Federal Reserve Bank Mentoring Program Case Study

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What was a key factor cited by participants in the success of the mentoring program?

High cost of the program

Voluntary nature of the program (correct)

Limited number of mentors available

Mandatory participation of employees

What concern did Rubinstein and Wixted have regarding the mentoring program?

Funding issues for the program

The length of the mentoring relationships

The need for more mentors

Low application rate for the second round (correct)

Which aspect of the program's implementation was highlighted as important by mentees?

Simplicity of the program structure

Length of the mentorship duration

Thorough matching process (correct)

Limited participant involvement

Who was the program manager for the mentoring program at the Federal Reserve Bank of Chicago?

Amy Rubinstein Signup and view all the answers

What did the senior management pressure Rubinstein and Wixted to do?

Expand the program to serve more employees Signup and view all the answers

What was the nature of the relationships described by the mentees in the program?

Supportive and development-focused Signup and view all the answers

When was the first formal mentoring program launched by the Federal Reserve Bank of Chicago?

September 2000 Signup and view all the answers

How many pairs participated in the initial launch of the mentoring program?

25 pairs Signup and view all the answers

What was a primary motivation for developing the mentoring program at the Bank?

To provide opportunities for career development. Signup and view all the answers

In what year did the Bank's leaders decide to revisit the idea of a mentoring program?

2000 Signup and view all the answers

Who was appointed as the executive sponsor for the mentoring program?

Jack Wixted Signup and view all the answers

Which initiative was prioritized over the mentoring program at the Bank?

Diversity Initiative Signup and view all the answers

What did the advisory group primarily consist of?

Volunteers from the leadership initiative and selected managers Signup and view all the answers

What concerns were expressed by members of the advisory group?

Long-term success of the program Signup and view all the answers

Which was NOT one of the six teams established under the diversity task force?

Investment Strategies Signup and view all the answers

How many diversity commitments did the task force recommend?

72 Signup and view all the answers

What was one reason given for not acting on the initial mentoring program proposal?

A shift in cultural focus Signup and view all the answers

What role did Amy Rubinstein take on for the development of the mentoring program?

Program Manager Signup and view all the answers

What term length do the Senate members serving in oversight of the Federal Reserve Banks hold?

14 years Signup and view all the answers

What was one of the prominent issues identified in the culture survey conducted by the Federal Reserve Bank of Chicago?

Overly bureaucratic structure Signup and view all the answers

Which of the following areas was NOT one of the six core areas organized around the 'Fresh Look' culture change initiative?

Financial stability Signup and view all the answers

Who took office as the president and CEO of the Federal Reserve Bank of Chicago in September 1994?

Michael Moskow Signup and view all the answers

According to Michael Moskow's observations, what was a significant characteristic of the Federal Reserve Bank of Chicago's culture upon his arrival?

Authoritarian mentality Signup and view all the answers

What was the purpose of the internal communication that outlined the results of the culture survey?

To identify and address employee concerns Signup and view all the answers

What primary goal did the 'Fresh Look' project aim to achieve at the Federal Reserve Bank of Chicago?

Foster innovation and open communication Signup and view all the answers

Which aspect of the organization did Michael Moskow believe needed to change for better decision-making?

Encouragement of innovation Signup and view all the answers

How many employees were approximately in the Chicago district of the Federal Reserve System in the year 2000?

2000 Signup and view all the answers

What role did the management committee play in the culture change initiated by Moskow?

They oversaw work of the six committees. Signup and view all the answers

What was a major concern of the advisory group member regarding the Bank's initiatives?

Programs not gaining momentum or fading away Signup and view all the answers

What was necessary for building trust among Bank employees regarding the mentoring program?

Securing support from top management Signup and view all the answers

What was a key decision made by the advisory group about the target population for the mentoring program?

Targeting employees without access to developmental opportunities Signup and view all the answers

Which criterion was NOT required for mentees to participate in the mentoring program?

Holding a managerial position Signup and view all the answers

What was the duration of the mentoring program as decided by the advisory group?

