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Organisational Structure of Principal Financial Group

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Netra Shetty
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Organisational Structure of Principal Financial Group - February 5th, 2011

Principal Financial Group NYSE: PFG is a publicly traded corporation based in Des Moines, Iowa, USA.
The Principal Financial Group (The Principal) is a global financial services provider which offers a wide range of financial products and services, and is a U.S. leader in 401(k) plans. Headquartered in Des Moines, Iowa, the company has more than 18 million customers worldwide. As of September 30, 2009, assets under management exceeded $280 billion. It was ranked 273rd on Fortune magazine’s list of the 500 largest U.S. corporations (May 2009). It has been consistently awarded the distinction as one of the world's most ethical companies

CEO

Larry Zimpleman

Director

Richard Keyser
Director

Arjun Mathrani

Director

Michael Dan

Director

Gary Costley

Director

Elizabeth Tallett

Director

Jocelyn Carter-Miller
Director

Daniel Gelatt

Director

Sandra Helton

Director

Betsy Bernard
Legal

KS

Strategy, Development & Oper...

Norman Sorensen
Asset Management of Principa...

JM
Insurance & Financial Servic...

JA

Retirement & Investor Servic...

Daniel Houston
COO

Ned Burmeister
Asia

RA
Latin America

LV
CFO

Terry Lillis
CIO of Principal Financial G...

GS
Investment

JL
Marketing of Principal Finan...

MO
Risk Management

EL
Secretary

JH
Health Division

DS
Individual Life & Specialty ...

DS
Retirement & Investor Servic...

GB
Retirement & Investor Servic...

RD
Retirement & Investor Servic...

NE

Retirement Distribution

Timothy Minard
Human Resources

RE

Control

GE


Investor Relations

TG

Treasurer

CLB


Familiarity with Company Processes

Existing employees have in-depth knowledge about the organization's business processes, making it easier for them carry out the implementation work. In comparison, external Black Belts may require more time for understanding the existing processes. If for technical reasons, an organization decides to hire external Black Belts, then it would be wise to hire a Black Belt who has prior experience in a similar organization or industry.

Familiarity with Company Structure

Existing employees are quite familiar with the organizational structure and know exactly whom to contact for suggestions or solving implementation related problems. External Black Belts may not have the same level of familiarity, but they have a natural advantage because it has often been noticed that project sponsors and team members are more receptive to the ideas and suggestions of a professional hired from outside that those offered by existing employees.

Learning Curve in Six Sigma

Although existing employees are well versed with the organization's processes, they might still face difficulties during the implementation process because they have very limited experience of using six sigma tools and techniques. In comparison, external Black Belts are professionals and know that if they do not perform, they will be fired. External Black Belts will certainly deliver the results as long as they get their paychecks.

lthough this sounds like the hit reality TV show on ABC where a family
whose home is in ruins has the opportunity to have their entire house
redesigned, this article argues that the same idea holds true for
organizations today where design, in many ways, is also in ruins and
needs an organizational makeover.

In a fast-paced business environment, many organizations recognize
the need for a strategy that allows their firms to prosper. However, failure
will eventually result when late nineteenth and early twentieth century
structures prevail in these organizations. In his book, Organization
Theory and Design, Richard Daft says, "This structure was quite
effective and became entrenched in the business world for most of the
twentieth century. However, this type of vertical structure is not always
effective, particularly in rapidly changing environments, (87). The
solution for an organization stuck in the past, in terms
of strategy, structure, and leadership, which desires to succeed in the
future, is to adopt the approach of the learning organization.

What sets learning organizations apart from traditional organizations is
that the former's essential value is problem solving, where the latter's is
designed for efficient performance. In his book, The Age of Unreason,
Charles Handy writes, "The learning organization can mean two things,
it can mean an organization which learns and/or an organization which
encourages learning in its people,
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