Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 33
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SEC O
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processed applications. The SEC upgraded the talent within OHR, addressing strategic functions
that OHR has not previously performed or had performed only on a limited basis, specifically,
data analytics, workforce planning, and compensation guidance.
OHR also developed the
agency’s first Human Capital Plan, a key strategic document outlining people-related priorities
that link human resource activities to broader mission needs. The plan identifies five high-level
goals and supports each goal with key initiatives. Most initiatives in the plan are scheduled to be
implemented by the end of FY13, though the agency’s efforts have been limited by the funding
constraints associated with the Continuing Resolution and sequestration. Additionally, OHR
launched the Human Capital Manager program in early 2012, hiring dedicated staff to service the
Divisions and Offices by enhancing customer recruiting and hiring support. The SEC also
improved its ability to hire staff with high priority skills, including hiring individuals in the
Division of Corporation Finance, OCIE, and the Division of Enforcement with experience in
structured finance, financial instrument valuation, quantitative algorithms, automated high-
frequency trading, and municipal derivative products.
To better manage the SEC’s current workforce, the SEC implemented an Employee Based
Performance Management (EBPM) system.
This system improved the agency’s previous
performance management process by moving from a pass/fail rating scale to a five-point rating
scale to allow for a stronger differentiation among levels of performance. As of October 2012,
the system became fully operational for non-bargaining unit staff. The implementation of
EBPM, along with a new compensation system, will provide a critical foundation for
implementing pay-for-performance in the future by recognizing and rewarding employees based
on their performance. The SEC also created a Surge Response Plan to help the agency quickly
scale its workforce up and down to respond to changing mandates or market conditions (e.g., a
severe market disruption).
Strengthen the SEC’s Capabilities
To acquire tools needed to improve the agency’s ability to oversee the markets and market
participants, the SEC developed an improved capacity to monitor and manage market risk and
transformed its supporting IT structure.
The Division of RSFI established the Office of
Quantitative Research to develop custom analytics intended to inform monitoring programs
across the SEC. RSFI also developed an analytical model that uses performance data to identify
P
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