One year with an option to continue Signup and view all the answers

Which aspect of the mentoring program was specifically mentioned as part of the advisory group's basic tenets?

Communication skill enhancement Signup and view all the answers

Which method was NOT used by the advisory group to market the mentoring program?

Advertising in external media Signup and view all the answers

What was the minimum business experience required for mentors in the mentoring program?

Five years of experience Signup and view all the answers

What kind of feedback did Rubinstein hear about the mentoring program from Bank employees?

Employees were skeptical and concerned about its longevity Signup and view all the answers

Which of the following was a part of the program implementation process?

A two-day meeting with the consulting firm Signup and view all the answers

What was the main reason for limiting the number of mentors and mentees in the pilot program to 25 each?

To keep the pilot manageable and maximize the learning experience. Signup and view all the answers

How many applications were received for mentors and mentees during the selection process?

37 mentors and 44 mentees. Signup and view all the answers

What was a key criterion in selecting mentees for the pilot program?

Their access to people and information. Signup and view all the answers

Which factor was NOT considered when selecting mentors for the program?

Geographic location of mentors. Signup and view all the answers

What was the main focus of the matching process between mentors and mentees?

Compatibility in personality and interests. Signup and view all the answers

Who was present at the start of the information sessions to introduce the program?

Jack Wixted. Signup and view all the answers

What structured method did the advisory group use during the matching process?

Arranging pairs based on their primary goals or offerings. Signup and view all the answers

What was the purpose of the initial information sessions conducted by Rubinstein and Myrie-Hodge?

To provide an overview of the program and answer questions. Signup and view all the answers

What demographic aspects were noted about the population of the pilot group?

Diversity across race and salary grade. Signup and view all the answers

What was emphasized by the consultant to the advisory group regarding the mentoring relationships?

The importance of careful matching. Signup and view all the answers

What was the primary purpose of the initial training session for mentors and mentees?

To define roles and establish specific mentoring goals. Signup and view all the answers

How did the training influence the expectations of mentors regarding their roles?

Mentors were informed they should only serve as a sounding board. Signup and view all the answers

What was one key activity that took place during the second day of training?

Participants completed the DISC inventory assessment. Signup and view all the answers

What was the main objective of the circle mentoring program?

To establish a larger group dynamic for shared learning. Signup and view all the answers

What type of groups were involved in the mentoring circles formed by the advisory group?

Affinity groups with common educational interests. Signup and view all the answers

Which of the following best describes the DISC inventory tool used in the training?

A personality and style assessment tool. Signup and view all the answers

What was one benefit described by a mentor after the training session?

Gaining clarity on expectations for the mentoring relationship. Signup and view all the answers

How many people generally made up a circle in the circle mentoring program?

6 to 10 individuals. Signup and view all the answers

What was the main focus of the consultants during the role-playing sessions with mentors?

To enhance mentors' listening and coaching skills. Signup and view all the answers

In the context of the mentoring program, what is the role of a mentor during the agenda-setting meetings?

To facilitate the conversation while the mentee drives it. Signup and view all the answers

What action did Rubinstein take when a mentee faced challenges with her supervisor?

She intervened to arrange a meeting with the supervisor. Signup and view all the answers

What was one of Rubinstein's responsibilities as the mentoring program manager?

To organize monthly mentee lunch meetings. Signup and view all the answers

How often did Rubinstein perform evaluations of the program's effectiveness?

At one, three, and six-month intervals. Signup and view all the answers

What benefits did the mentees perceive they received from the program?

Recognition and support from senior management. Signup and view all the answers

What led the mentee to consider quitting the program initially?

She believed the program wasn't useful. Signup and view all the answers

What significant change did the mentee experience after staying in the program?

She improved her professional situation. Signup and view all the answers

What was a notable response from senior management at an event for mentees?

They actively engaged in discussions about the mentees' experiences. Signup and view all the answers

What specialized resources did Rubinstein develop for the mentoring program?

A library of mentor-related materials and skills. Signup and view all the answers

What was one of the main benefits cited by the circle group mentees about their experience?

