Letter from Vice President
We Hit Our Stride in 2010
Sandi Schmiesing
Vice President, Farm Credit Foundations
2010 in Review
We experienced steady recovery of plan assets in 2010, while the pressure from health care costs continued into 2011.
Legislative reform efforts are raising more questions than answers, and we are diligently tracking the dialogue.
Prominent on the Farm Credit radar screen is the increased regulatory focus in 2010 on executive compensation and benefits. This underscores our clients’ need for timely competitive marketplace data and efficient access to their own workforce information.
In 2009 and 2010, we produced benefits educational materials for employers and their boards of directors. We will expand those efforts to the health care environment in 2011.
As employers are contemplating the creation of the 4.25 Service Corporation, Farm Credit Foundations has been operating in 2010 as a ‘virtual’ 4.25 organization. We are well positioned to move forward.
And, as Farm Credit moves into an era with many more retirements, Foundations has proactively evaluated the entire retirement process. We are now prepared with a significantly improved process, education, communications, decision tools and an approach that mirrors the entire retiree experience — before, during and after the transition.
Farm Credit Foundations spent 2010 focusing on delivering extraordinary service and reinforcing the trust shown to us by our client-owners. We hit our stride in 2010! This Annual Review highlights where we are today — and speaks to our promise for the future.
A Changing HR Environment
The excitement of what we accomplished in 2010 needs to be balanced with the increasing challenges of our current HR environment.
One of the most significant expenses for our business owners is the rising cost of benefits as is relates to employees, who are the most important assets we have. We continue to strive and support the balance of attracting and retaining the best talent with managing the escalating cost of human capital.
A Heart-Felt Thank You to Our Governance Committees and AgriBank
Now is the time to pause and shout accolades to the members of our Plan Sponsor Committee, Trust Committee and Client Advisory Council for their tireless dedication and service. Their leadership has been extraordinary and their commitment unmatched. We are grateful for their focused and even-handed guidance and the genuine support that each of us at Foundations has felt so personally.
We have also been fortunate to have AgriBank, our host organization, vested in our success from the very beginning. Sincere appreciation to Bill York and AgriBank’s board of directors, leaders and employees for all they have done to help shape Foundations’ mission and our unfolding future.
We Are Grateful to Receive Candid Feedback from Our Clients!
Most importantly, we are grateful for and thrive on feedback from all of our owners. In 2010 we achieved our best client satisfaction ratings ever for HR operations: 100% meets and exceeds expectations across Benefits, Payroll and HRIS. The Workforce Management team received 100% satisfaction for the fourth consecutive year! The past few years have been about listening, learning, partnering, rolling up our sleeves together and taking action. We want to be the best that we can be – for our clients. We have more listening and learning to do, but today we feel a solid foundation beneath us, thanks to their unwavering support!
Collective Passion is Our True Competitive Advantage
People are the foundation of Farm Credit. I am very proud of the Foundations team of HR professionals and who they are as individuals. We understand and care about those we serve – we know our clients and see them competing every day to employ the very best talent out there. People are truly Farm Credit’s competitive advantage. It is our collective passion at Foundations to be a valuable extension of every client’s business, offering unequaled HR solutions to advance that competitive advantage.
Sincerely,
Sandi Schmiesing
Vice President, Farm Credit Foundations