

    Cons

    The bank is small in the number of employees and we have a fairly flat organizational structure making career advancement difficult.

    Advice to Management

    Keep challenging the status quo - both perceived and real. This advice is for all employees.

  8. Helpful (1)

    "great place to work!"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at FHLB Boston full-time

    Pros

    I LOVE my department and team. Great, friendly and supportive atmosphere. The work is also very interesting and exciting. HR makes a great effort to ensure employees are happy and succeeding. All around great place to work.

    Cons

    Not a lot of opportunity for upward mobility, however hard work and successful productivity is always rewarded with both acknowledgement and bonus compensation.

    Advice to Management

    Keep doing what youre doing! My direct manager is fantastic, encouraging and supportive. I have had a 100% positive experience with management.


  9. Helpful (4)

    "Potential to be a great employer, but misses the mark"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at FHLB Boston full-time (More than 3 years)

    Pros

    Work/Life balance is good. Benefits are leaning towards generous. Compensation is livable, but positions are priced very low compared to the market. The pace of the workload isn't typically overwhelming, with the exception of the IT department. Most of the employees below the senior management level are genuine, smart, and capable. These people are the best part about FHLB.

    Cons

    Leadership is lacking, and there is little to no opportunity for advancement. The turnover rate is extremely high, and instead of looking within to develop and promote the existing staff, management hires from the outside. Years’ experience and institutional knowledge is extremely valuable at FHLB and is overlooked time and time again by those making hiring and staffing decisions. Those who stick around typically do so for the pension, the tuition reimbursement benefits, or the guaranteed 9-5 that they couldn't get elsewhere. The culture is reflective of that.

    Advice to Management

    It’s not 2008 anymore. The Bank is performing well, and the job market has drastically improved. The offerings at the Bank are no longer competitive enough to keep talent here long term. Other companies have far surpassed what FHLB offers employees in terms of compensation, benefits, opportunity and culture. Boston has the lowest glass door rating of all the FHLB Banks. Perhaps management should head over to the other FHLB's that are getting 3 and 4 star ratings to see what they can do to make FHLB Boston a better place to work.


  10. Helpful (10)

    "Not a smart career"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Boston, MA
    Current Employee - Anonymous Employee in Boston, MA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at FHLB Boston full-time (More than 10 years)

    Pros

    Bank has a fading work/life style balance that was once strong. Overall, most employees are not expected to work 60 hours a week or pull extra duty on Saturdays and Sundays (IT may be the exception). However, a strong work ethic will go unnoticed or rewarded.

    Cons

    Leadership is lacking at senior levels. Most managers are Peter Principal technicians without a clue on mentoring, developing, or team work problem solving. The recent crop of Department heads in the past 18 months have glaringly weak leadership skills and are solely interested in advancing their careers at the cost of their staff. Good staff have left in a mass exodus by finding more challenging and rewarding jobs or taking early retirement. This is clearly apparent in four struggling department including Information Technology / Information Security, Credit / Collateral, Internal Audit, and Human Resources.

    If you are even vaguely considering a position in one of these departments and have a job offer elsewhere you would be crazy to join one of these teams based on these department heads' leadership skills and abysmal management styles.

    If you desperately need a job and have no other choice plan on a short tenure at the Bank, but ask four questions during your interview process.
    1. What is the turnover rate during the past 12 months?
    2. What positions have turned over in the past three months and why?
    3. As a department head how long have you been in this position and what happened to your predecessor?
    4. As them to update you on the long term viability of the Boston Bank and the merger of other FHLBanks. It would behoove you to do a bit of on line research in this area based on declining growth and out of district mergers.

    Most importantly, insist on speaking with two staff members in the department that you are interviewing with that have more than a years tenure. Ask them the same questions and what career opportunities they have had during their tenure.

    If they will not arrange for these staff reviews. Run, do not walk away from a career mistake at FHLBBOSTON Boston.

    Advice to Management

    Come on guys, you need a focus group to tell you what the staff needs and wants. You are supposed to be managers of a 200 person Bank. Are you too busy ensuring you meet your ICP goals and bonuses to have you hands on the pulse of your departments?


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