Increased peer networking and support. Signup and view all the answers

What feedback did some mentees provide regarding senior management's support?

They believed more vocal support was needed. Signup and view all the answers

How many mentees received promotions within nine months of starting the program?

7 out of 25 Signup and view all the answers

What concern did Pat Brunner have before entering the mentoring program?

She felt underutilized despite her degree. Signup and view all the answers

What was a key outcome of the monthly lunch meetings for the mentees?

They formed an informal support network. Signup and view all the answers

What helped Mary Jo Huck feel more at home at the Bank?

Her mentor's encouragement and shared background. Signup and view all the answers

What position did Rubinstein take on when she dedicated herself full-time to the program?

Mentoring program manager. Signup and view all the answers

What did mentees plan to do after the one-year formal program ended?

Organize informal gatherings for support. Signup and view all the answers

What was a significant concern regarding some managers’ participation in the mentoring program?

They were burdened by the program’s time requirements. Signup and view all the answers

How did the mentoring program help mentees with career development?

By facilitating discussions on navigating career opportunities. Signup and view all the answers

What initial assumption did Mary Jo Huck have about working in a financial institution?

She believed she would not fit in due to her background. Signup and view all the answers

According to the mentees, how does the structure of the program benefit their professional development?

It serves as a reminder to pursue their goals. Signup and view all the answers

What was the final step in the mentoring program's rollout timeline?

Conduct orientation, training, and link-up Signup and view all the answers

Which event was specifically designed for mentors according to the sample event schedule?

Coaching lunch meeting Signup and view all the answers

When was the application deadline for the mentoring program?

October 5, 2000 Signup and view all the answers

Which audience was present at the guest speaker event on mentoring?

All participants Signup and view all the answers

What type of event occurred on March 29, 2001, aimed specifically at one group?

Mapping Your Career Signup and view all the answers

On what date were pairs designated for matching in the mentoring program?

October 11, 2000 Signup and view all the answers

What significant impact did involvement in the Bank-wide program have on the individual's career?

It enhanced their creativity and responsibility in their new HR role. Signup and view all the answers

What motivated one mentor to apply for the mentoring program?

A sense of obligation to give back. Signup and view all the answers

What effect did the mentoring experience have on the mentor's personal growth?

Encouragement to pursue further education. Signup and view all the answers

What was the advisory group's concern regarding the advertising of the second round of the mentoring program?

That they would face overwhelming applications. Signup and view all the answers

Which method was used to streamline the matching process for the second round of the mentoring program?

An Access database for entry and queries. Signup and view all the answers

What was one key complaint regarding the initial training session for the mentoring program?

It required too much time away from work. Signup and view all the answers

What was the outcome of the mentoring program on the employees who enrolled in school?

They observed their mentor's positive experiences. Signup and view all the answers

What aspect of the mentoring program was reported to improve the morale of participants?

The relationships formed within the mentoring pairs. Signup and view all the answers

When did the advisory group conduct the second round of the mentoring program?

In the summer of 2001. Signup and view all the answers

What benefit did one mentor unexpectedly gain from her participation in the mentoring program?

Improved job satisfaction. Signup and view all the answers

What role does a mentee's manager play in the mentoring process?

Managers are expected to facilitate participation and follow up on progress. Signup and view all the answers

What is the minimum participation requirement for the mentoring program?

Four hours per month for one year. Signup and view all the answers

What should mentors and mentees do if they face issues in their relationship?

Seek guidance from the program manager or work through the issues together. Signup and view all the answers

Will participation in the mentoring program guarantee promotions or new positions?

No, it merely provides opportunities for professional development. Signup and view all the answers

Are mentoring sessions required to take place during work hours?

Yes, they must occur during work hours. Signup and view all the answers

What is the main goal of the mentoring program?

To provide professional development opportunities. Signup and view all the answers

Who has the authority to choose to end a mentor-mentee relationship?

Both the mentor and mentee together. Signup and view all the answers

Which population is eligible for participation in the mentoring program?

Any bank employee meeting the minimum criteria. Signup and view all the answers

What happens if an employee has a heavy travel schedule?

