Federal Reserve RTO

[Anonymous]

Anonymous wrote:

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.

The kids whose parents pushed for a daycare are all in elementary or middle school.

It's a new generation of parents who adapted to WFH and don't want to evolve.

[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.

SEC has a full RTO mandated for the end of march, still no resolution on expanded telework. Which means most staff are capped at 2 days a week telework.

[Anonymous]

Anonymous wrote:

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.

They still want it, desperately. Right now parents get 5 months off in the baby’s first year (8 weeks sick leave/STD + 12 weeks paid leave). Vast majority of people I know at the Board are hard working and want to do a good job. They don’t want to try to WFH and have a screaming infant. They would prefer high quality childcare located at their job. I can’t do my job properly with an infant in the house; I tried during 2020 lockdowns and it was miserable.

The Board would be smart to put in a daycare into the new facility. It won’t be free, but if you make it convenient to parking + the office the parents will be in 5 days/week. I know I would have if that option was available to me when I had my young kids while working for the Board.

[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.

In theory this is correct. Reality is different. Many staff are leaving or will leave because of the new policy. Despite what the decision makers think, we are still in an environment of very low unemployment. Qualified staff can get remote jobs or are leaving for jobs closer to home. It also limits the ability to hire since it means the FRB can only hire candidates in DC. With housing prices and higher rates many people aren’t interested in relocating for a job. A lot of jobs at the FRB require very specialized experience and it is unfortunate to not be able to hire the best person for a job because of a RTO policy.

Attrition is the highest it’s ever been and many retirements will take place during the next few years. If I didn’t know better I would assume the FRB wants to reduce headcount by 50% from 2019 numbers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

They still want it, desperately. Right now parents get 5 months off in the baby’s first year (8 weeks sick leave/STD + 12 weeks paid leave). Vast majority of people I know at the Board are hard working and want to do a good job. They don’t want to try to WFH and have a screaming infant. They would prefer high quality childcare located at their job. I can’t do my job properly with an infant in the house; I tried during 2020 lockdowns and it was miserable.

The Board would be smart to put in a daycare into the new facility. It won’t be free, but if you make it convenient to parking + the office the parents will be in 5 days/week. I know I would have if that option was available to me when I had my young kids while working for the Board.

A very small percentage of staff is parents of young kids. Most staff are over the age of 50. No one cares about daycare.

[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.

SEC has a full RTO mandated for the end of march, still no resolution on expanded telework. Which means most staff are capped at 2 days a week telework.

No they’re at impasse

[Anonymous]

Anonymous wrote:

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.

In theory this is correct. Reality is different. Many staff are leaving or will leave because of the new policy. Despite what the decision makers think, we are still in an environment of very low unemployment. Qualified staff can get remote jobs or are leaving for jobs closer to home. It also limits the ability to hire since it means the FRB can only hire candidates in DC. With housing prices and higher rates many people aren’t interested in relocating for a job. A lot of jobs at the FRB require very specialized experience and it is unfortunate to not be able to hire the best person for a job because of a RTO policy.

Attrition is the highest it’s ever been and many retirements will take place during the next few years. If I didn’t know better I would assume the FRB wants to reduce headcount by 50% from 2019 numbers.

Post-pandemic DC housing is no more expensive than better areas of many secondary and tertiary metros.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

In theory this is correct. Reality is different. Many staff are leaving or will leave because of the new policy. Despite what the decision makers think, we are still in an environment of very low unemployment. Qualified staff can get remote jobs or are leaving for jobs closer to home. It also limits the ability to hire since it means the FRB can only hire candidates in DC. With housing prices and higher rates many people aren’t interested in relocating for a job. A lot of jobs at the FRB require very specialized experience and it is unfortunate to not be able to hire the best person for a job because of a RTO policy.

Attrition is the highest it’s ever been and many retirements will take place during the next few years. If I didn’t know better I would assume the FRB wants to reduce headcount by 50% from 2019 numbers.

Post-pandemic DC housing is no more expensive than better areas of many secondary and tertiary metros.

