Efforts to Improve Performance

Recruitment

As in past years, the Bank continued to place heavy emphasis on the recruitment of minorities and females in its college and graduate recruitment programs in order to ensure a sufficient pool of talented employees for advancement to more senior levels. Additionally, the Bank sought to employ experienced minorities and females in higher level positions when such positions could not be filled from within.

During 1988, 103 graduates were hired under the Bank's formal recruiting programs. of that number, 31 or 30 percent were members of minority groups and 45 or 44 percent were females. To enhance our recruiting results, we added to our ongoing efforts participation in the Columbia University Black Business Student Association's Career Conference and attendance at a five-college Minority Career Fair held at Amherst University. In addition, 15 minorities and 15 females with significant work experience or professional academic credentials were hired into senior staff positions.

The Bank's summer internship program continued to serve as a source of new recruits and as an enhancement to the Bank's reputation on college campuses. This year, 12 females

and 12 minorities participated in the program and five former

Staff Development Programs

The Bank's Management Training and Executive Training

and Development Programs remain central to the Bank's effort to identify and develop minorities and females for increased responsibilities.

During 1988, 24 minorities and 42 females, or

34 percent and 59 percent, respectively, were members of the Management Training Program. There were 14 minorities and 30 females in the Executive Training and Development Program, 18 and 38 percent, respectively, of all participants. In support of its Affirmative Action objectives, the Bank also participated in or sponsored the following programs:

AIM (Association for the Integration of Management).
Six minority staff members participated during 1988 in
AIM's management-oriented workshop for individuals
desiring to advance their careers in management.

Affirmative Action: The Next Phase.

The Bank conducts a supervisory management training program entitled "Affirmative Action: The Next Phase" designed to heighten management awareness of and sensitivity to equal employment opportunity and affirmative action. Seventy-six Bank employees participated in this program during 1988.

American Economic Association's (AEA) Summer Program for Minority Economists.

The Bank sponsored a minority student in the

Association's summer program at Temple University,
Philadelphia, Pennsylvania and provided a visiting
professor to the program.

American Economic Association (AEA) Federal Reserve
System Ph.D. Fellowship Program for Minority students.
The Bank participates in the System's effort to
increase the representation of blacks and other
minorities in the economics profession at the Ph.D.
level.

Black Executive Exchange Program (BEEP).

The Bank sponsors, under the auspices of the National Urban League, minority employees as guest lecturers at predominantly black colleges and universities. Five minority officers and employees participated in 1988.

The Fund for Corporate Initiatives, Inc.i

Young Executive Program.

The Bank sponsored a minority female staff member's
attendance at this program which is designed to
develop managerial and leadership skills and provide
exposure to a broad range of management issues as
presented by successful corporate executives.

LEAD (Leadership, Education and Development)
Program in Business Ing.

This program is designed to attract outstanding
minority students to careers in business and

management. During 1988, the Bank hosted" A Day At
the Fed" for 31 LEAD students to augment their studies
about the Federal Reserve System and central banking
in the United States.

TARGETS FOR 1989-1992

The

The Bank again recommends the adoption of a multi-year approach to affirmative action planning. This recognizes that progress in this area is best measured and evaluated over a multi-year horizon, given the nature of recruitment, training and development and succession planning programs. recommended plan covers the period 1989-1992 and establishes quantitative goals for minorities and females which reflect their increasing representation in the labor market during the period 2/. A four-year time horizon was selected so as to provide goals through 1992, when detailed data from the 1990 Census of Population will become available for affirmative action planning purposes.

2/ Projections were based on data supplied by the National Planning Data Corporation.

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The Bank's overall affirmative action targets for

1992, as well as our interim goals for 1989, the first year of the plan, are shown in Table IV. Based on current staff levels, we have established as goals an increase in the representation of minorities and females in the senior and official staffs of about one percentage point for each year of the planning cycle. This will result in a net increase in the senior staff of about six minorities and seven females annually during the period. For officers, by 1992, there will be 21 to 24 minority officers and 43 to 47 female officers. While these targets are aggressive, we believe we will attain them through the continued development of current staff members and the addition of other high potential minorities and females through our recruiting efforts.

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