- Work/Life Balance
- Culture & Values
- Career Opportunities
- Comp & Benefits
- Senior Management
I have been working at Federal Reserve Board full-time (More than a year)
- Greatest pension plan in all of US government: Approximately 1.8% * # of Years Worked * Average of Top 3 Salaries.
- Phenominal work like balance with flexible schedules that allow you to work 9 hr/day for 9 days and take 10th day off. Every other Friday or whatever day you chose is off. (All Federal agencies offer this)
- Tuition reimbursement of $12,200 out of which $5,500 is not taxed. You are responsible for income tax on the remaining $6700. (Several other agencies have student loan assistance of upto $60,000 over 10 years)
- $70 biweekly contribution towards health insurance brings down insurance cost to approximately $70/pay period for a family. (Few other agencies offer this too)
- World class dental insurance that covers 90% of virtually anything.
- Very difficult to move between departments. Management does not promote growth.
- Very slow & arbitrary promotions. If you get promoted to the next grade, your salary is increased by 10%. If you don't get promoted, then annual raises are 2-3%.
- Bonuses are designed to make rich, richer; and poor, poorer. Higher pay grades get higher bonuses (8% - 10%). Lower pay grades get lower bonuses (3% - 8%).
I worked at Federal Reserve Board full-time (More than a year)
First I gave it 2 stars because you probably won't find better benefits (healthcare/healthcare stipend, low dental/vision cost for premium plans, long/short-term disability at no cost, cheap legal benefits, telework opportunities, separate pension and a bit better Thrift Plan and match up to 7%) as well as the usual gov't benefits, else I just couldn't find it in myself to give it 3 stars for other reasons (see Cons), else I might have stayed just for those reasons solely and that's why many probably do.
So while this all sounds great, this is probably the main reason why they give the best benefits to retain talent, yet it's not for everyone, as many do leave, some leave well before their 5 years vested and some leave right after they are vested, just to have a mini-pension from the Federal Reserve.
I've found that most of the leadership doesn't seem qualified enough or have a clear understanding of project management. If you're working on higher priority projects assigned, you'll be spending most of your time spinning wheels with much of leadership stuck in a rut, most of them spending too much time in multiple meetings, usually resulting in multiple low-priority band-aid requests that come down the pipeline, meanwhile making it difficult to accomplish the larger-scale higher priority projects because no one can make a final decision or due to lack of attention to review/feedback and don't seem to champion the success project phases and deadlines. Instead it takes extraneous efforts and constant reminders before if you are ever lucky enough to see a finished product or accomplish major milestones. Many deadlines get pushed 6 months later or even more and sometimes without ever seeing the promised final product accomplished by then. It's worse than the usual "hurry up and wait" process that you would find in a normal setting from my previous experience with other government agencies.
I've also acknowledged the lack of cohesion between specific departments when needing to work with or persuade others of solutions to get everyone on the same page working together. Leadership would rather appease to every request, without questioning if it makes sense, or where it should be in the workload queue, meanwhile detracting from higher priority projects, and never having a clear sense of prioritization. I also do believe that leadership needs to be fair but firm and push the low hanging fruit to pick up their slack from doing the bare minimum and should know how to communicate with executive leadership and higher-ups on the needs of their departments in order to prioritize projects and make realistic objectives, that will set up departments for better success in accomplishing major milestones.
