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Saturday, September 03, 2016

CONFLICT OF INTEREST vs MULTIPLE STREAM OF INCOME

Good morning,

Thank you for taking time to read my writings from time to time. I appreciate those who read it and I know that I would be tempted one day to write some specific names. Don’t worry; I will make it look like a genealogy!

I once had an experience wherein employees were all sent a document on the conflict of interest policy of the organization because it was noticed that many of the management staff now have company that are contractors to the organization. The organization got information about some people and they were shown the way out. However, the economic realities of our days need multiple streams of income. This is not an exhaustive HR note but it will be helpful for us all.


Conflict of interest is a situation in which a person or organization is involved in multiple interests (financial, emotional, or otherwise), one of which could possibly corrupt the motivation of the individual or organization. A situation in which a party's responsibility to a second-party limits its ability to discharge its responsibility to a third-party.

Multiple stream of income is a phenomenon wherein everyone does not want to rely on a single source of income by venturing into other businesses and investments. The indices around us show that it is now a little here and there makes life better for us. Multiple streams of income can be very rewarding and also very disastrous based on the sincerity of those that work with us.

There are certain professionals that cannot be involved in multiple stream of income without having challenges with conflict of interest except they get involved in other industries. It can be seen as a case of divided loyalty but it must be said emphatically, care must be taken. If you feel that you cannot meet your daily obligations from what you earn, you can move on to other companies who are willing to pay you more or you become an entrepreneur.

The other flip of the coin is this, if you engage in conflict of interest now and later on, you become an entrepreneur; your staff might also be involved. Which means loyalty will continually deplete from generation to generation. I would appeal that we get engaged in tasks that are creative and distinct which would not hinder our career and loyalty by justifying the pay we earn.

This is learning to maximize our spare time!

Have a blessed week.

Kind regards,

Olu


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