Alexandre Winandy is maintaining the blog People Management in Emerging Markets.
http://peoplemanagementinemergingmarkets.blogspot.com/
He is working in Banking industry. Therefore his posts contain references to investment banking issues. A relevant blog for securities market professionals.
I shall give more specific details about the posts in the blog in due course of time.
Showing posts with label HR Management. Show all posts
Showing posts with label HR Management. Show all posts
Wednesday, May 20, 2009
Sunday, February 8, 2009
Layoffs by Goldman Sachs - 2009
7 February 2009
According to an insider, Goldman partners are drawing up plans for the next round of cuts, but added that a decision on specific numbers has yet to be taken. The percentage could be around 10%.
Around 6,000 of Goldman's 30,067 staff are employed in the UK.
http://layofftracker.blogspot.com/2009/02/goldman-sachs-to-cut-10-of-workforce.html
2 December 2008
Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times.
http://www.thedeal.com/dealscape/2008/12/bank_layoffs.php
According to an insider, Goldman partners are drawing up plans for the next round of cuts, but added that a decision on specific numbers has yet to be taken. The percentage could be around 10%.
Around 6,000 of Goldman's 30,067 staff are employed in the UK.
http://layofftracker.blogspot.com/2009/02/goldman-sachs-to-cut-10-of-workforce.html
2 December 2008
Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times.
http://www.thedeal.com/dealscape/2008/12/bank_layoffs.php
Thursday, August 28, 2008
Performance Management Program
PERFORMANCE PLANNING
Performance planning is the first stage of the performance management process. During
performance planning, supervisors are expected to clarify performance expectations and clearly establish agreed upon goals/work priorities with each employee he/she supervises. This is also the time for job description review with the employee, especially if any changes have occurred since last reviewed.
Procedure for Performance Planning:
1. Supervisor meets with the employee.
2. Establish 3-8, collaboratively agreed upon goals/work priorities.
3. Establish criteria for successful performance of each goal/work priority.
4. Record goals/work priorities on Performance Planning Worksheet.
Policies Regarding Performance Planning:
If a supervisor does not initiate goal and/or work priority setting the employee
may develop his/her goals/work priorities and ask the supervisor to review them.
If the supervisor does not respond to either the employee’s proposed goals/work
priorities or the employee’s request for a meeting, after 90 days, the goals/work
priorities proposed by the employee become the goals/work priorities for the
current evaluation period.
If the supervisor and the employee cannot agree upon goals/work priorities, the
supervisor, after discussion with the employee, shall determine the goals/work
priorities.
PERFORMANCE DOCUMENTATION, COACHING, AND FEEDBACK
Regular communication about performance and coaching employees for improved performance are integral parts of performance management. These communications insure that the supervisor and the employee are working in agreed upon directions.
Coaching and feedback may take various forms; this includes observations, informal discussions, formal meetings and written documentation. Coaching and feedback are expected to occur on a regular basis throughout the performance management cycle. It is especially important for supervisors to provide feedback on performance issues in a timely manner and to discuss performance improvements and progress towards agreed upon goals/work priorities.
Policies Regarding Performance Documentation, and Feedback
It is expected that at least one communication (meeting, phone discussion, e-mail, written
review) will occur during the performance period, preferably during the middle six months. The Interim Review Form may be used to document discussion.
PERFORMANCE REVIEW AND DEVELOPMENT
The Review and Development phase consists of evaluating the employee’s performance,
completing a written review, and conducting a two-way conversation focusing on results
achieved, areas of success and/or areas for improvement, future goals/work priorities and any developmental needs of the employee.
http://www.umass.edu/humres/library/PMPGuide.pdf
A McKinsey Study suggests that only 30 percent of employees say they receive feedback of real value in improving their performance. While the company handbooks or other descriptions often state the right goal for the performance process as improvement of performance, in practice in many companies performance appraisal is the order of the day.
There is a need to focus on performance improvement and the required coaching from the superior.
The performance goals have to be derived from the company goals. The superior and subordinate combination must have a deep understanding of how the company makes money, how the company’s customers make money, now the company can help its customers make money and what customers need to remain loyal.
Based on the agreed upon performance goals for the coming period, the superior has to determine the coaching requirements for his subordinate. Every superior has to remember that as a superior he has a coaching role. He has to set apart a certain amount of his time for coaching his team members. It will be a good idea if every supervisor is asked to prepare a coaching plan for his department as well as for each of his subordinates.
For further reading
Shekhar Purohit, The Performance Quest, The Economic Times, Corporate Dossier, 29 August, 2008, p. 2
Shekhar Purohit is Asia Pacific Leader for Executive Compensation and Corporate Governance, Hewitt Associates
Performance planning is the first stage of the performance management process. During
performance planning, supervisors are expected to clarify performance expectations and clearly establish agreed upon goals/work priorities with each employee he/she supervises. This is also the time for job description review with the employee, especially if any changes have occurred since last reviewed.
Procedure for Performance Planning:
1. Supervisor meets with the employee.
2. Establish 3-8, collaboratively agreed upon goals/work priorities.
3. Establish criteria for successful performance of each goal/work priority.
4. Record goals/work priorities on Performance Planning Worksheet.
Policies Regarding Performance Planning:
If a supervisor does not initiate goal and/or work priority setting the employee
may develop his/her goals/work priorities and ask the supervisor to review them.
If the supervisor does not respond to either the employee’s proposed goals/work
priorities or the employee’s request for a meeting, after 90 days, the goals/work
priorities proposed by the employee become the goals/work priorities for the
current evaluation period.
If the supervisor and the employee cannot agree upon goals/work priorities, the
supervisor, after discussion with the employee, shall determine the goals/work
priorities.
PERFORMANCE DOCUMENTATION, COACHING, AND FEEDBACK
Regular communication about performance and coaching employees for improved performance are integral parts of performance management. These communications insure that the supervisor and the employee are working in agreed upon directions.
Coaching and feedback may take various forms; this includes observations, informal discussions, formal meetings and written documentation. Coaching and feedback are expected to occur on a regular basis throughout the performance management cycle. It is especially important for supervisors to provide feedback on performance issues in a timely manner and to discuss performance improvements and progress towards agreed upon goals/work priorities.
Policies Regarding Performance Documentation, and Feedback
It is expected that at least one communication (meeting, phone discussion, e-mail, written
review) will occur during the performance period, preferably during the middle six months. The Interim Review Form may be used to document discussion.
PERFORMANCE REVIEW AND DEVELOPMENT
The Review and Development phase consists of evaluating the employee’s performance,
completing a written review, and conducting a two-way conversation focusing on results
achieved, areas of success and/or areas for improvement, future goals/work priorities and any developmental needs of the employee.
http://www.umass.edu/humres/library/PMPGuide.pdf
A McKinsey Study suggests that only 30 percent of employees say they receive feedback of real value in improving their performance. While the company handbooks or other descriptions often state the right goal for the performance process as improvement of performance, in practice in many companies performance appraisal is the order of the day.
There is a need to focus on performance improvement and the required coaching from the superior.
The performance goals have to be derived from the company goals. The superior and subordinate combination must have a deep understanding of how the company makes money, how the company’s customers make money, now the company can help its customers make money and what customers need to remain loyal.
Based on the agreed upon performance goals for the coming period, the superior has to determine the coaching requirements for his subordinate. Every superior has to remember that as a superior he has a coaching role. He has to set apart a certain amount of his time for coaching his team members. It will be a good idea if every supervisor is asked to prepare a coaching plan for his department as well as for each of his subordinates.
For further reading
Shekhar Purohit, The Performance Quest, The Economic Times, Corporate Dossier, 29 August, 2008, p. 2
Shekhar Purohit is Asia Pacific Leader for Executive Compensation and Corporate Governance, Hewitt Associates
Thursday, May 22, 2008
Stock Broker Adopts Stock broker follows the Southwest Airlines People Strategy
American Portfolios Financial Services, Inc. (APFS) is a full-service broker/dealer and registered FINRA/SIPC member firm whose primary function is to support independent financial professionals in private practice. The firm currently has close to 500 highly seasoned affiliated representatives located in over 200 branch locations throughout the nation.
