Professional Development
The Federal Reserve Bank of Chicago is developing its next generation of leaders through challenging job assignments, a successful mentoring program, on-the-job learning, and classroom and online education. Chicago Fed employees shape their careers by exploring a wide range of career options and opportunities. Roughly 40 percent of job openings are filled by Chicago Fed staff members. Here are some of the ways we help our staff develop professionally:
New Employee Orientation
This day-long program provides an overview of the organization to our newest staff members. The Chicago Fed's strategic direction is discussed, along with our work culture; code of ethics; and career, information and technology resources.
Tuition Assistance Program
Staff members are encouraged to continue their formal education by using one of the most generous tuition assistance programs in the financial services industry. The Bank provides assistance for approved degree programs, paying 100 percent of tuition and applicable fees and 50 percent of book costs.
Mentoring Program
Both mentors and mentees benefit from this successful program cited in a Harvard Business Review case study. Each year, roughly 25 pairs of employees team up to navigate personal and career development.
Technical Training & Development
The most important learning occurs on-the-job. Guided by more experienced colleagues, staff members "learn by doing." Each department also offers formal staff training in technical areas relevant to specific jobs.
Career Development Workshops
The Chicago Fed conducts workshops for employees on goal-setting, development planning, and giving and receiving feedback. These workshops facilitate rich career conversations between managers and employees.
Performance Management
Employees are formally evaluated through mid-year and year-end reviews. Employees are accountable for articulating and pursuing their career aspirations, while managers are expected to provide active coaching, feedback, and growth opportunities. Progress is based on merit.
Manager Development
New Manager Training and Coaching
A three-day session for new managers offered twice a year, this program develops a common understanding of the roles and responsibilities of a Chicago Fed manager. Participants also learn and practice how to be better "people managers," and each is paired with a personal coach afterward to reinforce lessons learned and to address on-the-job issues.
Experienced Manager Training
During this three-day conference, experienced managers participate in interactive workshops and learn from prominent leaders and speakers in order to continue their personal and career development.
Manager "Booster Shot" Workshops
These two-to-four-hour sessions are designed to raise a manager's ability to select, evaluate, and develop talent. Topics range from delivering tough messages and feedback to legal aspects of management such as equal opportunity employment and harassment prevention.
Officer (Senior Leader) Development
New Officer Orientation
This three-to-six-month process helps new officers get to know their peers and better understand their responsibilities. New officers receive an officer "buddy" to help acclimate themselves to their new position. They also meet with each Chicago Fed senior vice president. Officer Forums Intended to accelerate personal and career development, these forums bring together officers to participate in interactive workshops and learn from prominent leaders and speakers.
360-Degree Feedback
Every few years, officers and managers receive formal "360-degree feedback" from co-workers, supervisors and subordinates as well as external customers or stakeholders. The feedback is then used, along with coaching from a certified expert in the process, to help managers and officers improve their performance.
Executive Coaching
Select officers partner with external coaches to improve their leadership skills. Coaching is specifically geared towards those who have recently taken on new roles with greater responsibility. Senior Leadership Initiative Each year, the Senior Leadership Initiative brings together exceptional leaders from throughout the Federal Reserve System. They hear about relevant topics from other top Federal Reserve executives and outside experts. Emphasis is placed on mobilizing individuals to deliver results and to address the complexities, dilemmas and communication needs inherent in being a Federal Reserve leader.
