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ORGANIZATIONAL MANAGEMENT/HUMAN RESOURCES GROUP Turning Uncertainty and Obstacles into Confidence and Opportunities The role of elected officials and with an understanding that the talking about long-held beliefs administrators in the public sector change journey is neither a is now an essential priority and is evolving and changing, and the management fad nor a one-time prerequisite as opposed to an opportunity to be catalysts for project. option. organizational improvement is more Understanding traditional Over the past 12 months,public prominent than ever before. barriers(and there are many) officials have moved from a In my experience working with cities to organizational improvement recessionary mindset to one of and counties of all shapes and sizes,I are viewed as opportunities to opportunities and optimism. have witnessed firsthand a variety of overcome and not inhibitors of Leaders and their organizations principles and practices defining and action. are not the same as they were in shaping organizations today. Whether Recognition of a level of 2008;understanding this fact and the rationale for action is in response to capitalizing on the opportunities the impacts of the Great Recession or uncertainty following the change before you will define how successful simply to capitalize on opportunity-or process. Sometimes the answers you will be 5, 10 and even 15 years even citizen expectations -these five simply are not evident or obvious. from now. ideas have been noted in the work of Engaging staff early and often is public sector leaders: a means to minimize uncertainty and obtain essential buy-in and • Traditional roles and positional support for actions. responsibilities are less defined Realizing risk is high and there than ever before. Organizations are is no clear script to follow. seeking multi-talented employees Organizational improvement By David J.Unmacht who bring flexibility and adaptability may take many forms,including Senior Vice President to the workplace. updating structures, systems, and Consultant • Importance of leading organizations business processes and historical through a continuous change process practices. Openly discussing and dunmacht @springsted.com SPRINGSTED INVESTMENT ADVISORS The Changing Role UN Lilt U.S. FtUUlcil irwbdfve History rose to more than $3.5 trillion in Unfortunately,a psychology has The U.S.Federal Reserve("the Fed") August 2013 from $869 billion in developed in the markets of the Fed was created to ensure our monetary August 2007. Conventional tools as all-powerful and capable of single- and financial systems were safe, used to stimulate the economy, such handedly saving the economy. The as controlling interest rates and actual power of the Fed is surpassed flexible and stable. It was to act as changing the discount rate and reserve by the market's belief in its power and, lender of last resort to banks during requirements,were not working. The thus,its capability to move markets. times of financial crisis until prices/ market was looking to the Fed to This was vividly demonstrated when markets could be stabilized. The implement QE to pump money into the Fed announced it would begin Fed operates independently from the financial system and for banks, tapering its bond buying as soon as the U. S.Treasury and is responsible in turn,to lend money to the public. September 2013. The markets reacted for Monetary Policy(controlling the The Fed had hoped that QE2 and vehemently,driving the benchmark supply of money)while Congress QE3 would lower long-term interest 10-year U.S.Treasury yield up and controls Fiscal Policy (i.e. government rates,increase investment and boost the stock market down, as they tried to the past,it was seen as a low profile spending/revenue collection). I job growth. Although it kept long- figure out what the Fed was thinking. it has been only institution charged with keeping its term rates down, r inall successful with the two The Fed's strategy seems to be ma policy in support of the Government's. matte objectives. keeping us afloat so far. Only time will tell whether they were successful What happened? Score card for the Fed? or whether their actions will create The Fed's role expanded following the The Fed has been both praised and inflation in the future. global financial crisis. In recent years, it has used extraordinary measures criticized for its role in carrying out monetary policy in this fragile °y "'c'c'a "`a'er to maintain the economy,the most economy. Many economists believe visible being its intervention in the t Vice President our nation would have entered into bond markets with large scale asset and Consultant purchases(referred to as"quantitative a depression had it not taken an tkraser @springsted.com easing"or"QE"). The Fed's assets aggressive approach. di PAGE 4 ® springsted