They may participate as long as they meet the minimum requirements. Signup and view all the answers

What is the goal of the periodic follow-up with the program manager?

To support the growth and learning of the mentor-mentee pairs. Signup and view all the answers

What was a significant reason for the advisory group's concern about expanding the mentoring program?

Participants might experience fewer benefits in a larger program. Signup and view all the answers

What is expected from each participant in terms of time commitment for the mentoring program?

At least four hours per month for one year. Signup and view all the answers

What is the primary basis for matching mentors and mentees in the program?

Common goals identified in applications. Signup and view all the answers

What is the role of managers in the mentoring program?

To support the mentoring relationship and provide feedback. Signup and view all the answers

What action is planned if too many mentees apply without enough mentors?

Mentees that cannot be matched will be encouraged to wait for the next phase. Signup and view all the answers

What was one of the positive outcomes reported by participants of the pilot mentoring program?

Enhanced relationships and support within the workplace. Signup and view all the answers

What aspect of the mentoring program was emphasized by the advisory group when considering expansion?

Maintaining the program’s voluntary and personalized nature. Signup and view all the answers

When were applicants notified of their status for the mentoring program?

The week of October 13. Signup and view all the answers

Which advisory group member had previously worked on a mentoring proposal in 1996?

Lysette Bailey Signup and view all the answers

Study Notes

Overview of the Mentoring Program

Launched in September 2000, the Federal Reserve Bank of Chicago's formal mentoring program aimed to enhance employee development and retention.
Initially included 25 mentor-mentee pairs supported by 4 circle groups.
Program manager Amy Rubinstein played a critical role in facilitating relationships and fostering enthusiasm among participants.

Pilot Program Success and Challenges

Positive feedback from mentees indicated high satisfaction and loyalty to the Bank.
Despite success, the application rate for the second round was lower than expected, prompting concerns from senior management regarding its sustainability and expansion.

Federal Reserve System Structure

The Federal Reserve Bank of Chicago is one of 12 regional reserve banks under the Federal Reserve System, which includes a Board of Governors in Washington, D.C.
The Chicago district encompasses northern Illinois, Iowa, northern Indiana, southern Michigan, and southern Wisconsin, employing approximately 2,000 staff as of 2000.

Cultural Context and Change

Historically, the Bank's culture was characterized by low morale and a formal, authoritarian environment, which prompted a culture survey in 1995.
Management responded by initiating the "Fresh Look" project in 1996, aiming to foster innovation, open communication, and employee empowerment.
The program targeted leadership, performance management, communication, skill development, and customer focus.

Initial Proposal for Mentoring

The need for a mentoring program was recognized during discussions among managers; however, initial proposals faced resource allocation challenges and were deprioritized.
Focus on a Diversity Initiative in 1997 led to mentoring being identified as a key strategy.

Development and Launch of Mentoring Program

After revisiting the proposal in 2000, an executive sponsor was appointed, leading to the formation of an advisory group.
Advisory group included stakeholders from various departments and aimed for a program design that addressed inclusion, skill development, and communication.

Program Eligibility and Marketing

Eligible participants must have been employed for at least one year, in good standing, have effective performance ratings, and commit to 4 hours monthly for one year.
Marketing strategies included creating promotional materials, holding information sessions, and direct outreach during lunch hours to increase awareness and interest.

Participant Selection Process

Initially planned for 25 mentors and 25 mentees; ultimately, 37 mentors and 44 mentees applied.
Selection criteria focused on access to opportunities and matching applicants based on coaching experience and relationship interests.

Matching and Training

The matching process prioritized non-hierarchical relationships and compatibility based on personalities and professional goals.
Training sessions for participants included role descriptions, goal setting, and dialogue skills, using tools like the DISC inventory to enhance communication and understanding.

Goals of the Mentoring Program

Aimed to provide career development support and enhance employee retention by fostering meaningful mentor-mentee relationships.
Emphasized that mentors serve as sounding boards allowing mentees to lead discussions and establish their own development goals.### Circle Mentoring Program
Circle mentoring involves groups of 6 to 10 people with shared interests meeting with one or two mentors.
Affinity groups include the Graduate Leadership Council (GLC) for employees in or recently completed graduate programs, and the Higher Education Resource Organization (HERO) supporting employees considering further education.
Four mentoring circles were established, focusing on different developmental goals.

