SAN FRANCISCO — The Federal Reserve Bank of San Francisco has been named one of the top two places to work in the annual list of the 100 Best Companies for 2021 according to an annual list by Seramount (formerly Working Mother Media).
This year’s winners are focusing on providing inclusive benefits for families—including paid, gender-neutral parental leave and backup childcare—and supporting their employees during the COVID-19 pandemic. The San Francisco Fed was included in the list for the fourth year in a row and was also named one of the “Best Companies for Dads,” which celebrates organizations that lead in the areas of gender-neutral leave, childcare, flexible schedules, and more.
“At the San Francisco Fed, we are working to create unreserved opportunity by living our values and putting our employees first,” said Mary C. Daly, president and CEO of the Federal Reserve Bank of San Francisco. “We are proud to offer benefits that foster a culture that support all types of families and builds a more inclusive, diverse, and collaborative workplace.”
In addition to the San Francisco Fed, other companies that made the top 10 list in 2021 are (in alphabetical order): Bank of America, Citrix, Deloitte LLP, Ernst & Young LLP, Goldman Sachs & Co., IBM, Johnson & Johnson, Merck, and Moody’s.
“Working parents and caregivers have had to shoulder so much responsibility throughout the pandemic, and our 100 Best Companies continue to offer support through their generous programs and benefits,” says Subha V. Barry, President of Seramount. “These companies have made the needs of their employees a priority, and we celebrate their commitment to creating an inclusive workplace culture where this critical talent pool can thrive.”
The 2021 Seramount 100 Best Companies application includes more than 400 questions related to leave policies, workforce representation, benefits, childcare, advancement programs, flexibility, and more. It surveys the availability and usage of these programs, as well as the accountability of the many managers who oversee them.
Paid gender-neutral parental leave is just one of the inclusive benefits that earned the SF Fed recognition. The Bank also provides employees with mental health and wellness coverage, backup child care, a dependent care FSA, flexible schedules, and opportunities for professional development and continuing education. The SF Fed also supports and encourages participation in employee resource groups (ERGs), including one focused on parents. With its mission to spotlight issues and champion initiatives that affect employees with children, the Parents ERG provides a forum for knowledge sharing, resource development, and community building.
In addition to providing benefits and a culture that values working parents, the SF Fed also conducts research related to parents’ participation in the workforce. For example, a recent working paper found that gender gaps in labor market outcomes during the COVID-19 pandemic are attributable to differences across parents, with mothers experiencing sharper and longer lasting declines in labor force participation. Knowing the importance of child care for parents’ ability to participate in the workforce, our Community Development team has partnered with the Low Income Investment Fund on the Investing in the Future of Child Care initiative to look at the challenges faced by the child care market and ways to support child care providers. Through our research and applying findings to our own practices within the San Francisco Fed, we are committed to demonstrating our values of putting people first, building inclusive opportunity, and focusing on the future.
The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.