Replacing upcoming losses to retirements is among the top management challenges at the FDIC, where 60 percent of executives and 42 percent of all employees will be retirement-eligible within five years, an inspector general report has said.
Among agency divisions the figures are as high as 75 and 68 percent, it added, and no lower than 30 and 28 percent.
“Without proper strategies to plan for succession and to manage turnover, these retirements can result in organizational gaps in knowledge, experience, and leadership. Also, retirements could impact skills gaps for specialized positions such as bank examiners,” it said, adding that in some positions such as bank examiners, it takes three or four years of training for an employee to be performing fully.
The report noted that early last year the agency announced an opportunity for early retirements and buyouts to reshape its workforce to better prepare for the turnover, but quickly canceled it when new needs arose due to the pandemic.
Other personnel-related issues, it said, involve the agency’s security and suitability program and the need for additional training in sexual harassment prevention.