The worst experience is when dealing with IT hardware/software/network/server requests, the support definitely seems antiquated, unorganized, and they pretty much say "NO" to every suggestion or a request for a new feature/solution, even if you know about new and better solutions and can either prove and/or try to educate them to try and help make it easy for them to implement. Typically they respond with why they can't do something due to a 'security' reason (even if it isn't) and if you try to schedule a meeting to educate, they usually sweep it under the rug with no response and/or don't want to be bothered so they don't follow up even after a few requests for discussion/meeting for alternative solutions from their end. Even something as simple as a helpdesk request usually ends up with a typical response that 'everything is fine' on their end even if you send in evidence and screens to show the issue and you either end up resolving it yourself (if you can), or just trying to deal with it as is because the support is not very savvy and personal computers always seem to have issues or network-related issues across multiple users/workstations. I know that a few departments have their own IT specialists to maintain their own workstations, etc. because of these experiences but there are the very few departments that can afford it or have it approved in their budget to do so. I think it would be better for each department to have their own software/hardware/network experts on hand to meet these demands and to resolve many of the above mentioned issues.
HR does try to help by having us all take personality tests, emotional intelligence training, and having us fill out "Safe to Speak" surveys but I'm not sure if that's really helping find any solutions to the root cause of fixing some defunct departments or burned out employees. I think some of this training is OK however it has made people be even more aware of others feelings, almost to the point of paralysis when facing a challenge in a project or when dealing with a difficult situation or roadblock. I think some colleagues are usually too afraid to speak or challenge adversity or even afraid of change or to voice an opinion/suggestion compared to other agencies I've worked for.
Advice to Management
Leadership needs to change for the reason mentioned above in the cons, IT as well. Maybe too many layers of leadership since that seems to be the culprit of communication issues and accomplishing tasks.
Job stability, opportunities for career growth, great work environment, trending technologies, security
None that I can think of.
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I have been working at Federal Reserve Board full-time
The true non-partisan nature of the Federal Reserve Board makes it a unique government organization in its philosophy and work environment. Everyone is dedicated to their respective missions of promoting a well-performing economy or ensuring the safety and soundness of the banking industry. Management is fair and staff are rewarded for quality work product. Salaries are less than but competitive with the private sector.
Salaries and bonuses are lower than the private sector, but that should be expected when taking a government job. There are not "mid-level" management positions, which makes escalation to management or management experience more difficult to obtain.
Advice to Management
Talk to HR about developing ways for staff to gain management experience.
I worked at Federal Reserve Board full-time (More than 10 years)
Great salary, great benefits, great people.
One strike and your out
I worked at Federal Reserve Board (Less than a year)
It was a good, solid business to work for.
The communication could have been better.
Make you feel valued, everyone is nice, lots of intern events, reimburse some for travel each month
Great place to work. no cons
I worked at Federal Reserve Board full-time (More than 5 years)
Benefits, recreational activities, pay is decent, tuition assistance, and free courses.
Spoiled employees with "entitlement " attitudes. Some are very rude & economist are weird; especially the ones walking around talking to themselves. Don't go to the health unit there. Get real medical treatment and stay away from workers comp rep.
Advice to Management
Advice to management depends on the department. Some are professional & respectful; while others are in cliques and don't speak.
I have been working at Federal Reserve Board full-time (Less than a year)
The benefits are outstanding. We have a nice 7% + 1% 401k match, pensions plan, excellent medical (they subsidize it too), dental, and vision. We also get a generous amount of vacation time, sick time, and all federal holidays. Hours are flexible, telecommute one day a week, and alternating work week schedules are possible. They also pay up to $130 of your metro each month. The work life balance here is very good
You won't get to work on anything truly cutting edge. In terms of IT you may not get as valuable experience here as you might in the private sector.
Advice to Management
I believe Management does a fairly good job. However many managers are not as technical as their employees. It would be nice if they took this into consideration more.
I have been working at Federal Reserve Board full-time (More than 5 years)
Lots of really smart, mission-driven people. Very interesting, uniquely challenging work; what you do (no matter what department you're in) makes a difference. The organization is paying much better attention to the "people side" of the work. Engagement survey has been a big help.
Not all people who are in manager roles should be managers. Some "leaders" are hard to work for, but others are terrific. The pace of making change is slow.
Advice to Management
Hire people who really want to manage others, or who are interested and willing to learn how! If you want to keep your best people, they deserve good managers.
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