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Organisational risk of the Peter Principle

first_imgRelated posts:No related photos. Read full article Previous Article Next Article Organisational risk of the Peter PrincipleShared from missc on 9 Dec 2014 in Personnel Todaycenter_img The Peter Principle is a concept inwhich the selection of a candidate for a position is based on their performance in their current role rather than on their abilities relevant to the intended role. The business then of course running the risk of promoting someone until they are in a role in which they under-perform. How do we avoid this?From an HR perspective, the risk associated with the Peter Principle can be negated simply taking on-board the direction that an employee wishes to take their career, as opposed to promoting a staff member according to the company organisational structure only. Of course this doesn’t mean that we place less importance on the business objectives, because of course these are very important also – What it does mean that we should be using far more foresight when hiring and aiming to align someone’s key professional growth objectives with the organisational goals as much as possible.When we align an employee’s growth plan with organisational objectives, both parties stand to reap the benefits and in turn minimise risk. The employee is given the opportunity to achieve their professional goals and grow their knowledge and experience in the areas that the business requires that skill/experience which of course limits the likelihood of poor performance.Recruitment needs to become less reactionary (where possible) and more forward thinking and strategic. In doing so, employees will note that you have their best interests in mind along with other commercial interests, and this in turn – in most cases, will be reciprocated in the form of staff being engaged, driven and committed to achievement, all whilst managing potential future risk. Comments are closed.last_img read more

Checking charges highest at credit unions, Moebs finds

first_imgCredit unions are earning more monthly service charge revenue per member checking account than banks and thrifts are, according to a new study from financial institutions analytics company Moebs Services.Members pay $12.90 per month on average in service charges on checking accounts at credit unions, compared to $8.95 a month at banks and $3.52 per month at thrifts. The overall average was $9.06, according to Moebs Services. The data included account maintenance fees, minimum balance fees, overdrafts, ATM charges and other regular service fees; it did not include debit card swipe fees.“In the long run, those financial institutions who have good control of their expenses in checking could be the real winners,” Moebs Services economist and CEO Michael Moebs said. “And, the credit unions might be the last ones standing.”However, the study data suggested that checking accounts still aren’t money-making endeavors for most financial institutions. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more