An inspector general report has urged greater attention by the FDIC to retention of employees, “especially given the economic uncertainty resulting from the coronavirus pandemic and the need to retain employees with skills, experience, and leadership capabilities.”
“Additionally, talent management is important as the FDIC looks to reshape its workforce to transition the agency and operations following the pandemic,” said a report which noted that 42 percent of current FDIC employees will be eligible to retire within the next five years, including 60 percent of managers and executives.
The report said that the agency “does not have a process for collecting and analyzing the various types of data that can be used to assess employee retention” and “does not have clearly defined goals to manage employee retention.” It said the strategies in place “were not expressed as objective, quantifiable, measurable objectives, for which progress could be assessed.”
“The FDIC should develop a retention management strategy based on retention and attrition needs across the agency, recognizing that these needs change over time. This strategy should include clearly defined goals, collecting and analyzing relevant data, and ways to measure the effectiveness of its retention activities,” it said.
Management agreed with recommendations to develop objective goals for retention management and to assess the effectiveness of its retention efforts.