23 percent of FDIC staff already are eligible to retire—higher than the government-wide rate of about 15 percent. Image: DCStockPhotography/Shutterstock.com
By: FEDweek StaffPersonnel issues, including ongoing attrition and the potential for even more, were named as among the top management challenges for the FDIC in the most recent inspector general assessment.
“Attrition—through resignations and retirements—can create opportunities for employees and allow organizations to restructure, but if turnover is not strategically monitored and managed, gaps can develop in an organization’s institutional knowledge and leadership,” the report says. However, the agency “has faced increasing staff attrition rates, and has been unable to close the attrition gap through hiring.”
The report said that while over time the agency’s attrition rate has been somewhat below government-wide averages, that gap narrowed in recent years and the attrition of 9.5 and 8.5 percent in 2021 and 2022 remained above the pre-pandemic rates in the 6-7 percent range.
Hiring has not been able to offset attrition, it added, with six major divisions down between 5 and 20 percent, including “mission-critical examination staff.” Turnover rates for newly hired examiners are higher than the agency-wide average, causing a loss to the agency in the cost and time spent in training them, it said.
“According to the FDIC’s analysis of surveys from employees departing the FDIC, more than 41 percent of those departing were retiring, and about 25.5 percent were resigning to take positions at banks or within the private sector. Nearly 16 percent of employees transferred to other Federal agencies, and 17.5 percent did not provide a reason for departure,” it said.
Meanwhile, 23 percent of FDIC staff already are eligible to retire—higher than the government-wide rate of about 15 percent—including 41 percent of executives and 30 percent each of examiners and managers.
“Collectively, FDIC current attrition and retirement-eligibility rates have the potential to result in future organizational knowledge, skill, and leadership gaps that may impede the FDIC from achieving results,” it said.
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