Diversity And Inclusion Strategic Plan 2016–19, December 2016
Diversity and InclusionStrategic Plan 2016–19December 2016BOARDOFGOVERNORSOF THEFEDERAL RESERVE SYSTEM
Diversity and InclusionStrategic Plan 2016–19December 2016BOARDOFGOVERNORSOF THEFEDERAL RESERVE SYSTEM
This and other Federal Reserve Board reports and publications are available online atwww.federalreserve.gov/publications/default.htm.
iiiContentsMessage from the Chair . 1Introduction . 3D&I Definitions . 3D&I Mission . 3D&I Vision . 3D&I Standards . 3Diversity and Inclusion Standards, Strategies, and Actions . 5Standard: Organizational Commitment . 5Standard: Workforce Diversity . 5Standard: Workplace Inclusion . 6Standard: Supplier Diversity . 7Standard: Sustainability . 8
1Message from the ChairTo all Board employees:I am pleased to join the Office of Diversity and Inclusion in sharing with you theBoard’s first Diversity and Inclusion Strategic Plan 2016–19. The plan enhances ourongoing initiatives and actions and provides a more comprehensive, integrated, andstrategic focus on diversity and inclusion to enable our organization to establish andsustain a high-performing, diverse, and inclusive workforce.The Federal Reserve is putting forth this plan because we recognize the value ofbuilding and sustaining a diverse workforce at all levels of the organization. I alsobelieve that diversity makes the Federal Reserve more effective in carrying out itsmission. When I joined the Board staff in 1976, I was one of relatively few womeneconomists. Since then, there have been significant gains in diversity at the Board and throughout the System.This type of plan helps us organize and develop a systematic effort to advance broader gains in diversity andinclusion.Through the establishment of a culture that promotes collaboration, flexibility, and fairness, we can ensuresustainability of our diversity and inclusion achievements. The Board recognizes that the goals outlined in theplan are ambitious. We are firmly committed to addressing challenges and achieving our goals as we implement the plan.The plan details specific objectives and actions that are aligned with the Board’s diversity and inclusion standards of organizational commitment; workforce diversity; workplace inclusion; supplier diversity; andsustainability.I am asking the Office of Diversity and Inclusion to oversee the implementation of the plan, and I encourageall divisions to take an active role in the implementation of the plan.Our commitment to diversity and inclusion remains a continued priority and is integral to the mission andcore activities of the Board that are rooted in a set of core institutional values—namely, serving the publicinterest; integrity; excellence; efficiency and effectiveness; and independence of views.Janet L. Yellen, ChairFederal Reserve Board
3IntroductionThis Diversity and Inclusion Strategic Plan 2016–19reflects the Federal Reserve Board’s (the Board’s)strategic initiative on diversity, inclusion, and equality, which is a shared responsibility of all Boardemployees.The implementation of the plan involves a myriad ofstakeholders at all levels of the organization andrequires the active involvement of leaders and staffthroughout the Board.The diversity and inclusion (D&I) strategy builds onthe Board’s mission and values to include standardsfor organizational commitment, workforce diversity,workplace inclusion, supplier diversity, andsustainability.D&I DefinitionsThe Board’s working definition of diversity andinclusion is to foster a collaborative work environment that recognizes, appreciates, and effectively utilizes the talent, skills, and perspectives of everyemployee.Broadly defined, diversity refers to all of the characteristics that make individuals different from oneanother; that is, diversity represents the collectivemixture of differences around race, color, religion,sex, gender identity, national origin, age, disability,sexual orientation, values, beliefs, experiences, backgrounds, preferences, and behaviors that makes eachperson unique.Inclusion is how an organization leverages diversityto create a work environment in which all employeesare treated with equity and respect, have equal accessto opportunities and resources, and can feel fullyengaged to contribute to the Board’s mission andorganizational goals.D&I MissionTo support the execution of the Board’s mission byensuring that the organization’s workforce is diverseand that policies and practices support an inclusiveculture, not only in a manner that complies with allapplicable laws, but also to provide equal opportunity for all employees to realize their full potentialand to cultivate business relationships with diversesuppliers.D&I VisionA workforce which not only embraces its collectivemixture of differences but also recognizes and valueshow those differences enhance the Board’s abilityto meet its overall mission, and a collection ofworkplace policies and practices which supportthe cultural tone of inclusion and respect for allemployees, forming the bedrock of the organization’ssuccess.D&I StandardsSection 342 of the Dodd-Frank Wall Street Reformand Consumer Protection Act of 2010 charged theBoard with responsibility for developing standardsfor equal employment opportunity (EEO) and forthe racial, ethnic, and gender diversity of the workforce and senior management of the agency.The Federal Reserve Board is committed to buildingand sustaining a diverse workforce at all levels of theorganization that will enable the Board to effectively
4Diversity and Inclusion Strategic Plan 2016–19carry out its mission. The Board has established fivestandards for the successful growth of diversity andinclusion:4. Supplier diversity1. Organizational commitmentThese standards—along with strategies and actionsthe Board will take to achieve them during the planperiod—are described in further detail in the nextsection.2. Workforce diversity3. Workplace inclusion5. Sustainability
