The document summarizes the roles and responsibilities of the Chicago Federal Reserve, including conducting monetary policy, supervising banks, and ensuring price stability. It discusses how Maslow's hierarchy of needs relates to employee satisfaction and productivity. When needs are met, employees are happier and more productive, which benefits the organization. While the Chicago Fed values both production and employee concerns, its responsibilities require a high focus on productivity. Effective management balances these two priorities.

1. Slide Share 2- The Chicago
Federal Reserve and Business
Theories
Christina Farmer
10/9/16
CTAC 354 MW 3:30

2. What Does the Chicago Fed do?
• The bankers bank- The lender of last resort if a bank is about to fail.
• Conducts monetary policy
• Supervises banks to make sure they are following rules put in place (credit
rates, required reserves ratio, etc.)
• Insures stable prices through monitoring the amount of money printed
• Oversees interest rates and select chairmen vote on the federal funds rate,
target inflation rate, etc.
• Conducts open market operations- takes and deposits money into banks
accounts. When there is increased demand for money, they buy treasury
bonds.
And much more!

3. I went to the speech by Cindy Ivanac-Lillig from the
Chicago Federal Reserve, and we got pens that
contain shredded money which is one of their roles.
HOW COOL!

4. Maslow’s Hierarchy of Needs Theory
When applying Maslow’s Hierarchy of needs to my career of working
for the Chicago Federal Reserve, I can look at employees needs in order
to be productive, but I can also look at factors that can influence the
numbers for economic indicators that I look at every day.

5. According to the Theory, What Are Our
Needs?
• Psychological needs- needs of the human body that can create
psychological noise such as food/water, sleep, and work conditions.
• Safety needs- humans’ need to be free from dangers such as low wages,
unsafe work conditions, and no time off work for sickness.
• Affiliation needs- humans’ need for the giving and receiving of
affection/appreciation from co workers/supervisors.
• Esteem needs- The need for each employee to feel a sense of achievement
and accomplishment.
• Self actualization- The need for humans to constantly be the best version of
themselves every day.
(Miller, 2015)

6. Article Summary- Workplace Satisfaction and
Productivity are Related
The main point of this article was to say that satisfaction and
productivity are related. It went on to show 6 tips to increase employee
satisfaction, and explain what happy workers can do in the long run for
the company.
Employees get a drive to succeed, they are more willing to refer the
company to a friend, and they have more dedication towards the
company if they are happy.
Listening, respect, and allowing creativity are main points I highlighted
in this article that employees need to encourage in the workplace.

7. How does the Theory Relate to Our Careers?
• There is a positive correlation between the amount of job satisfaction
(needs met), and productivity.
When we are happy, we:
• Have a drive for success => quality work + good work ethic
• Have increased dedication => attention to detail + less turnover
• Are Allowed to be creative => more ideas
• Are Positive
• Feel listened to and respected => encourages dedication and productivity
• Create referrals => more employees and more work done
(Edwards, 2015)
All of these have been proven through studies to increase productivity

8. How Does the Theory Relate to Economic
Indicators?
Productivity- If job satisfaction is low, productivity suffers.
Unemployment rate- If and employee’s needs are not met, their work
suffers and they are more likely to get fired which increases the
unemployment rate if it is a large enough problem.
Average hourly earnings- The more productive an employee is, the
more companies make in revenue, which in turn can contribute to
higher wages!

9. Types of Management (Blake and Mouton)
Blake and Mouton made the argument that organizations have
different levels of “concern for people (employees)” and “concern for
production”. They agreed that the best managers focus on productivity
and employee needs (Miller, 2015). This made me curious what type of
environment my future careers may have, so I checked the Chicago
Federal Reserve’s website.

10. What the Chicago Fed Values
• If you go to the Chicago Fed website, you will see that they support a
inclusive work environment where team members are treated fairly
and have equal opportunities, so I would argue they therefore value
their employees concerns highly.
• If you check out their mission statement, you will see that they have
responsibilities such as implementing monetary policy, regulating
both state and international bank branches, and providing financial
services to the government and financial institutions. Due to there
huge roles for the US, I would say their concern for production is way
high!

11. Middle of the Road Management or Team
Management?
Which type of system is better for companies? I would argue we must
look at the needs and roles of the company.
• Most businesses work better under a “middle of the road”
management style where they balance productivity and concern for
the members of the organization.
• Businesses that have a huge role in the US’s rules and regulations
work better in the “team management” style because with more
pressure to do your job correctly, and an entire country’s lives on the
line, you have to value productivity and concern for workers much
more.

12. Chicago Fed- Communication Patterns
Content: Task accompanied by maintenance communication, with
innovation when things need to be changed.
Direction: I would argue that most of their communication is vertical
because there is a hierarchy, but they do communicate to many people
to reinforce their decisions.
Channel: All channels, if you must decide which is used most it is
dependent on the employees position in the Fed.
Style: The Chicago Fed definitely practices formal communication in
every aspect of their job because their decisions are so important to
the US and internationally.

13. Questions for Further Research
From doing this project I like the idea of “saving a business”.
What are some careers I can have that can help save a small business
financially?
What are the regulations a small business has to follow that may make
my job more difficult?

14. My Homework
I need to take it upon myself to conduct an interview or job shadow
and find the specifics of companies in the industry I am interested in. I
need to know their culture, the way they primarily communicate, and
their job responsibilities so I know if I will be well suited for the career.

15. Reference Page
Edwards, S. (2015). Examining the Relationship Between Workplace
Satisfaction and Productivity. Inc. Retrieved from
http://www.inc.com/samuel-edwards/examining-the-
relationship-between-workplace-satisfaction-and-
productivity.html
Federal Reserve Bank of Chicago. (2016). Work Culture. In 2015-2016
Federal Reserve Bank of Chicago Areas of Opportunity. Retrieved
from https://www.chicagofed.org/people/jobs/our-culture
Miller, K. (2015). Organizational communication: Approaches and
processes (7th ed.). Stamford, CT: Cengage Learning.

16. References Continued
Bureau of Labor Statistics. (2016). Retrieved from www.bls.gov