Fannie Mae's Human Resource Management Policies
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Case Details:
Case Code : HROB038
Case Length : 16 Pages
Period : 1999 - 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Federal National Mortgage Association
Industry : Mortgage Financing
Countries : USA
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Excerpts
HR Policies at Fannie Mae
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Employee development, promoting and recognizing team work and individual
performance, and fostering diversity were a part of Fannie Mae's core
commitments and an integral part of its corporate philosophy. Until the
mid-1980s, the HR policies were aimed only at ensuring that employee
compensation and benefits were on par with the best in the industry. During that
period, employee benefits across the industry were limited to retirement
benefits, stock options, pension plans, and a few health and welfare benefits.
After the mid-1980s, the financial services industry, especially the home
mortgage market, had to deal with a major increase in competition.
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To survive in a highly competitive market, companies had to focus on
efficiency and growth. The development of a talented workforce was one of
the ways in which companies could derive competitive advantage in such a
market.
Around the same time, changing trends in American society and demographics
(increasing number of nuclear families, single parent families and old
people) required employees to pay more attention to their families' needs.
As a result, employees tried to find ways to balance their work and family
lives. Fannie Mae was among those few companies which recognized these
changes and re-evaluated their HR policies, to meet the changing needs of
the employees, in order to attract and retain talented workforce...
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The Efforts Pay Back Manifold
By the early 21st century, Fannie Mae had been reaping the rewards
of its innovative HR policies for many years. In early 2003, the
company had one of the lowest turnover rates (3%) in the industry,
which analysts attributed to its HR policies and organization
culture.
The company had five minority members on its 17-member
management board and eleven out of its 50 highest-paid employees
were from minority communities. |
About 44% of Fannie Mae's employees were minorities and
around 44% of the employees in the top management cadre were women. The CMP
included more than 300 formal participants and 100 informal participants in 2003
as compared to a mere 50 participants in 1994. In 2003, more than 12% of
minority employees were participating in CPM. ...
Exhibits
Exhibit I: Fannie Mae - Ten Core Commitments
Exhibit II: Major Objectives of the Office of Diversity
Exhibit III: Working Mother Magazine Survey (2003)
Exhibit IV: Working Mother Magazine - Diversity Survey Report at Fannie Mae
Exhibit V: Awards And Recognition Received by Fannie Mae
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