5Diversity and Inclusion Standards, Strategies,and ActionsStandard: OrganizationalCommitmentThe Board reinforces its commitment to diversityand inclusion through a variety of communicationchannels and educational outreach efforts aimed atboth internal and external audiences. For instance,the organization will develop and maintain a Diversity and Inclusion Strategic Plan—approved and supported by senior leadership—to guide its efforts inthis area. The organization also implements policiesand practices related to workforce diversity andinclusion in a manner that complies with all applicable laws. The Board’s Office of Diversity andInclusion (ODI) provides regular reports to Boardmembers and senior management on diversity andinclusion efforts, measures, and achievements.Strategy 1: Through a variety of methods,communicate the Board’s D&I mission,vision, and standards.Actions Implement the 2016–19 Diversity and InclusionStrategic Plan through the collaboration and coordination of the director of the ODI, the Board’schief human capital officer, and the Board’s division directors. Develop and implement an ongoing, comprehensive D&I internal and external communicationsstrategy. Prominently post the Board’s Diversity and Inclusion Strategic Plan on the Board’s public websiteand intranet. Publish D&I information and current eventsthrough the intranet and employee communicationchannels, such as newsletters and message boards. Include progress and challenges on D&I objectivesin published reports, such as the Report to the Con-gress on the Office of Minority and Women Inclusion and the Equal Employment Opportunity Commission (EEOC) Annual Program Status Report. Include ODI’s activities in the Board’s Annual Performance Report. Encourage senior leaders to routinely discuss theimportance of D&I as a core organizational strategy and provide consistent, visible leadership.Strategy 2: Strengthen understanding ofthe interrelationship between diversity,inclusion, and equal opportunity througheducation and training.Actions Sponsor D&I and EEO workshops, forums, andsymposiums to educate and promote discussion ontopics that impact today’s workplace, such asunconscious bias, generational and cultural differences, and the employment of persons withdisabilities. Partner with the Board’s Organizational Development and Learning office (OD&L) to integrateD&I education and training into the Board’scourse offerings and leadership-developmentactivities. Strengthen D&I and EEO knowledge, understanding, and awareness by making available e-books/articles, videos, case studies, e-learning, and othertools on ODI’s internal web page.Standard: Workforce DiversityThe Board embraces the range of similarities anddifferences each individual brings to the workplace,including diversity of thought, experience, and background. The organization attracts, retains, and develops a diverse, agile, and highly qualified workforce toexecute the Board’s mission.
6Diversity and Inclusion Strategic Plan 2016–19Strategy 1: Attract a highly qualified anddiverse slate of candidates to sustain themission of the Board by ensuring thatstrategic outreach and recruitingprocesses are accessible to all segmentsof society.Actions Ensure that outreach and recruitment strategiesinclude a variety of resources, such as socialmedia, professional associations, job postings, andpublications, to maximize the agency’s ability torecruit from a diverse pool of applicants. Include hiring managers in recruitment activitiesthrough participation in career fairs and outreachevents. Train selecting officials on lawful hiring and theimpact of unconscious bias in the recruitmentprocess. Ensure that outreach and recruitment strategiesare designed to draw from all segments of society,including those who are underrepresented. Source intern candidates from a diverse crosssection of society; leverage the Board’s intern programs as an opportunity to transition studentsinto the Board’s regular workforce. In general, strive to post vacancies, including Official Board staff positions, internally—and ifappropriate, externally—in order to promote diversity and encourage open competition. Perform barrier analyses required under theEEOC’s Management Directive 715, and developand implement action plans to eliminate any identified barrier(s) to EEO.Strategy 2: Foster an organizationalenvironment that allows each employee torealize their full professional potential inthe workplace by leveraging both thetalent development and performancemanagement processes toward theequitable advancement and retention ofemployees.Actions Create opportunities for cross-collaboration androtational assignments among employees to enrichthe employee climate, foster diversity of thought,and inspire innovative solutions. Strengthen talent management programs, such assuccession planning, coaching, and mentoring programs, to maximize performance and career potential within the organization. Integrate inclusive behavioral competencies intotraining and education offerings as part of the performance management process to support aninclusive culture. Identify and address issues that impede employees’professional development.Standard: Workplace InclusionThe Board cultivates an inclusive workplace toensure that employees are engaged and recognizedfor their contributions by providing flexible workprocesses, varied work experiences, and training onbehavioral competencies. The organization embracesdiversity, recognizing that every employee has uniqueskills and talents, and works to support and coachemployees to maximize their contribution and personal satisfaction through organizational initiatives.Strategy 1: Leaders are accountable forimplementing the D&I strategy in all areasof the organization and can articulate theD&I strategy, including how D&I enablesthe achievement of the Board’s vision,mission, and goals.Actions Enforce a no-tolerance policy with respect toharassment and discrimination, and reinforce equitable workplace policies and practices. Include ODI as an integral participant in strategymeetings on workplace and workforce policies andprocedures. Ensure division leadership accountability forachieving their specific, measurable, actionable,and timely D&I scorecard objectives. Encourage the divisions’ EEO/diversity liaisons tomaintain an open dialogue with ODI to identifydivision challenges and/or opportunities to supportan increasingly inclusive work environment. Educate and train management staff on effectiveD&I management competencies for inclusion. Model the behavior that alternative viewpoints arerespected, valued, and encouraged.