APFS has created a decidedly competitive presence in the industry as one of the top 50 independent broker/dealers in the country. The firm offers a full range of: 1) non-proprietary investment products, 2) personal services such as insurance planning, retirement, estate and college planning, 3) full service securities brokerage through dual clearing relationships with Bear, Stearns Securities Corp and Pershing, LLC and 4) fee based asset management services through parent company subsidiary, American Portfolios Advisors, Inc. (APA).
Lon Dolber, president of American Portfolios, loves everything about the way Southwest Airlines does business. He flies with the carrier every opportunity he gets, appreciates it safety record and even likes its customer service policy.
But what impresses Dolber most about Southwest is that employees have ownership in the airline. Ownership, Dolber said, motivates employees to make the business successful.
On Sept. 10, 2001, Dolber and another founder, Russell Clark, opened American Portfolios Financial Services. 200 brokers or "registered representatives," who were previously at Nathan & Lewis, joined them quickly. Prior to this business venture Dolber worked at Nathan and Lewis and made his business model known to his superiors as well as colleagues.
According to Dolbers, The brokers own the company and therefore they care about it.
While employees are given stock options, brokers are issued units of participation that are only of value at the time of a triggering event - such as an acquisition or an initial public offering.
He gives employees a copy of "Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success."
Dolbers recruit only brokers with good track records, and if necessary, he helps brokers get space and equipment. He provides an attorney to negotiate a lease, pays for the license transfer and assists with obtaining errors and omissions coverage. And, like a franchisor, he provides training for being in private practice.
according to Tom Wirtshafter, an investor in American Portfolios who sits on its board Lon created a place where brokers feel wanted and respected. He adds taht Lon understands how to treat brokers because he was one himself.
http://public.americanportfolios.com/about.asp?SPID=63563&Title=About+Us&OrgID=2094
http://www.allbusiness.com/human-resources/benefits-employee-ownership-stock-options/1147191-1.html
APFS has created a decidedly competitive presence in the industry as one of the top 50 independent broker/dealers in the country. The firm offers a full range of: 1) non-proprietary investment products, 2) personal services such as insurance planning, retirement, estate and college planning, 3) full service securities brokerage through dual clearing relationships with Bear, Stearns Securities Corp and Pershing, LLC and 4) fee based asset management services through parent company subsidiary, American Portfolios Advisors, Inc. (APA).
Lon Dolber, president of American Portfolios, loves everything about the way Southwest Airlines does business. He flies with the carrier every opportunity he gets, appreciates it safety record and even likes its customer service policy.
But what impresses Dolber most about Southwest is that employees have ownership in the airline. Ownership, Dolber said, motivates employees to make the business successful.
On Sept. 10, 2001, Dolber and another founder, Russell Clark, opened American Portfolios Financial Services. 200 brokers or "registered representatives," who were previously at Nathan & Lewis, joined them quickly. Prior to this business venture Dolber worked at Nathan and Lewis and made his business model known to his superiors as well as colleagues.
According to Dolbers, The brokers own the company and therefore they care about it.
While employees are given stock options, brokers are issued units of participation that are only of value at the time of a triggering event - such as an acquisition or an initial public offering.
He gives employees a copy of "Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success."
Dolbers recruit only brokers with good track records, and if necessary, he helps brokers get space and equipment. He provides an attorney to negotiate a lease, pays for the license transfer and assists with obtaining errors and omissions coverage. And, like a franchisor, he provides training for being in private practice.
according to Tom Wirtshafter, an investor in American Portfolios who sits on its board Lon created a place where brokers feel wanted and respected. He adds taht Lon understands how to treat brokers because he was one himself.
http://public.americanportfolios.com/about.asp?SPID=63563&Title=About+Us&OrgID=2094
http://www.allbusiness.com/human-resources/benefits-employee-ownership-stock-options/1147191-1.html
Tuesday, May 13, 2008
Dealing with Difficult People - Books
Dealing with Difficult People : 24 lessons for Bringing Out the Best in Everyone by Dr. Rick Brinkman, Dr. Rick Kirschner, Rick Brinkman, and Rick Kirschner
(Paperback - Feb 20, 2003)
New: $7.95
Coping with Difficult People: The Proven-Effective Battle Plan That Has Helped Millions Deal with the Troublemakers in Their Lives at Home and at Work by Robert M. Bramson
(Mass Market Paperback - Sep 1, 1988)
New: $7.99
Perfect Phrases for Dealing with Difficult People: Hundreds of Ready-to-Use Phrases for Handling Conflict, Confrontations and Challenging Personalities (Perfect Phrases) by Susan Benjamin
(Paperback - Aug 16, 2007)
New: $9.95
Dealing With Difficult People (The Results Driven Manager Series) by Harvard Business School Press
(Paperback - Dec 2004)
New: $14.95
Help for Dealing with Difficult People (Elf Self Help) by Lisa O. Engelhardt and R. W. Alley
(Paperback - Aug 2002)
New: $4.95
201 Ways to Deal With Difficult People (Quick-Tip Survival Guides) by Alan Axelrod and James Holtje
(Paperback - May 1, 1997)
New: $10.95
A Survival Guide for Working with Humans: Dealing with Whiners, Back-Stabbers, Know-It-Alls, and Other Difficult People by Gini Graham Scott
(Paperback - Jan 23, 2004)
New: $15.00
Dealing With Difficult People (Mighty Manager) by Dr. Rick Brinkman and Richard Kirschner
(Hardcover - Mar 23, 2006)
$12.95
Winning with Difficult People (Barron's Business Success Guides) by Arthur H. Bell and Dayle M. Smith
(Paperback - Dec 4, 2003)
$8.95
Dealing with Difficult People (Max on Life) by Max Lucado (Hardcover - Sep 4, 2007)
$9.99
(Paperback - Feb 20, 2003)
New: $7.95
Coping with Difficult People: The Proven-Effective Battle Plan That Has Helped Millions Deal with the Troublemakers in Their Lives at Home and at Work by Robert M. Bramson
(Mass Market Paperback - Sep 1, 1988)
New: $7.99
Perfect Phrases for Dealing with Difficult People: Hundreds of Ready-to-Use Phrases for Handling Conflict, Confrontations and Challenging Personalities (Perfect Phrases) by Susan Benjamin
(Paperback - Aug 16, 2007)
New: $9.95
Dealing With Difficult People (The Results Driven Manager Series) by Harvard Business School Press
(Paperback - Dec 2004)
New: $14.95
Help for Dealing with Difficult People (Elf Self Help) by Lisa O. Engelhardt and R. W. Alley
(Paperback - Aug 2002)
New: $4.95
201 Ways to Deal With Difficult People (Quick-Tip Survival Guides) by Alan Axelrod and James Holtje
(Paperback - May 1, 1997)
New: $10.95
A Survival Guide for Working with Humans: Dealing with Whiners, Back-Stabbers, Know-It-Alls, and Other Difficult People by Gini Graham Scott
(Paperback - Jan 23, 2004)
New: $15.00
Dealing With Difficult People (Mighty Manager) by Dr. Rick Brinkman and Richard Kirschner
(Hardcover - Mar 23, 2006)
$12.95
Winning with Difficult People (Barron's Business Success Guides) by Arthur H. Bell and Dayle M. Smith
(Paperback - Dec 4, 2003)
$8.95
Dealing with Difficult People (Max on Life) by Max Lucado (Hardcover - Sep 4, 2007)
$9.99
Monday, May 12, 2008
Variable Payment Systems - Retention Issues
Based on an article in Employee Benefits on 2006-02-01
The size and prevalence of bonus payments are on the up, so the impact on staff retention is worth considering. According to Towers Perrin's Worldwide total remuneration study 2005-2006, the use of variable pay internationally is increasing with Latin America and Asian nations also implementing the systems.
Back in the UK, the results of the Chartered Institute of Personnel and Development's (CIPD) survey Reward management 2006, due to be published this month, reveal that 85% of private sector organisations and 32% of public sector organisations pay bonuses - up from 69% and 22% respectively last year.
According to the CIPD, bonuses are an attractive compensation strategy because they are self-financing and do not inflate the pay bill. Put simply, they only pay out if the money comes in.
Philip Hutchinson, director of HR and reward consulting at AWD Consulting, explains: "Employers want to reduce the risk of employing people. Bonuses reduce that risk because if you don't perform you don't get paid."
With annual bonuses in particular making up a significant proportion of salary, rational behaviour dictates that employees will delay leaving an organisation until after the bonus is paid. Because a lot of organisations pay out around February, organisations may be left short of talent in the spring, after employees have bailed out.
One can expect if bonus is paid in April fewer resignations will be in February and March than you will get in May,
Of course, employees will develop expectations about the bonus. While a high payout might prompt some to take the money and run, a disappointing bonus could also lead some others to jump ship.
Annette Cox, lecturer in human resource management at Manchester Business School, says to avoid this employers must design bonus schemes carefully, ensuring that they are robust and clearly defined to set the goalposts.
Alan Judes, a senior consultant at Hewitt Associates, says: "The old cycle of everyone moving just when the bonus is paid has been enough of a problem for organisations to take action."
But some observers believe the effect is minimal.
Brooks points out that when employees enter the employment market after taking a high bonus payment, they make an expensive proposition for other employers, so a good bonus might actually compel people to stay, not least for the promise of the same again next year.
The growth of long-term incentives, which cynics dub as golden handcuffs, has no-doubt risen partly in response to the high staff turnover that comes with a no-strings-attached gift of a cash payment. According to the CIPD's survey Reward management 2005, 40% of private sector employers now offer long-term incentives, with sharesave schemes leading the way.
"Employers are seeing the retention factor in long-term incentive plans and the wealth creation that brings. Sharesave schemes, share options, and matching shares are all things you can do so you don't get the annual exodus of talent when the annual bonus is paid," says Judes.
Brooks adds that the use of long-term incentives can fulfil those aims. "Deferred stock is used extensively by investment banks. If a proportion of the bonus comes from a deferred stock, it grows in value over time in the way any other stock does, you just don't own it for an initial period. If you are a bad leaver and go to a competitor you are likely to lose all of it, or at least most of it. If you are a good leaver, perhaps for ill health or you go to a company that isn't a competitor, then you are allowed to take most of it."
And he believes that nothing says 'I like you' than the opportunity for employees to build ownership in the company.
"If you can let people accumulate capital and ownership of the companies in which they operate, retention should follow.
Even when employers are not in the position to offer long-term incentive options, simple adjustments to the existing bonus structure may encourage retention rates. Paying a bonus for a calendar year in April, for example, ensures employees are well into next year's earnings before they receive last year's dues.
Recognition has a role apart from bonus
Manchester Business School's Cox says employers should attempt to foster a culture of recognition to improve retention.
"If your boss comes to your office and says 'Thanks for your hard work. I'll tell you now, we're going to give you a bonus to reward you', that's probably going to feel better than having a note in your payslip saying 'Here's some extra cash."
We have to remember that people go to work for more than just a pay cheque, regardless of how it is formulated.
"People aren't mercenaries. They do consider the employment opportunities, the training and development, and the colleagues they work with," says Judes.
For the full article
http://www.employeebenefits.co.uk/item/451/pg_dtl_art_news/294/pg_ftr_art
The size and prevalence of bonus payments are on the up, so the impact on staff retention is worth considering. According to Towers Perrin's Worldwide total remuneration study 2005-2006, the use of variable pay internationally is increasing with Latin America and Asian nations also implementing the systems.
Back in the UK, the results of the Chartered Institute of Personnel and Development's (CIPD) survey Reward management 2006, due to be published this month, reveal that 85% of private sector organisations and 32% of public sector organisations pay bonuses - up from 69% and 22% respectively last year.
According to the CIPD, bonuses are an attractive compensation strategy because they are self-financing and do not inflate the pay bill. Put simply, they only pay out if the money comes in.
Philip Hutchinson, director of HR and reward consulting at AWD Consulting, explains: "Employers want to reduce the risk of employing people. Bonuses reduce that risk because if you don't perform you don't get paid."
With annual bonuses in particular making up a significant proportion of salary, rational behaviour dictates that employees will delay leaving an organisation until after the bonus is paid. Because a lot of organisations pay out around February, organisations may be left short of talent in the spring, after employees have bailed out.
One can expect if bonus is paid in April fewer resignations will be in February and March than you will get in May,
Of course, employees will develop expectations about the bonus. While a high payout might prompt some to take the money and run, a disappointing bonus could also lead some others to jump ship.
Annette Cox, lecturer in human resource management at Manchester Business School, says to avoid this employers must design bonus schemes carefully, ensuring that they are robust and clearly defined to set the goalposts.
Alan Judes, a senior consultant at Hewitt Associates, says: "The old cycle of everyone moving just when the bonus is paid has been enough of a problem for organisations to take action."
But some observers believe the effect is minimal.
Brooks points out that when employees enter the employment market after taking a high bonus payment, they make an expensive proposition for other employers, so a good bonus might actually compel people to stay, not least for the promise of the same again next year.
The growth of long-term incentives, which cynics dub as golden handcuffs, has no-doubt risen partly in response to the high staff turnover that comes with a no-strings-attached gift of a cash payment. According to the CIPD's survey Reward management 2005, 40% of private sector employers now offer long-term incentives, with sharesave schemes leading the way.
"Employers are seeing the retention factor in long-term incentive plans and the wealth creation that brings. Sharesave schemes, share options, and matching shares are all things you can do so you don't get the annual exodus of talent when the annual bonus is paid," says Judes.
Brooks adds that the use of long-term incentives can fulfil those aims. "Deferred stock is used extensively by investment banks. If a proportion of the bonus comes from a deferred stock, it grows in value over time in the way any other stock does, you just don't own it for an initial period. If you are a bad leaver and go to a competitor you are likely to lose all of it, or at least most of it. If you are a good leaver, perhaps for ill health or you go to a company that isn't a competitor, then you are allowed to take most of it."
And he believes that nothing says 'I like you' than the opportunity for employees to build ownership in the company.
"If you can let people accumulate capital and ownership of the companies in which they operate, retention should follow.
Even when employers are not in the position to offer long-term incentive options, simple adjustments to the existing bonus structure may encourage retention rates. Paying a bonus for a calendar year in April, for example, ensures employees are well into next year's earnings before they receive last year's dues.
Recognition has a role apart from bonus
Manchester Business School's Cox says employers should attempt to foster a culture of recognition to improve retention.
"If your boss comes to your office and says 'Thanks for your hard work. I'll tell you now, we're going to give you a bonus to reward you', that's probably going to feel better than having a note in your payslip saying 'Here's some extra cash."
We have to remember that people go to work for more than just a pay cheque, regardless of how it is formulated.
"People aren't mercenaries. They do consider the employment opportunities, the training and development, and the colleagues they work with," says Judes.
For the full article
http://www.employeebenefits.co.uk/item/451/pg_dtl_art_news/294/pg_ftr_art
Bonus-payment system of Investment Banks - Result
Razak, 37, CEO of CIMB Malaysia, says he tries to emulate U.S. investment-bank management styles.
He was one of the first managers in Malaysia to reward successful staffers with fat yearend bonuses.
(His own reward: 38 million CIMB shares, or 4.4%, worth $55 million.)
That means working New York-style hours, too. "CIMB has a reputation for being a very hard place to work," he concedes. But those long days are paying off.
http://www.businessweek.com/magazine/content/04_28/b3891423.htm
Issues in bonus payment systems.
I came across this issue in Mint of 12 May 2008 (page 20). The item is a reprint from Wall Street Journal.
Jeffrey Liddle, an attorney in New York, says he filed an arbitration claim this week on behalf of a former mortgage-backed securites saleman at Merrill Lynch & Co. Despite having his best year ever, the saleaman's pay plummeted to about $190,000 from $1.2 million.
"He couldn't make enouhg money to feed his family," Mr Liddle says. The employee asked to be laid off, so he could receive a severance package. Merrill Lynch declined, so the salesman quite and took a job as a stockbroker at another firm.
How could it happen?
He was one of the first managers in Malaysia to reward successful staffers with fat yearend bonuses.
(His own reward: 38 million CIMB shares, or 4.4%, worth $55 million.)
That means working New York-style hours, too. "CIMB has a reputation for being a very hard place to work," he concedes. But those long days are paying off.
http://www.businessweek.com/magazine/content/04_28/b3891423.htm
Issues in bonus payment systems.
I came across this issue in Mint of 12 May 2008 (page 20). The item is a reprint from Wall Street Journal.
Jeffrey Liddle, an attorney in New York, says he filed an arbitration claim this week on behalf of a former mortgage-backed securites saleman at Merrill Lynch & Co. Despite having his best year ever, the saleaman's pay plummeted to about $190,000 from $1.2 million.
"He couldn't make enouhg money to feed his family," Mr Liddle says. The employee asked to be laid off, so he could receive a severance package. Merrill Lynch declined, so the salesman quite and took a job as a stockbroker at another firm.
How could it happen?
Tuesday, April 29, 2008
Matching Growing Customer Diversity
http://www.ere.net/inside-recruiting/news/recruiting-efforts-at-edward-jones-aim-181637.asp
Recruiting Efforts at Edward Jones Aim to Match Growing Customer Diversity
Janaury 2008
Financial services firm Edward Jones has partnered with 100 Black Men of America, Inc. in a collaborative effort designed to raise awareness of the firm's career opportunities within the African-American community, and to provide financial education programming in communities where both organizations have a presence. The goal is to offer more choices to investors who are diversifying faster than the pool of financial advisors.
Price Woodward, principal of Financial Advisor Recruiting and Hiring at Edward Jones stated that a growing number of our investors are Asian, black or Hispanic and many are females. The investment advisor profession has been very white and very male dominated. We want to diversify because we think it's the right thing to do.
The firm is using outside recruiters to meet its hefty diversity applicant requirements. It has recently moved a tenured female financial advisor into a dedicated recruiting position in an effort to boost the strategic recruitment of female financial advisors. Edward Jones has partnered with 100 Black Men of America, Inc. in a collaborative effort designed to raise awareness of the firm's career opportunities within the African-American community, and to provide financial education programming in communities where both organizations have a presence. The goal is to offer more choices to investors who are diversifying faster than the pool of financial advisors.
Woodward says that Edward Jones employs more than 11,200 financial advisors. In 2007, the firm had a goal of hiring more than 300 new advisors each month which included 250 new advisors in the U.S. and 25 in Canada and the United Kingdom. For 2008, the firm has a goal of hiring 275 U.S. financial advisors each month along with another 30 in both Canada and the United Kingdom on a monthly basis. Because the firm only hires 8% to 9% of the people who apply, the firm processed 42,000 applicants last year which translates to 175 to 180 applicants on a daily basis.
Recruiting Efforts at Edward Jones Aim to Match Growing Customer Diversity
Janaury 2008
Financial services firm Edward Jones has partnered with 100 Black Men of America, Inc. in a collaborative effort designed to raise awareness of the firm's career opportunities within the African-American community, and to provide financial education programming in communities where both organizations have a presence. The goal is to offer more choices to investors who are diversifying faster than the pool of financial advisors.
Price Woodward, principal of Financial Advisor Recruiting and Hiring at Edward Jones stated that a growing number of our investors are Asian, black or Hispanic and many are females. The investment advisor profession has been very white and very male dominated. We want to diversify because we think it's the right thing to do.
The firm is using outside recruiters to meet its hefty diversity applicant requirements. It has recently moved a tenured female financial advisor into a dedicated recruiting position in an effort to boost the strategic recruitment of female financial advisors. Edward Jones has partnered with 100 Black Men of America, Inc. in a collaborative effort designed to raise awareness of the firm's career opportunities within the African-American community, and to provide financial education programming in communities where both organizations have a presence. The goal is to offer more choices to investors who are diversifying faster than the pool of financial advisors.
Woodward says that Edward Jones employs more than 11,200 financial advisors. In 2007, the firm had a goal of hiring more than 300 new advisors each month which included 250 new advisors in the U.S. and 25 in Canada and the United Kingdom. For 2008, the firm has a goal of hiring 275 U.S. financial advisors each month along with another 30 in both Canada and the United Kingdom on a monthly basis. Because the firm only hires 8% to 9% of the people who apply, the firm processed 42,000 applicants last year which translates to 175 to 180 applicants on a daily basis.
Attrition of Broker even at Edward Jones
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20040126/SUB/401260705/-1/INIssueAlert04
January 2004
Edward Jones is known for many employees who have put in many years at the firm.
But even if has to face attrition issues.
As many as 1,300 brokers were out of the door during the first eight months of 2003.Edward Jones, which has 8,133 individual brokerage offices in the United States.
Some reasons;
"There was also a lot of pressure to take time away from my clients to help train new brokers," Mr. Anderson (former Jones broker now working for Raymond James in Vero Beach) said. "The veteran brokers had a saying: `Ask not what Jones can do for you, but what you can do for Jones."'The firm has a long-standing policy of recruiting and training a staggering number of new brokers, targeting 200 trainees each month.
To some, Edward Jones isn't keeping up with its competitors in a variety of areas.
Edward Jones is particularly susceptible to losing its brokers to independent broker-dealers, some observers said. The company's vaunted "one broker, one office" model is basically that of an independent broker-dealer, only with half the payout and a much smaller shelf of investment products.
January 2004
Edward Jones is known for many employees who have put in many years at the firm.
But even if has to face attrition issues.
As many as 1,300 brokers were out of the door during the first eight months of 2003.Edward Jones, which has 8,133 individual brokerage offices in the United States.
Some reasons;
"There was also a lot of pressure to take time away from my clients to help train new brokers," Mr. Anderson (former Jones broker now working for Raymond James in Vero Beach) said. "The veteran brokers had a saying: `Ask not what Jones can do for you, but what you can do for Jones."'The firm has a long-standing policy of recruiting and training a staggering number of new brokers, targeting 200 trainees each month.
To some, Edward Jones isn't keeping up with its competitors in a variety of areas.
Edward Jones is particularly susceptible to losing its brokers to independent broker-dealers, some observers said. The company's vaunted "one broker, one office" model is basically that of an independent broker-dealer, only with half the payout and a much smaller shelf of investment products.
Issues related to Monitoring of Terminals at Edward Jones
http://registeredrep.com/mag/finance_former_edward_jones/
1997
From its main terminal in St. Louis, Edward Jones has the ability to monitor everything entered into a broker's terminal, including electronic calendar appointments, client and prospect notes, and intranet "wire" communications. While most reps believe this is par for the course of doing business as a one-rep per office operation, some believe the firm has used the information to bully them and even force their resignation.
Jones brokers, however, say the peculiarities of running one-rep offices justify the firm's apparent intrusion and close monitoring.
"It smacks of 'Big Brother' when you hear about it," admits one Jones broker in the Midwest. "But you've got to realize, it's not your personal equipment. Maybe we're spoiled because we're so autonomous in our one-man office. We think it's our computer-but it's not. Jones allows me to run my business as long as it's ethical and profitable."
Other brokers believe close monitoring keeps bad apples out and has little effect on brokers who are honest. "I'm glad they spy on us," says one Jones broker in Southern California. "If I'm using company equipment, they have a right to look at anything I put on there. ... Anyone who says differently is a jerk."
As for the firm, it says it doesn't have the resources to monitor every piece of information on the computer terminals of its more than 3,500 reps. It does, however, closely watch all new accounts, all trading activity and all customer correspondence via various methods for regulatory purposes and "to ensure the protection of our customers."
Edward Jones says it permits brokers to have separate PCs or laptops in their offices but discourages them from doing so.
1997
From its main terminal in St. Louis, Edward Jones has the ability to monitor everything entered into a broker's terminal, including electronic calendar appointments, client and prospect notes, and intranet "wire" communications. While most reps believe this is par for the course of doing business as a one-rep per office operation, some believe the firm has used the information to bully them and even force their resignation.
Jones brokers, however, say the peculiarities of running one-rep offices justify the firm's apparent intrusion and close monitoring.
"It smacks of 'Big Brother' when you hear about it," admits one Jones broker in the Midwest. "But you've got to realize, it's not your personal equipment. Maybe we're spoiled because we're so autonomous in our one-man office. We think it's our computer-but it's not. Jones allows me to run my business as long as it's ethical and profitable."
Other brokers believe close monitoring keeps bad apples out and has little effect on brokers who are honest. "I'm glad they spy on us," says one Jones broker in Southern California. "If I'm using company equipment, they have a right to look at anything I put on there. ... Anyone who says differently is a jerk."
As for the firm, it says it doesn't have the resources to monitor every piece of information on the computer terminals of its more than 3,500 reps. It does, however, closely watch all new accounts, all trading activity and all customer correspondence via various methods for regulatory purposes and "to ensure the protection of our customers."
Edward Jones says it permits brokers to have separate PCs or laptops in their offices but discourages them from doing so.
HRM Issues at Edward Jones
http://www.hrmreport.com/pastissue/article.asp?art=270151&issue=203
Edward Jones is the retail brokerage firm with the heart of gold. For the eighth year, the financial-services firm Edward Jones was named one of the 100 Best Companies to Work For in America by Fortune magazine in its annual listing of 2006(ranking 29th overall).
Like its customers, its employees tend to stay with them for years. Keeping hold of their staff is clearly an important factor – but how do they manage it so successfully?
In locating employees from the communities they eventually serve, the majority of financial advisors employed by Edward Jones come from different industries, very few of them transferred from other brokerage firms.
The typical employee, “those individuals who are looking to come in for two years to get experience and increase their market value” as Scott deems them, don’t fit at Edward Jones.
Long-term commitment and investment is the core of what we’re looking for. Individuals who respect our history, have a clear understanding of who our clients are, and are looking for long-term commitment are those who are welcomed at Jones.”
Edward Jones is the retail brokerage firm with the heart of gold. For the eighth year, the financial-services firm Edward Jones was named one of the 100 Best Companies to Work For in America by Fortune magazine in its annual listing of 2006(ranking 29th overall).
Like its customers, its employees tend to stay with them for years. Keeping hold of their staff is clearly an important factor – but how do they manage it so successfully?
In locating employees from the communities they eventually serve, the majority of financial advisors employed by Edward Jones come from different industries, very few of them transferred from other brokerage firms.
The typical employee, “those individuals who are looking to come in for two years to get experience and increase their market value” as Scott deems them, don’t fit at Edward Jones.
Long-term commitment and investment is the core of what we’re looking for. Individuals who respect our history, have a clear understanding of who our clients are, and are looking for long-term commitment are those who are welcomed at Jones.”
Friday, March 7, 2008
Job Satisfaction of Recent Graduates in Financial Services
Job Satisfaction of Recent Graduates in Financial Services
by Sharon A. DeVaney and Zhan (Sandy) Chen
Purdue University
In a survey on job satisfaction among recent college graduates in financial planning, respondents were asked to rank such factors as realization of expectations, company support, attitude, relationships with coworkers, and pay; the results, which indicate that these workers are reasonably satisfied with their jobs, support a "bottom-up" theory in which individuals sum up the positive and negative factors related to their jobs and decide how satisfied they are on that basis.
Read the full paper from
http://www.bls.gov/opub/cwc/cm20030522ar01p1.htm
by Sharon A. DeVaney and Zhan (Sandy) Chen
Purdue University
In a survey on job satisfaction among recent college graduates in financial planning, respondents were asked to rank such factors as realization of expectations, company support, attitude, relationships with coworkers, and pay; the results, which indicate that these workers are reasonably satisfied with their jobs, support a "bottom-up" theory in which individuals sum up the positive and negative factors related to their jobs and decide how satisfied they are on that basis.
Read the full paper from
http://www.bls.gov/opub/cwc/cm20030522ar01p1.htm
Wednesday, February 13, 2008
Talent Creates a Competitive Edge - Wall Street Journal Article
Home High Performance Business
How Talent Creates a Competitive Edge and Powers Organizations to Success
If companies are able to master the four capabilities of defining, discovering, developing and deploying talent, they too can become talent-powered organizations.
Originally published in The Wall Street Journal, November 15, 2007
You can access this article from
http://www.accenture.com/Global/High_Performance_Business/HowSuccess.htm
How Talent Creates a Competitive Edge and Powers Organizations to Success
If companies are able to master the four capabilities of defining, discovering, developing and deploying talent, they too can become talent-powered organizations.
Originally published in The Wall Street Journal, November 15, 2007
You can access this article from
http://www.accenture.com/Global/High_Performance_Business/HowSuccess.htm
Timely Transformations - High Performance
High Performance Business
Serial, Timely Transformations Help Successful Companies Stay Ahead of the Curve
The article was Originally published in The Wall Street Journal, February 13, 2007.
Today the paper Mint carried a supplement which is an advertisment of accenture that has this article
The article highlights
1. Capacity to change
2. Confidence to change
3. Will to change
4. Behavioral changes
You can access this article from
http://www.accenture.com/Global/High_Performance_Business/SerialTimelyTransform.htm
Serial, Timely Transformations Help Successful Companies Stay Ahead of the Curve
The article was Originally published in The Wall Street Journal, February 13, 2007.
Today the paper Mint carried a supplement which is an advertisment of accenture that has this article
The article highlights
1. Capacity to change
2. Confidence to change
3. Will to change
4. Behavioral changes
You can access this article from
http://www.accenture.com/Global/High_Performance_Business/SerialTimelyTransform.htm
Wednesday, February 6, 2008
Vault Ranks for Banks for Jobs
2008
RANK -- Company ------------ Score
1 Goldman Sachs & Company 8.981
2 The Blackstone Group 8.415
3 Morgan Stanley 8.146
4 Lehman Brothers 7.934
5 JPMorgan Investment Bank
6 Merrill Lynch 7.486
7 Citi Markets & Banking 7.225
8 Lazard 7.166
9 Credit Suisse Investment Banking Division 7.110
10 UBS Investment Bank 7.097
11 JPMorgan Chase - Commercial Bank 6.948
12 Deutsche Bank 6.854
13 Bear Stearns & Co. 6.798
14 Citigroup Inc. (Citi) 6.777
15 Bank of America 6.258
16 Greenhill & Co. 6.105
17 Barclays Capital 5.989
18 Wachovia Corporation 5.733
19 Rothschild 5.429
20 HSBC 5.398
21 Houlihan Lokey 5.326
22 Jefferies 5.244
23 Perella Weinberg Partners 5.206
24 Wells Fargo 5.141
25 Royal Bank of Scotland 5.060
RANK -- Company ------------ Score
1 Goldman Sachs & Company 8.981
2 The Blackstone Group 8.415
3 Morgan Stanley 8.146
4 Lehman Brothers 7.934
5 JPMorgan Investment Bank
6 Merrill Lynch 7.486
7 Citi Markets & Banking 7.225
8 Lazard 7.166
9 Credit Suisse Investment Banking Division 7.110
10 UBS Investment Bank 7.097
11 JPMorgan Chase - Commercial Bank 6.948
12 Deutsche Bank 6.854
13 Bear Stearns & Co. 6.798
14 Citigroup Inc. (Citi) 6.777
15 Bank of America 6.258
16 Greenhill & Co. 6.105
17 Barclays Capital 5.989
18 Wachovia Corporation 5.733
19 Rothschild 5.429
20 HSBC 5.398
21 Houlihan Lokey 5.326
22 Jefferies 5.244
23 Perella Weinberg Partners 5.206
24 Wells Fargo 5.141
25 Royal Bank of Scotland 5.060
Wednesday, January 9, 2008
Balanced Scorecard for bank/Investment Bank
http://www.penna.com/
Penna is a global human capital management consultancy.
We help organisations to improve business performance through
their people.
Our expertise spans the entire employment lifecycle and includes recruitment communications, executive recruitment, executive interim, leadership development, human resource consulting and career transition.
Aligning HSBC Investment Bank to its strategy
The investment banking and global markets division of HSBC was
focused on delivering enhanced shareholder value through a ‘managing for
value’ initiative. However to achieve these challenging targets the
management team knew that they must ensure that all the organisation’s
resources, including its people, were firmly focused on delivering its
strategy. Penna Consulting helped through the use of cascaded balanced
scorecards, to make this a reality.
HSBC
A well-respected global, full-service
financial services institution with over 130,000
employees operating in over 72 countries. It has a
reputation for prudent management and strong
performance. It has expanded widely, with strong
operations in the Far East, Asia and Europe.
The situation
The leadership team of HSBC’s investment banking
and global markets division recognised that it
needed to better align the activities of its employees
with the MFV concepts and the strategy of the
overall bank.
The Chairman realised that to do this he needed a
clear way to engage his employees and ensure that
their contributions fully supported the objectives of
the business. This required two key changes to the
way he ran his division:
• to ensure that all business units within the
division aligned their activities to the overriding
imperatives of the bank
• to demonstrate that the division was effectively
contributing to the overall success of the bank
Previously, Penna Consulting had worked with the
Equities department within the wider division to
create a set of scorecards that identified the linkage
between their activities and the overall achievement
of divisional strategy.
This had been very successful and the chairman
decided to roll the concept out throughout the
division as a result. Penna Consulting was again
asked to help support this process and to ensure
that the right level of alignment was achieved.
Why Penna used the balanced scorecard
Penna chose the balanced scorecard as the
mechanism to create this alignment because it
focuses attention on the critical measures that
determine achievement of organisational strategy.
In essence, the scorecard is a tool that helps
organisations manage their businesses more
effectively and more in line with their strategies.
The combination of measures on the scorecard is
specifically chosen to provide information on the
progress towards achieving its strategic
imperatives/ objectives. In this way it aligns
organisational activity to achieving success in the
areas seen as being most important to the
organisation.
These measures are spread over four quadrants:
1. Financial measures - how well the
organisation is meeting its financial objectives
2. Customer measures - whether the
organisation is adding value to its customers
3. People measures - whether the organisation
has the staff capability to support the present
and future needs of the business
4. Process measures - how well the
organisation is managing risk and protecting its
assets and measures the effectiveness of the
process capability.
Targets are set against each measure to identify the
level of performance that must be achieved.
The Scorecard, for ultimate effectiveness, should be
cascaded from the corporate level to divisional or
departmental scorecards and then on to team and
individual levels. In this way, all performance is
aligned to achieving the overall strategic objectives.
At the organisational level there is ‘line of sight’
between all activities and overall objectives. At the
individual level linking performance to the Scorecard
will determine, manage and monitor their
performance in relation to what the organisation
requires to be successful. This ultimately has a
positive impact on the development of the
individual’s capability and the enhancement of the
organisation’s performance.
Using the scorecard can help organisations to:
• communicate their strategy to their people
• ensure activities are aligned to overall
objectives
• use the scorecard to measure, monitor and
manage performance of the organisation, team
and individual
• deliver their objectives through a managed
process.
What Penna did
As with all major change management assignments,
the delivery of the scorecards has to be done ‘with’
rather than ‘to’ the organisation. To this end a joint client/consultant team ws created with
responsibility for rolling out the planned 500
scorecards.
The team was assembled together and Penna ran a number of
sessions to introduce the concept of the Balanced
Scorecard, explain how it would be used and
describe the tools that were available. Each team
member was given responsibility for a particular
department, function or team. In this way team
members became advocates and champions of the
project.
Every member of the team was provided with a
‘toolkit’ that outlined what he or she needed to do to
roll out the process in his or her own function.
A central team which controlled and managed the
process also provided support. This team was
responsible for ensuring that quality and consistency
was maintained and that alignment to the overall
organisational objectives was achieved.
The team worked hard at getting senior managers
involved and ensuring that the created scorecards
were ‘fit for purpose’.
The results
Over a four month period the joint team worked in
over 23 different areas of the business, producing
over 500 strategically aligned scorecards. Many
gave individuals, for the first time, the opportunity
to see how they could directly contribute to business
performance.
There was a greater understanding of how the
business fitted together and the project created a
platform for future cascades to all individuals in the
business.
The joint team worked very well together, learning
as the project progressed. The internal champions
were able to act as owners of the process and
ensured that their senior teams were fully engaged
with the concept and its benefits.
Introducing balanced scorecards made a significant
change to the way that the investment banking and
global markets division operated. It helped the
Chairman to clearly demonstrate to the HSBC board
the value that his area made to the business. It also
gave him the right mechanism to align his people to
the overall business objectives.
Ultimately, this helped the division gain ‘line of
sight’ and support for delivering shareholder value.
For further information:
If you would like to discuss and know more about this case study you can contact
corporate@penna.com
Website: www.penna.com
Reference
http://www.e-penna.com/casestudies/Case%20study%20-%20HSBC%20-%20Web.pdf
Penna is a global human capital management consultancy.
We help organisations to improve business performance through
their people.
Our expertise spans the entire employment lifecycle and includes recruitment communications, executive recruitment, executive interim, leadership development, human resource consulting and career transition.
Aligning HSBC Investment Bank to its strategy
The investment banking and global markets division of HSBC was
focused on delivering enhanced shareholder value through a ‘managing for
value’ initiative. However to achieve these challenging targets the
management team knew that they must ensure that all the organisation’s
resources, including its people, were firmly focused on delivering its
strategy. Penna Consulting helped through the use of cascaded balanced
scorecards, to make this a reality.
HSBC
A well-respected global, full-service
financial services institution with over 130,000
employees operating in over 72 countries. It has a
reputation for prudent management and strong
performance. It has expanded widely, with strong
operations in the Far East, Asia and Europe.
The situation
The leadership team of HSBC’s investment banking
and global markets division recognised that it
needed to better align the activities of its employees
with the MFV concepts and the strategy of the
overall bank.
The Chairman realised that to do this he needed a
clear way to engage his employees and ensure that
their contributions fully supported the objectives of
the business. This required two key changes to the
way he ran his division:
• to ensure that all business units within the
division aligned their activities to the overriding
imperatives of the bank
• to demonstrate that the division was effectively
contributing to the overall success of the bank
Previously, Penna Consulting had worked with the
Equities department within the wider division to
create a set of scorecards that identified the linkage
between their activities and the overall achievement
of divisional strategy.
This had been very successful and the chairman
decided to roll the concept out throughout the
division as a result. Penna Consulting was again
asked to help support this process and to ensure
that the right level of alignment was achieved.
Why Penna used the balanced scorecard
Penna chose the balanced scorecard as the
mechanism to create this alignment because it
focuses attention on the critical measures that
determine achievement of organisational strategy.
In essence, the scorecard is a tool that helps
organisations manage their businesses more
effectively and more in line with their strategies.
The combination of measures on the scorecard is
specifically chosen to provide information on the
progress towards achieving its strategic
imperatives/ objectives. In this way it aligns
organisational activity to achieving success in the
areas seen as being most important to the
organisation.
These measures are spread over four quadrants:
1. Financial measures - how well the
organisation is meeting its financial objectives
2. Customer measures - whether the
organisation is adding value to its customers
3. People measures - whether the organisation
has the staff capability to support the present
and future needs of the business
4. Process measures - how well the
organisation is managing risk and protecting its
assets and measures the effectiveness of the
process capability.
Targets are set against each measure to identify the
level of performance that must be achieved.
The Scorecard, for ultimate effectiveness, should be
cascaded from the corporate level to divisional or
departmental scorecards and then on to team and
individual levels. In this way, all performance is
aligned to achieving the overall strategic objectives.
At the organisational level there is ‘line of sight’
between all activities and overall objectives. At the
individual level linking performance to the Scorecard
will determine, manage and monitor their
performance in relation to what the organisation
requires to be successful. This ultimately has a
positive impact on the development of the
individual’s capability and the enhancement of the
organisation’s performance.
Using the scorecard can help organisations to:
• communicate their strategy to their people
• ensure activities are aligned to overall
objectives
• use the scorecard to measure, monitor and
manage performance of the organisation, team
and individual
• deliver their objectives through a managed
process.
What Penna did
As with all major change management assignments,
the delivery of the scorecards has to be done ‘with’
rather than ‘to’ the organisation. To this end a joint client/consultant team ws created with
responsibility for rolling out the planned 500
scorecards.
The team was assembled together and Penna ran a number of
sessions to introduce the concept of the Balanced
Scorecard, explain how it would be used and
describe the tools that were available. Each team
member was given responsibility for a particular
department, function or team. In this way team
members became advocates and champions of the
project.
Every member of the team was provided with a
‘toolkit’ that outlined what he or she needed to do to
roll out the process in his or her own function.
A central team which controlled and managed the
process also provided support. This team was
responsible for ensuring that quality and consistency
was maintained and that alignment to the overall
organisational objectives was achieved.
The team worked hard at getting senior managers
involved and ensuring that the created scorecards
were ‘fit for purpose’.
The results
Over a four month period the joint team worked in
over 23 different areas of the business, producing
over 500 strategically aligned scorecards. Many
gave individuals, for the first time, the opportunity
to see how they could directly contribute to business
performance.
There was a greater understanding of how the
business fitted together and the project created a
platform for future cascades to all individuals in the
business.
The joint team worked very well together, learning
as the project progressed. The internal champions
were able to act as owners of the process and
ensured that their senior teams were fully engaged
with the concept and its benefits.
Introducing balanced scorecards made a significant
change to the way that the investment banking and
global markets division operated. It helped the
Chairman to clearly demonstrate to the HSBC board
the value that his area made to the business. It also
gave him the right mechanism to align his people to
the overall business objectives.
Ultimately, this helped the division gain ‘line of
sight’ and support for delivering shareholder value.
For further information:
If you would like to discuss and know more about this case study you can contact
corporate@penna.com
Website: www.penna.com
Reference
http://www.e-penna.com/casestudies/Case%20study%20-%20HSBC%20-%20Web.pdf
Tuesday, December 25, 2007
Mental illness - Stockbrokers
Research has shown that employees with heavy workloads, tight deadlines and overbearing bosses are twice as likely to develop mental illnesses as those in jobs with less pressure and stress.
Every year one in 20 workers becomes clinically ill as a result of work-related stress, leading to depression and anxiety. The annual cost in lost productivity to the economy is estimated at £12bn.
Researchers analysed 891 workers, whose jobs included politicians, stockbrokers, farmers, IT workers etc.
Dr Maria Melchior, of the Institute of Psychiatry, King’s College, London, lead author of the study published in the journal Psychological Medicine, said: "Our study shows work stress appears to bring on diagnosable forms of depression and anxiety in previously healthy young workers.
"We found that high work pressure, high workload, working very quickly to tight inflexible deadlines doubled the risk of depression and anxiety."
August 2007
http://www.workplacelaw.net/news/display/id/8910
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/08/02/njobs102.xml
Every year one in 20 workers becomes clinically ill as a result of work-related stress, leading to depression and anxiety. The annual cost in lost productivity to the economy is estimated at £12bn.
Researchers analysed 891 workers, whose jobs included politicians, stockbrokers, farmers, IT workers etc.
Dr Maria Melchior, of the Institute of Psychiatry, King’s College, London, lead author of the study published in the journal Psychological Medicine, said: "Our study shows work stress appears to bring on diagnosable forms of depression and anxiety in previously healthy young workers.
"We found that high work pressure, high workload, working very quickly to tight inflexible deadlines doubled the risk of depression and anxiety."
August 2007
http://www.workplacelaw.net/news/display/id/8910
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/08/02/njobs102.xml
Monday, December 17, 2007
Bangalore HR Summit 2007
Noida, UP, IND, 2007-12-17 11:53:56 (IndiaPRwire.com)
The much awaited Bangalore HR Summit 2007 'Leveraging technology for HR’, concluded with a very humble request by Human Resources managers to the Technocrats working in the HR field to walk along and not walk ahead. The suggestion was to find means to fill the knowledge gap between HR Professionals and HR Solution providers. The eminent speakers, who had been benefited by technology, highlighted the following points:
1. Technology is an enabler.
2. Positives of effective automation are Speed, accuracy, 24X7 Help desk functioning, real time data and authenticity, paperless office and effective employee engagement, identifying performers.
3. To become HR Evangelist from HR Admin.
Performance Management and Talent Management softwares have suddenly caught the fancies of the Human Resource Management Leaders. It has become so important that HR Technology Conference 2008, Chiago will have 'What is the Talent Management Suite? And what are vendors actually delivering?' on its first day’s agenda. Performance Management and Talent Management are now an integral part of Human Resource Management Software (HRMS) - without which HR management means merely playing with the employee data & reports on an excel sheet.
"The industry is not yet mature, and there are ample opportunities for HR Managers and Organizations to benefit.” says Tushar Bhatia, chief architect and designer of EmpXtrack - an Integrated Human Resource Management, Performance and Talent Management suite (http://www.empxtrack.com). He continues," Having a development center in India and sales & marketing networks in United states has helped us to offer very competitively priced solutions to the customers worldwide. Replacing the currently used HR process - oriented niche solutions with 'EmpXtrack' will surely result in substantial cuts in the budgets for HR automation. In US and Europe, in particular, where per employee cost for a SaaS based software is huge, the financial savings will be enormous if 'EmpXtrack' is deployed".
The HR Summit attracted participants from across the industry verticals. The list includes Wipro, InfoSys BPO, IOL, reliance Infocom, Sapient, LG Soft India Pvt. Ltd., Makino India, Honeywell Technologies and Patni Computers. "Technology should follow the change, not precede it", said one of the keynote speakers.
Ankur Arora, Vice President (Sales) Saigun Technologies, a participant and sponsor of the HR Bangalore Summit, was more than happy from the response he received at the showcase of 'EmpXtrack - Lite', a flagship product of Saigun Technologies for the SME segment. Also EmpXtrack with its 18 modules attracted visitors like Reliance Infocomm, Sapient, LG Soft India Pvt. Limited, Hindustan Aeronautics Limited, Honeywell Technologies, etc. EmpXtrack's positioning as a 'Modular and fullyCustomizable' solution was well received .
Bangalore HR Summit 2007 (http://www.hrsummit.in) achieved its aimof bringing together HR Professionals, Academicians, Researchers, Technology providers and Management Students on a common platform to deliberate on various aspects of the theme: " Leveraging Technology for HR Effectiveness".
- End -
About Saigun Technologies
We provide application development and systems integration. We assist our clients with the design, build and project management aspects of e-businesses. We provide integration to the existing systems or supplier systems in the existing supply chain.
We provide application management services, where our services help you manage your application portfolio to achieve maximum business value. We provide Infrastructure and systems management and can plan, deploy, optimize and manage your complex, multi-vendor IT infrastructure. We offer a variety of services designed to test, improve and tune the performance of your business infrastructure.
We also provide maintenance services designed to help keep your multi-vendor environment operating at peak performance. We manage data and storage, right from planning, installation, optimization, migration to testing.
Gireesh Kumar
Sr. Content Writer
Saigun Technologies
Phone: +91 120 431 5560
Mobile: 09210770591
You can also visit www.saigun.com for more information.
The much awaited Bangalore HR Summit 2007 'Leveraging technology for HR’, concluded with a very humble request by Human Resources managers to the Technocrats working in the HR field to walk along and not walk ahead. The suggestion was to find means to fill the knowledge gap between HR Professionals and HR Solution providers. The eminent speakers, who had been benefited by technology, highlighted the following points:
1. Technology is an enabler.
2. Positives of effective automation are Speed, accuracy, 24X7 Help desk functioning, real time data and authenticity, paperless office and effective employee engagement, identifying performers.
3. To become HR Evangelist from HR Admin.
Performance Management and Talent Management softwares have suddenly caught the fancies of the Human Resource Management Leaders. It has become so important that HR Technology Conference 2008, Chiago will have 'What is the Talent Management Suite? And what are vendors actually delivering?' on its first day’s agenda. Performance Management and Talent Management are now an integral part of Human Resource Management Software (HRMS) - without which HR management means merely playing with the employee data & reports on an excel sheet.
"The industry is not yet mature, and there are ample opportunities for HR Managers and Organizations to benefit.” says Tushar Bhatia, chief architect and designer of EmpXtrack - an Integrated Human Resource Management, Performance and Talent Management suite (http://www.empxtrack.com). He continues," Having a development center in India and sales & marketing networks in United states has helped us to offer very competitively priced solutions to the customers worldwide. Replacing the currently used HR process - oriented niche solutions with 'EmpXtrack' will surely result in substantial cuts in the budgets for HR automation. In US and Europe, in particular, where per employee cost for a SaaS based software is huge, the financial savings will be enormous if 'EmpXtrack' is deployed".
The HR Summit attracted participants from across the industry verticals. The list includes Wipro, InfoSys BPO, IOL, reliance Infocom, Sapient, LG Soft India Pvt. Ltd., Makino India, Honeywell Technologies and Patni Computers. "Technology should follow the change, not precede it", said one of the keynote speakers.
Ankur Arora, Vice President (Sales) Saigun Technologies, a participant and sponsor of the HR Bangalore Summit, was more than happy from the response he received at the showcase of 'EmpXtrack - Lite', a flagship product of Saigun Technologies for the SME segment. Also EmpXtrack with its 18 modules attracted visitors like Reliance Infocomm, Sapient, LG Soft India Pvt. Limited, Hindustan Aeronautics Limited, Honeywell Technologies, etc. EmpXtrack's positioning as a 'Modular and fullyCustomizable' solution was well received .
Bangalore HR Summit 2007 (http://www.hrsummit.in) achieved its aimof bringing together HR Professionals, Academicians, Researchers, Technology providers and Management Students on a common platform to deliberate on various aspects of the theme: " Leveraging Technology for HR Effectiveness".
- End -
About Saigun Technologies
We provide application development and systems integration. We assist our clients with the design, build and project management aspects of e-businesses. We provide integration to the existing systems or supplier systems in the existing supply chain.
We provide application management services, where our services help you manage your application portfolio to achieve maximum business value. We provide Infrastructure and systems management and can plan, deploy, optimize and manage your complex, multi-vendor IT infrastructure. We offer a variety of services designed to test, improve and tune the performance of your business infrastructure.
We also provide maintenance services designed to help keep your multi-vendor environment operating at peak performance. We manage data and storage, right from planning, installation, optimization, migration to testing.
Gireesh Kumar
Sr. Content Writer
Saigun Technologies
Phone: +91 120 431 5560
Mobile: 09210770591
You can also visit www.saigun.com for more information.
Friday, November 23, 2007
Fund Manager's Salaries - Compensation
2005
by one measure, portfolio managers at mutual funds are pulling down more than their counterparts at hedge funds,
mutual-fund managers' median pay, including salary and bonus, is $390,000, up 34% from $291,252 two years ago, according to the study. In the two years ended March 31, 2005, the Dow Jones Industrial Average was up more than 30%, and mutual-fund assets rose 28% to more than $8 trillion,
The median U.S. stock-fund managers' pay is $460,000, up 48% from two years ago, but down from the $481,500 peak in 2001, when checks were inflated by bull-market bonuses, the study found. Meantime, the median U.S. bond-fund managers' pay is $340,000, a new high and up 30% from two years ago.
Managers running foreign bond funds had the biggest jump in compensation, with median pay of $460,000, up 92% from two years ago. The increase likely reflects the solid returns posted by -- and rising assets in -- emerging-market and other foreign bond funds in the past two years.
Median pay for investment pros at hedge funds, including fund managers, analysts and traders, was $250,000 in 2005, slightly higher than $240,000 for mutual funds. But the $390,000 median salary of a mutual-fund manager is higher than the $330,000 for a hedge-fund manager.
http://www.careerjournal.com/salaryhiring/industries/financialservices/20050511-mcdonald.html
------------------
http://www.careerjournal.com/salaryhiring/industries/financialservices/20050429-investment-tab.html?cjsource=text
Average annual salary and salary range in the New York Tri-State region*
in 2005
Source: "2005 Adams Annual Financial Services Industry Salary Survey of the New York Tri-State Region," Adams Consulting Group LLC, New York, N.Y.
Detains given in the order Position--------- Salary--------- Salary range
Chief financial officer/chief operating officer/financial-operations principal $190,000 $120,000 -- $200,000 plus bonus
Fixed-income sales and trading -- vice president 240,000 150,000 -- 250,000 plus bonus
Senior fixed-income trader 175,000 135,000 -- 180,000 plus bonus
Director of trading equities -- vice president 230,000 162,000 -- 245,000 plus bonus
Trader 175,000 100,000 -- 220,000
Institutional sales -- vice president 225,000 100,000 -- 250,000 plus bonus
Sales trader -- equities 225,000 150,000 -- 225,000 plus bonus
Director -- research 200,000 150,000 -- 225,000
Sales/distribution manager 147,000 125,000 -- 150,000 plus bonus
Portfolio manager -- vice president 190,000 115,000 -- 200,000 plus bonus
Private banking (domestic) -- vice president 155,000 125,000 -- 170,000
Private banking (international) -- vice president 170,000 110,000 -- 195,000
by one measure, portfolio managers at mutual funds are pulling down more than their counterparts at hedge funds,
mutual-fund managers' median pay, including salary and bonus, is $390,000, up 34% from $291,252 two years ago, according to the study. In the two years ended March 31, 2005, the Dow Jones Industrial Average was up more than 30%, and mutual-fund assets rose 28% to more than $8 trillion,
The median U.S. stock-fund managers' pay is $460,000, up 48% from two years ago, but down from the $481,500 peak in 2001, when checks were inflated by bull-market bonuses, the study found. Meantime, the median U.S. bond-fund managers' pay is $340,000, a new high and up 30% from two years ago.
Managers running foreign bond funds had the biggest jump in compensation, with median pay of $460,000, up 92% from two years ago. The increase likely reflects the solid returns posted by -- and rising assets in -- emerging-market and other foreign bond funds in the past two years.
Median pay for investment pros at hedge funds, including fund managers, analysts and traders, was $250,000 in 2005, slightly higher than $240,000 for mutual funds. But the $390,000 median salary of a mutual-fund manager is higher than the $330,000 for a hedge-fund manager.
http://www.careerjournal.com/salaryhiring/industries/financialservices/20050511-mcdonald.html
------------------
http://www.careerjournal.com/salaryhiring/industries/financialservices/20050429-investment-tab.html?cjsource=text
Average annual salary and salary range in the New York Tri-State region*
in 2005
Source: "2005 Adams Annual Financial Services Industry Salary Survey of the New York Tri-State Region," Adams Consulting Group LLC, New York, N.Y.
Detains given in the order Position--------- Salary--------- Salary range
Chief financial officer/chief operating officer/financial-operations principal $190,000 $120,000 -- $200,000 plus bonus
Fixed-income sales and trading -- vice president 240,000 150,000 -- 250,000 plus bonus
Senior fixed-income trader 175,000 135,000 -- 180,000 plus bonus
Director of trading equities -- vice president 230,000 162,000 -- 245,000 plus bonus
Trader 175,000 100,000 -- 220,000
Institutional sales -- vice president 225,000 100,000 -- 250,000 plus bonus
Sales trader -- equities 225,000 150,000 -- 225,000 plus bonus
Director -- research 200,000 150,000 -- 225,000
Sales/distribution manager 147,000 125,000 -- 150,000 plus bonus
Portfolio manager -- vice president 190,000 115,000 -- 200,000 plus bonus
Private banking (domestic) -- vice president 155,000 125,000 -- 170,000
Private banking (international) -- vice president 170,000 110,000 -- 195,000
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