The OFR Releases Study on Improving Workplace Culture
Published: November 21, 2017
The Office of Financial Research today published an independently commissioned study focused on improving its workplace culture. The study includes both a quantitative analysis focused on data-driven insights into employee outcomes and a qualitative analysis focused on employee feedback about workplace culture.
“We are pleased with the findings in the study that affirm the OFR’s commitment to a diverse, and thus productive, workforce — a commitment we have and will continue to implement,” said Richard Berner, OFR Director.
The quantitative analysis examined performance ratings, base salary and merit pay increases, promotions, award selections, and separations, among other employee outcomes, and found no evidence of a pattern of adverse outcomes by gender or race ethnicity.
The qualitative analysis solicited feedback directly from employees about workplace culture with a focus on diversity, inclusion, fairness, employee engagement, empowerment, and trust. This analysis identified key areas where the OFR can better invest in its employees to foster a more positive culture, including by enhancing communication, improving decision-making, creating a more robust system of human resources support, and offering a greater range of development opportunities.
The listening sessions and interviews with employees and managers at the OFR were imperative to ensuring their voices were heard loud and clear. We recognize there are legitimate concerns about workplace culture. We believe this study can inform future OFR leaders to ensure we offer our employees the support and opportunity desired to help their professional development and satisfaction,” Berner continued.
At the initiation of the OFR, the study was conducted by Charles River Associates and sponsored by the U.S. Treasury Department’s Offices of Minority and Women Inclusion, Civil Rights and Diversity, Human Resources, and General Law, Ethics, and Regulation. A copy of the study can be accessed here.