December 2016 Leverage division staff meetings to provide D&Ilearning opportunities.Strategy 2: Maximize employeeengagement to enable individuals tocontribute at full potential.Actions Leverage flexible work policies and programs, suchas telework/alternative work arrangements, wellness programs, academic assistance, and careerdevelopment to support employees’ individualcareer satisfaction and productivity. Ensure equal access to appropriate developmentalopportunities. Support participation in employee advisorygroups. Utilize the Board’s Employee Engagement Surveyto assess the organization’s working environment,identify barriers to maximum engagement, anddevelop targeted actions. Offer benefits and services that reflect employees’evolving work-life.Standard: Supplier DiversityThe Board’s procurement policy, practices, and outreach provide minority-owned and women-ownedbusinesses with a fair opportunity to successfullyparticipate and compete to supply goods and services. The organization assesses vendor performancepertaining to EEO good-faith efforts and supplierdiversity.Strategy 1: The Board’s ProcurementOffice (Procurement) and ODI partner topromote participation of minority- andwomen-owned enterprises (M/WBEs) inthe Board’s acquisition process.Actions Procurement conducts vendor outreach businessfairs and provides technical assistance to M/WBEs. Procurement and ODI participate in supplierdiversity national conferences for M/WBEs. Procurement collaborates with other federal financial regulatory agencies’ procurement functions on7best practices, metrics, standards, and opportunities related to supplier diversity. Procurement builds and sustains relationships withkey business stakeholders and advocacy groupsrepresenting M/WBEs to demonstrate the Board’scommitment to equal access and participation inthe acquisition process. Procurement and ODI meet quarterly to assessand monitor the acquisition of goods and servicesin order to ensure the full inclusion of M/WBEs inthe acquisition process. ODI monitors the divisions’ supplier diversityscorecard objective and provides feedback withrespect to performance. Procurement’s supplier diversity specialist workswith divisions to identify M/WBEs when procuringgoods and services.Strategy 2: Procurement and ODI partnerto educate and provide technicalassistance to M/WBEs relating to theBoard’s acquisition process.Actions Develop brochures and a public vendor website toinform M/WBEs of procurement opportunitiesand how to register their companies to do businesswith the Board. Provide technical assistance in responding torequests for proposals to procurementopportunities. Provide capacity-building forums for M/WBEs.Strategy 3: The Office of Minority andWomen Inclusion, within ODI, reviewsprime contractors’ good-faith efforts inoutreach, diversity policies, andsubcontracting activities to ensurecompliance with the Board’s supplierdiversity policy and practices.Actions ODI reviews prime contractors’ responses to EEOgood-faith effort questionnaires. Educate prime contractors regarding the Board’ssupplier diversity policies and performance expectations in subcontracting.
8Diversity and Inclusion Strategic Plan 2016–19Standard: SustainabilityThe Board develops practices and strategies to equipleaders with the ability to manage diversity, measureresults, and refine approaches while institutionalizinga culture of inclusion. Management, at all levels, isheld accountable for executing the Diversity andInclusion Strategic Plan. The organization utilizesboth quantitative metrics, such as applicant trackingdata, and qualitative metrics, such as engagementsurvey results, to assess its diversity and inclusionperformance.Strategy 1: Demonstrate leadershipcommitment and accountability topromote a diverse and inclusive workplaceculture.Actions Comply with applicable laws and rules related toEEO and diversity, and train all employees regarding legal requirements. Each division will establish, on an annual basis, aD&I Scorecard to plan, execute, and monitor progress against the division’s diversity and inclusionobjectives. Include a D&I performance objective for managersand officers to address the goals of the Diversityand Inclusion Strategic Plan.Strategy 2: Continue to foster a workplaceculture of diversity and inclusion.Actions Leverage engagement surveys and other forms ofemployee feedback to identify workplace dimensions impacting the organization’s D&I efforts. Communicate, via internal meetings and electronicmedia, information relating to workforce D&Ipractices. Leaders routinely discuss the importance of D&Ias a core organizational strategy and provide consistent, visible leadership. Engage the employee advisory groups to build asustainable workplace of inclusion. Establish inclusive leadership competencies in theBoard’s performance management process.Strategy 3: Use data collection andreporting to assist divisions in assessingtheir D&I efforts.Actions Use workforce analytics to monitor candidatesourcing. Develop an outreach strategy to ensure a diverseslate of applicants and continuously monitorprogress. Provide quarterly reporting and conduct meetingswith divisions around D&I workforce actions. Leverage both qualitative and quantitative metricsto manage D&I efforts, measure results, and refinestrategies on the basis of such data.
www.federalreserve.gov1216
Board’s first Diversity and Inclusion Strategic Plan 2016–19. The plan enhances our ongoing initiatives and actions and provides a more comprehensive, integrated, and strategic focus on diversity and inclusion to enable our organization to establish and sustain a
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