It’s not just housing prices. It’s rates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

In theory this is correct. Reality is different. Many staff are leaving or will leave because of the new policy. Despite what the decision makers think, we are still in an environment of very low unemployment. Qualified staff can get remote jobs or are leaving for jobs closer to home. It also limits the ability to hire since it means the FRB can only hire candidates in DC. With housing prices and higher rates many people aren’t interested in relocating for a job. A lot of jobs at the FRB require very specialized experience and it is unfortunate to not be able to hire the best person for a job because of a RTO policy.

Attrition is the highest it’s ever been and many retirements will take place during the next few years. If I didn’t know better I would assume the FRB wants to reduce headcount by 50% from 2019 numbers.

Post-pandemic DC housing is no more expensive than better areas of many secondary and tertiary metros.

This is just false. Even if prices are the same (which they aren’t), the housing stock in dc is far worse. If you want a reasonable commute and low crime in the dc area, you basically have to spend $1 million for a shack that hasn’t been updated since the 1950s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

In theory this is correct. Reality is different. Many staff are leaving or will leave because of the new policy. Despite what the decision makers think, we are still in an environment of very low unemployment. Qualified staff can get remote jobs or are leaving for jobs closer to home. It also limits the ability to hire since it means the FRB can only hire candidates in DC. With housing prices and higher rates many people aren’t interested in relocating for a job. A lot of jobs at the FRB require very specialized experience and it is unfortunate to not be able to hire the best person for a job because of a RTO policy.

Attrition is the highest it’s ever been and many retirements will take place during the next few years. If I didn’t know better I would assume the FRB wants to reduce headcount by 50% from 2019 numbers.

Post-pandemic DC housing is no more expensive than better areas of many secondary and tertiary metros.

This is just false. Even if prices are the same (which they aren’t), the housing stock in dc is far worse. If you want a reasonable commute and low crime in the dc area, you basically have to spend $1 million for a shack that hasn’t been updated since the 1950s.

Ugh, no. You seem entitled. Sure, if you want to live in DC or the innermost suburbs of MD and VA. But there are lots of places that are connected via Metro where $1 million will buy you much more than a 1950’s shack. And, btw, not everyone at the RBs have such a short commute.

[Anonymous]

Most long-term staff at the Fed are there for the mission, lifestyle, and benefits. The pension is only transferable to the CFPB, but those jobs are possibilities for only a small percentage of Fed staff. The reality is that long-term employees are going nowhere (except retirement), despite their gripes.

[Anonymous]

Anonymous wrote:Most long-term staff at the Fed are there for the mission, lifestyle, and benefits. The pension is only transferable to the CFPB, but those jobs are possibilities for only a small percentage of Fed staff. The reality is that long-term employees are going nowhere (except retirement), despite their gripes.

But this is not what the attrition stats show! Very large numbers of staff have left and are leaving. The FRB is hemorrhaging staff especially younger more talented people.

A lot of people don’t want to work their entire careers there anyway. The pension doesn’t necessarily make up for what you can earn in the private sector. If you’re lazy and untalented then yes you need the pension and should stay there your entire career.

[Anonymous]

Anonymous wrote:Most long-term staff at the Fed are there for the mission, lifestyle, and benefits. The pension is only transferable to the CFPB, but those jobs are possibilities for only a small percentage of Fed staff. The reality is that long-term employees are going nowhere (except retirement), despite their gripes.

You forgot about the 12 reserve banks where a lot of staff have been going recently. The fact you even mention the CFPB shows how completely out of touch you are with what’s going on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

They still want it, desperately. Right now parents get 5 months off in the baby’s first year (8 weeks sick leave/STD + 12 weeks paid leave). Vast majority of people I know at the Board are hard working and want to do a good job. They don’t want to try to WFH and have a screaming infant. They would prefer high quality childcare located at their job. I can’t do my job properly with an infant in the house; I tried during 2020 lockdowns and it was miserable.

The Board would be smart to put in a daycare into the new facility. It won’t be free, but if you make it convenient to parking + the office the parents will be in 5 days/week. I know I would have if that option was available to me when I had my young kids while working for the Board.

There is no convenient parking anywhere around the FRB.

[Anonymous]

Anonymous wrote:A certain HR employee at the FRB is destroying the organization. I don’t know why others are going along with this. The email yesterday was icing on the cake.

How long have they been in this position?