Program Management and Challenges

Program Manager Rubinstein frequently checked on participants to maintain motivation and resolve issues between mentors and mentees.
Training for the circle program occurred in November 2000, with a similar structure to pairs training.
Rubinstein developed a resource library on mentoring and organized monthly lunch meetings for networking.

Evaluation and Support

Participants underwent one-month, three-month, and six-month evaluations for program effectiveness, with a final survey planned for feedback.
Senior management including Bank President Moskow supported the program by engaging with mentees and acknowledging mentors' contributions through events and recognition.

Informal Support Networks

Mentees formed an informal support network, assisting peers in overcoming challenges and enhancing program utilization.
Peer connections proved beneficial, with plans for informal gatherings post-program completion to continue mutual support.

Impact on Retention and Employee Development

Within nine months, 7 out of 25 mentees were promoted, highlighting the program's positive influence on career advancement.
Individual stories, such as those of mentees like Pat Brunner and Mary Jo Huck, illustrate how mentoring facilitated greater awareness of internal opportunities and boosted confidence.

Benefits for Mentors

Mentors also experienced personal growth and improved job satisfaction, with examples of encouragement leading them to pursue further education through the Bank’s tuition assistance program.

Second Round of the Program

A second round in summer 2001 aimed to include 30 pairs, with adjustments made based on pilot feedback, such as condensing training to one day.
Only 23 mentors and 22 mentees applied, which was surprising given the initial demand and success of the program.

Future Considerations

Advisory group members deliberated on expanding the program to accommodate additional participants without sacrificing its personalized nature, recognizing both high demand and the effective impact of smaller groups.

Program Administration

The advisory group consisted of diverse members from various departments, including HR, diversity, and training.
The matching process focused on aligning mentor and mentee goals and included a statement noting that participation did not guarantee promotions but fostered professional growth.

Key Insights

Mentees' and mentors' experiences suggest that structured mentoring programs can significantly enhance employee engagement, career development, and morale within an organization.### Distribution of Mentee Applicants
Total applicants: 44, categorized by salary grade and race/gender
Highest number of African-American females: 19; predominant mentee group
Notable applicants from salary grade 11: 10 total (2 African-American females, 7 Caucasian females, 1 Hispanic female)
Lowest representation from Hispanic applicants (1 male, 1 female)
Salary grades 4 and 6 had fewest total applicants (2 and 4 respectively)

Distribution of Mentor Applicants

Total applicants: 37, with a breakdown by salary grade and race/gender
Most mentors from Caucasian males (17 total); significant participation from Caucasian females (11)
Salary grade 14 had the highest number of mentors overall (8: 1 African-American male, 1 African-American female, 3 Caucasian males)
Asian females represented as mentors with 2 total
Assistant VP level had significant mentor representation (7 total)

Program Roll-out Timeline

Program initiation and presentation to management: September 11, 2000
Marketing and applications distributed between September 11 and October 5, 2000
Application deadline set for October 5, 2000
Application screening occurred on October 6, 2000
Pair matching designated on October 10 and completed by October 11, 2000
Selected staff notified on October 13, 2000
Orientation and training sessions held on October 23 and 24, 2000
First orientation for circles scheduled for November 2000

Sample Event Schedule for Program Participants

Key program events included career mapping for mentees, coaching meetings for mentors, and guest speaker events
Notable events:
- Mapping Your Career for mentees on March 29, 2001
- Guest speaker sessions for all participants on May 22, 2001
- Volunteer activity planned for all participants on July 25, 2001
Regular breakfast meetings for mentors and mentees scheduled throughout the program

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Explore the Federal Reserve Bank of Chicago's mentoring program through this insightful quiz. Learn about its inception, key players, and future strategies as discussed in a crucial meeting. Ideal for those interested in organizational behavior and mentorship.