Federal Reserve RTO

[Anonymous]

I thought they had been doing 4 days/pay period for a while?

[Anonymous]

Anonymous wrote:WTF? Forcing people back in for 4-5 days per period to boost their own egos without any rationale. "Many employees and managers will need to go in more often for business needs." What does that even mean? Don't think our peers at CFPB and SEC are doing this. Maybe that's because they have unions and FRB doesn't. Perhaps something to think about. Better polish up the resumes.

Dude thats 2-3 days a week...not bad at all. this is happening everywhere not just at the fed

[Anonymous]

The pandemic is over. Before the pandemic people were going to the office 5 days without complaining. It worked. We will slowly go back to it.

[Anonymous]

Can someone post the letter? Is this for just for BoG, or across all FR banks?

[Anonymous]

Anonymous wrote:Can someone post the letter? Is this for just for BoG, or across all FR banks?

Just the Board. Reserve Banks set their own HR policies, they are not federal employees.

I haven’t seen the letter, but it likely is not for public distribution. If it’s tagged “Internal FR” you will be fired if you post it. Not worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone post the letter? Is this for just for BoG, or across all FR banks?

Just the Board. Reserve Banks set their own HR policies, they are not federal employees.

I haven’t seen the letter, but it likely is not for public distribution. If it’s tagged “Internal FR” you will be fired if you post it. Not worth it.

lol! this is why you need a union. you shouldn’t be threatened with termination for discussing the terms & conditions of employment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:WTF? Forcing people back in for 4-5 days per period to boost their own egos without any rationale. "Many employees and managers will need to go in more often for business needs." What does that even mean? Don't think our peers at CFPB and SEC are doing this. Maybe that's because they have unions and FRB doesn't. Perhaps something to think about. Better polish up the resumes.

Dude thats 2-3 days a week...not bad at all. this is happening everywhere not just at the fed

Certain divisions were already requiring 3+ days per pay period starting in September 2022, with managers/officers having the discretion to require more. My guess is that certain teams were not actively enforcing the 3 days minimum, whereas other teams were requiring more frequent in person work. Given the collaboration of people between divisions, The discrepancy/lack of parity probably became very noticeable and the Board was forced to bring down the hammer.

The financial industry has been especially strict about RTO given big real estate exposures on bank balance sheets. Probably a bit embarrassing for the Fed to always have staff at home when banks/trade associations need to come in for meetings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:WTF? Forcing people back in for 4-5 days per period to boost their own egos without any rationale. "Many employees and managers will need to go in more often for business needs." What does that even mean? Don't think our peers at CFPB and SEC are doing this. Maybe that's because they have unions and FRB doesn't. Perhaps something to think about. Better polish up the resumes.

Dude thats 2-3 days a week...not bad at all. this is happening everywhere not just at the fed

Certain divisions were already requiring 3+ days per pay period starting in September 2022, with managers/officers having the discretion to require more. My guess is that certain teams were not actively enforcing the 3 days minimum, whereas other teams were requiring more frequent in person work. Given the collaboration of people between divisions, The discrepancy/lack of parity probably became very noticeable and the Board was forced to bring down the hammer.

The financial industry has been especially strict about RTO given big real estate exposures on bank balance sheets. Probably a bit embarrassing for the Fed to always have staff at home when banks/trade associations need to come in for meetings.

A good portion of board staff are working with people at reserve banks or not even located in DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:WTF? Forcing people back in for 4-5 days per period to boost their own egos without any rationale. "Many employees and managers will need to go in more often for business needs." What does that even mean? Don't think our peers at CFPB and SEC are doing this. Maybe that's because they have unions and FRB doesn't. Perhaps something to think about. Better polish up the resumes.

Dude thats 2-3 days a week...not bad at all. this is happening everywhere not just at the fed

Certain divisions were already requiring 3+ days per pay period starting in September 2022, with managers/officers having the discretion to require more. My guess is that certain teams were not actively enforcing the 3 days minimum, whereas other teams were requiring more frequent in person work. Given the collaboration of people between divisions, The discrepancy/lack of parity probably became very noticeable and the Board was forced to bring down the hammer.

The financial industry has been especially strict about RTO given big real estate exposures on bank balance sheets. Probably a bit embarrassing for the Fed to always have staff at home when banks/trade associations need to come in for meetings.

A good portion of board staff are working with people at reserve banks or not even located in DC.

Sure, and it was that way Pre Covid. So then why did they put out an internal memo demanding RTO?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Too many dinosaur boomers in charge.

Hopefully one returns to Treasury soon

Problem is by the time they retire we won’t have any staff left.

RTO isn’t the only issue. Problem is when a senior or mid-level person leaves the position has to be filled with a junior worker. Except junior employees don’t have the experience or skills to perform the job and there isn’t anyone to train them.

Another problem? Managers can’t promote staff and only one person per group can’t receive the highest performance review rating a year.

Place is a disaster. Can’t even imagine how many more people will leave.

Did you mean to write "one person per group can receive the highest performance review rating a year"?

[Anonymous]

The writing was on the wall when the Fed invested in new leases and expensive building renovations. Other agencies are reducing their footprint, while the Fed is expanding its footprint.

[Anonymous]

Anonymous wrote:The pandemic is over. Before the pandemic people were going to the office 5 days without complaining. It worked. We will slowly go back to it.

Oh good you’re here.

[Anonymous]

Anonymous wrote:The writing was on the wall when the Fed invested in new leases and expensive building renovations. Other agencies are reducing their footprint, while the Fed is expanding its footprint.

Good point. But that project started long before COVID and with money already budgeted. If anything, desire for hybrid work might induce the Board to finally offer daycare at the new Constitution Ave bldg. That will bring parents back to the office 5 days/week.

[Anonymous]

I used to work for the Fed. While there are a lot of well-educated people there, some are insufferable about actually working. There are plenty of folks working from home and producing very little. Ask these folks to do something and you’ll get “I’m very busy,” which is code for “go away.” The administrative staff is the worst. They do nothing, but are constantly honored, promoted, thanked, etc. as a DEI initiative. WFH is now considered a “right” and wrapped tight with all types of discriminatory and defamatory language, like if you’re not pro-WFH you are against moms, minorities, and the environment. I’m not surprised to see the notion of a union floated here and the upholding of the CFPB as the exemplary agency. Based on these posts, you’d think the agency is abusing folks. In reality, Fed employees are very well paid and have great benefits. Division lawyers make $300k and largely see their job as “consulting.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:The writing was on the wall when the Fed invested in new leases and expensive building renovations. Other agencies are reducing their footprint, while the Fed is expanding its footprint.

Good point. But that project started long before COVID and with money already budgeted. If anything, desire for hybrid work might induce the Board to finally offer daycare at the new Constitution Ave bldg. That will bring parents back to the office 5 days/week.

There was a time when parents would have been ecstatic for the Fed to provide daycare. Now, those same parents would prefer to WFH in their jammies with the video off on conference calls and their kids screaming or crying in the background. Better yet, they might ask you to reschedule your call for a time that works better with their kid’s nap time.