Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland' has created an employee driven culture built on a core belief that employees are more productive and satisfied when their needs are met. As a result, the bank has flexible work schedules and opportunities for individuals to perform their jobs from remote locations. In addition, they provide a full lifecycle resource and referral service that directs employees to outside organizations that can assist them with family/child care needs, senior housing, adoption assistance, college searches, care for special needs infants, children and adults, a unique life and survivor income program, and transportation management accounts.

At the bank, employees are given personal responsibility to sharpen their skills, generate ideas, and demonstrate leadership. Not only does every employee at the bank complete an individual development plan, but high potential employees are able to participate in an Emerging Leaders Program, specifically targeting top performers. The components of the program include coaching and assessments, a three-year enhanced development plan, structured curriculum, cross-functional team project, and peer mentoring programs. The bank also has a career development office which offers professional counseling, assistance in identifying skills gaps, preparation tools for job interviews and an innovative talent management database which allows it to analyze data on employees’ skills to identify the strengths and weaknesses of the workforce and customize or accelerate development of our top performers based on the needs of the organization. The organization also has introduced a Kaleidoscope Career Development Seminar Series which includes a course on how managers can coach employees for career development.

Top performance does not go unrecognized at this organization. The bank offers seven different recognition and rewards programs including an individual incentive award that recognizes individuals, teams or work groups for meeting pre-established, measurable goals; a cash award which recognizes and rewards exceptional individual or group/work team performance; a service award honoring employee milestones at the organization; a peer to peer award allowing employees to recognize one another for their contributions; a strategic alignment award designed to reward employees that advance one or more of the bank's strategic objectives; an annual employee appreciation event recognizing all employees led by the President and First Vice President; and a President's Award for extraordinary one-time accomplishments.

In addition to communicating and recognizing performance, the bank has launched a communication plan exclusively to enhance communication between leadership and employees. Widespread efforts organization-wide that recognize the importance of face-to-face communication provide employees access to top executives that include multiple opportunities to talk one on one with the President.

The Federal Reserve Bank maintains the organization's commitment to talent integrity focusing on these initiatives and many more that ensure all employees demonstrate core competencies of agility, business acumen/judgment, continuous improvement, emotional intelligence, functional/technical expertise, innovation, relationship management/customer focus, and oral/written communication skills.