The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General (OIG) has issued its memorandum, FDIC Succession Management and Employee Retention Efforts.
According to the FDIC, its workforce is the most critical factor in achieving its mission of maintaining stability and public confidence in the nation’s financial system. In addition, the Government Accountability Office has recognized strategic human capital management, including aspects of succession management and employee retention management, as a high-risk area across the Federal Government since 2001.
We are issuing this memorandum to suspend our work on the Succession Management and Employee Retention Efforts project. In this memorandum, we provide an overview of the challenges facing the FDIC’s succession management and employee retention programs, describe the FDIC’s current status, and highlight key areas that require continued attention.
In light of the evolving workforce landscape facing the Federal Government and the FDIC, as well as the FDIC’s ongoing work to address a recent OIG recommendation, we believe it is prudent to delay further work at this time. The OIG plans to revisit and report on the FDIC’s efforts in these areas once the FDIC has had the opportunity to more fully implement its Workforce Optimization Initiative.