Federal Reserve – a Demoralized Workforce

You can’t build a castle without a solid foundation. Similarly, you can’t expect Dodd-Frank reforms to succeed without first strengthening the regulatory community, or the Department of Defense to achieve audit readiness without first implementing effective policy management, or the Department of Veterans Affairs (VA) to implement an electronic health record system without first improving internal policies and practices.

A confidential survey of roughly 400 Federal Reserve employees shows a workforce that is demoralized, and an institution where teamwork is nonexistent, innovation and creativity are discouraged and employees feel underutilized.

According to the survey results, “employees in charge of spotting emerging risks are afraid to speak up,” and employees “tasked with spotting risks in the financial system also have little trust in their boss.” Further, “most say that top leaders are failing the organization, in part by not communicating honestly, and that employees are in the wrong jobs, or are poorly managed.”

Less than half of workers in the Fed policy unit agreed that the unit’s senior leaders “act in alignment with their organization’s core values or guiding principles.” Fewer than 40 percent said they are encouraged to be creative and innovative.

The federal government has used taxpayer dollars to deploy a number of resources to oversee federal programs that could be leveraged to foster a high-performance culture, including:
– Office of Personnel Management (OPM) Federal Employee Viewpoint Survey
– Office of Special Counsel (OSC) E-Filing System
– Performance.gov
– Regulations.gov
– Federal Code of Conduct

Within most federal agencies, human capital is woefully underutilized. In the aggregate, mismanagement leaves billions of dollars on the table in expenses that could have been saved – underscoring the need to link existing federal resources to ensure that federal programs have the actionable intelligence they need to spend taxpayer dollars effectively, treat employees fairly, and hold middle-managers accountable for meeting performance targets.

Write your representatives in Washington today asking them to join with other members of the U.S. Congress to champion a legislative proposal to strengthen the foundation of the federal government by linking existing federal resources to ensure that federal programs have the actionable intelligence they need to spend taxpayer dollars effectively, treat employees fairly, and hold leaders accountable for meeting performance targets.

Advertisements

About zethics
CEO and founder of zEthics, Inc. Thirty years of experience with finance and accounting background in public private sectors.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: