The End of "The Wall Street Underdog" and a Happy New Year

There are great stories in the business world of people who overcame adversity and worked their way into great positions of power. Bill Gates and his college record, the Google founders starting in a garage, and many other stories fill people's hopes and dreams as they yearn to do great things in the business world. Nowhere was this more true than in the financial world where, despite the appearance of needing a certain pedigree, people have always emerged from various socioeconomic levels and circumstances to become titans of the industry.

That seems like it will soon be changing according to Business Insider (H/T Wendy). A string of incidents in which hard-working back-office employees were promoted to traders, and alter committed fraud have had some financial institutions second-guessing decisions to promote just anyone to positions of power. But Business Insider cautions what I would caution all financial institutions:

This is not to say that all back-office employees have intentions to defraud their employers.  However, employers need to do whatever it takes to reduce this risk.  Many include criminal background checks.  Some employers even require credit checks, as poor credit is sometimes associated with those likely to commit white collar crime.

This certainly will stop certain people in the population from getting positions of power at certain organizations and it may seem intrusive to some, but the truth of the matter is that in lieu of just rejecting anyone who doesn't come from Harvard or Yale, these types of measures will allow banks to feel more secure with handing over the keys to those they may have worried about otherwise.
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I wanted to take this opportunity to wish a very Happy New Year (a Shana Tova) to all our Jewish readers who will be celebrating this weekend. To our readers of all religions, we hope you have a very prosperous and happy new year.

Astronology - The ROI of Employee Engagement

Astronology Volume XII Issue 13 September 20, 2011 Dear Andrew, Astron Solutions provides high-quality, low-cost, innovative human resources consulting services to organizations like yours. Call us for advice, innovative program design, and user-friendly Web/PC based software.   Astron Road Show Summer is winding down, but the Astron Road Show is still going non-stop!  Our team will be on the road quite a bit this Fall.  Where will we see you in the next two weeks?   Our first stop this fall finds National Director Jennifer Loftus presenting at the 2011 Cement Employers Association Annual Meeting.  Jennifer will present twice: 2011 CEA Compensation Survey Overview and Compensation and Benefit Trends for 2012.  The meeting will be held September 19 - 22 in Scottsdale, AZ.   Next up on the Road Show is the National Association of Mutual Insurance Companies (NAMIC) Human Resources Seminar, October 4 - 6 in St. Petersburg, FL.  Jennifer will be participating in the seminar's new Ask the Expert feature!   We look forward to seeing you on the road!       The ROI of Employee Engagement Over the years there have been recent talks on how to keep employees engaged. The engagement challenge is especially pertinent in this economy, where organizations are feeling pressure to keep their talented employees.  Consumers still expect the best from the organizations they patronize, and the only way to produce such results is with talented employees. An employee's attitude about the organization shows in his / her productivity and quality of work. In order to keep such employees stimulated, organizations have to keep their employees engaged..... more     Have a Question? If you have a topic you would like addressed in Astronology, or some feedback on a past article, don't hesitate to tell us!  Simply reply to this e-mail.  See your question answered, or comments addressed, in an upcoming issue of Astronology. Looking for a top-notch presenter for your human resource organization's meeting?  Both Jennifer Loftus and Michael Maciekowich present highly-rated sessions on a variety of compensation and employee retention issues.  For more information, send an e-mail to info@astronsolutions.com.   The Fine Print We hold your e-mail address in trust.  Astron Solutions promises never to share or rent your personal information.  We also promise never to send you frivolous e-mails and will allow you to leave our list, at your option, at any time. To remove yourself from this list, please follow your personalized subscriber link at the bottom of your Astronology alert e-mail. Copyright 2011, Astron Solutions, LLC ISSN Number 1549-0467 Quick Links Client List Meet the Astron Team Contact Us   World of HR Blog Bringing you Human Resource news from around the globe...compliments of Astron Solutions. More

 

Astronology - Preserving the Dignity of our Workforce

Astronology Volume XII Issue 12 September 6, 2011 Dear Andrew, Astron Solutions provides high-quality, low-cost, innovative human resources consulting services to organizations like yours. Call us for advice, innovative program design, and user-friendly Web/PC based software.   Labor Day Astron Solutions hopes that you had a fun and relaxing Labor Day weekend, and a great end to your summer.     Fact or Fiction? Scholars found the 2009 economic downturn worse than the 1930's Great Depression.   FACT!   According to a PBS segment, "Measurements and Myths of the Great Depression" Ben Wattenberg mentioned that the 2009 economic downturn  was particularly frightful because "debt in 2009 includes not only stocks but also millions of homes, property, local governments, and entire nations. Also, in contrast to the 1930s, the U.S. is now a debtor nation and more households in the U.S. are in far greater debt."      Preserving the Dignity of our Workforce By Richard L. Virgilio, SPHR We Americans celebrate Labor Day each September as a reminder of how those who toil daily are important to their families and to the country.  I might offer to you that the first Monday in September is also Employers' Day, for without employers, there are no employees.  We in the human resource profession find ourselves in a no-man's land as both an advocate for our employees and an instrument of our employers..... more     Have a Question? If you have a topic you would like addressed in Astronology, or some feedback on a past article, don't hesitate to tell us!  Simply reply to this e-mail.  See your question answered, or comments addressed, in an upcoming issue of Astronology. Looking for a top-notch presenter for your human resource organization's meeting?  Both Jennifer Loftus and Michael Maciekowich present highly-rated sessions on a variety of compensation and employee retention issues.  For more information, send an e-mail to info@astronsolutions.com.   The Fine Print We hold your e-mail address in trust.  Astron Solutions promises never to share or rent your personal information.  We also promise never to send you frivolous e-mails and will allow you to leave our list, at your option, at any time. To remove yourself from this list, please follow your personalized subscriber link at the bottom of your Astronology alert e-mail. Copyright 2011, Astron Solutions, LLC ISSN Number 1549-0467 Quick Links Client List Meet the Astron Team Contact Us   World of HR Blog Bringing you Human Resource news from around the globe...compliments of Astron Solutions. More