Principal-Based Management

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Principal Financial Group

Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.

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• Principle Based Management™

  It doesn’t have to be this way. Principle Based Management™ offers a way to apply a paradigm of empowerment to your personal social change efforts and organizational aspirations. Over decades, tens of thousands of people — leaders, supervisors, and individual contributors in all types of organizations — have applied it to get better results and realize their potential. ### Proven principles [...] ### Get the booklet The Principle Based Management framework is how we convert a paradigm of empowerment from a way of thinking into a way of acting. Over decades, tens of thousands of people have applied it to get better results and realize their potential. ### See it in practice Explore this self-guided video series, conveniently organized all in one place. By using this resource, you can create your own learning journey to consistently apply our playbook of proven principles to maximize your impact. #### What's next Get the latest stories, ideas, and advice from changemakers applying Principle Based Management to maximize their impact. Two people working together in the kitchen of a restaurant. ### 3 organizations fighting, and beating, poverty with more than money [...] ## Main navigation ## What problem can we help you solve? # Principle Based Management™ Blue background ## Principle Based Management Principle Based Management ## A better way to lead Positive social change has always come from a paradigm of empowerment. Unfortunately, this simple truth is often neglected within the very organizations pushing for that change. Ever-growing webs of rigid rules and micro-management make employees feel like little more than cogs in a machine, and so they start acting like them. This limits our ability to contribute to the world in ways that matter.

• The next chapter of MBM: Introducing Principle Based Management™

  Principle Based Management™ provides a holistic approach to making decisions, solving problems, and creating value for individuals in your community, team members in your organization, and society at large. ​​​​​​​​​​​​​It is rooted in proven principles that have fueled the ongoing success of Stand Together and our partners. In this Principle Based Management 101 series, we’re unpacking mental models, ideas, and tools that you can use to reach the next level in your work. The following is a modified and abridged version of the full Principle Based Management booklet, which you can download here and use in your own work. \\\ ###### Success comes from empowering people [...] ###### Principle Based Management™ is rooted in a belief in people It is an approach anchored in a belief that people are capable of extraordinary things. They are capable of making good decisions and acting creatively. They are capable of finding the best ways to work together in a spirit of respect. They are capable of discovering better ways to do things, and they have unique insights to share. They are capable of lifelong learning and transforming themselves and their organizations. It is an approach to create conditions that empower people, instead of gaining power over people. ###### Through empowerment, people unlock their innate potential [...] As individuals, we are empowered when we act on our innate motivation to apply our gifts toward pursuits we are passionate about and that improve the lives of others. This is how we increasingly succeed, self-actualize, and find meaning. Our organization succeeds when we empower each individual to pursue opportunities beneficial to them and our organization—when we approach motivation through the lens of mutually beneficial partnership. Long-term and meaningful success comes from building mutually beneficial partnerships. Mutual benefit is the cornerstone of all partnerships across our lives, including those between teammates, external partners, those we serve, employees, and the organization.

• Principle-Based vs. Rule-Based

  ## Why Is This Important? A principle is fundamental or general truth that guides our thinking, behavior and actions to enable all people, and thereby societies, to flourish. Principles apply universally, whereas detailed rules and methods only work in specific applications. A principle-based approach frees everyone to think and innovate — to develop different methods and solutions — rather than mindlessly follow instructions. It creates an environment where every employee knows what to do to maximize value creation and is motivated to do it without being told. Applying principles requires employees to be collaborative and use their judgment. ## Principle in Brief [...] A principle-based approach is not an absence of rules. But when policies, processes, or procedures are necessary, they must be judged against general principles. We expect them to be continually challenged and improved — or eliminated when they undermine progress. In keeping with Our Values, we comply with all laws and regulations. If, however, we find any of these rules to be counterproductive, we advocate for principle-based policies and try to persuade authorities to adopt them. Regardless, we fully comply with existing laws. [...] Internal audits are an important example of how the same activity can look quite different depending on the approach. Rule-based audits focus on enforcing conformity and finding violations. When principle-based, the focus is on learning what works and what doesn’t, so that both employees and the business can improve. The transformation of Koch began by applying principles that gave our employees the opportunity to transform themselves. We recognize, as Hayek did, that when we empower and motivate employees rather than try to control them, they are better able to contribute and transform Koch. We believe everyone, regardless of education or background, has the ability and knowledge to contribute, each in their own way.

• Five Dimensions

  ## Using the Five Dimensions To Identify and Close Gaps in Your Work At Koch we continually seek to close the gap between what we are accomplishing and what we could be accomplishing if we were fully applying our principle-based framework. To identify ways to increase your contribution, ask yourself, your supervisor or others the following questions: ### Maximizing my group’s contribution to Koch’s long-term success. Do I understand my group’s and Koch’s visions and how I can best contribute to them? How do I use these visions to prioritize, make decisions, identify opportunities and innovate? What capabilities does my group need to add or improve? ### Living Our Values and strengthening our culture. [...] Skip Navigation Toggle Mobile Menu # Five Dimensions ## What Are the Five Dimensions? Together, the five dimensions provide a framework for applying principles of human progress to enable everyone to improve their own condition by helping others improve theirs. A dimension organizes principles of human progress to make them more effective in improving essential aspects of individual and organizational success. Because the five dimensions are interrelated and mutually reinforcing, they are most effective when applied holistically. ## Vision ## Virtue and Talents ## Knowledge ## Comparative Advantage ## Motivation No matter what your job is, you are expected to apply the five dimensions to get better results. The tool below can help you! [...] ### Living Our Values and strengthening our culture. How can I improve my understanding and application of Our Values? What other principles would help me contribute more? What will enable me to become more contribution motivated? Who can help? How do I further develop my talents? ### Continually learning to succeed in a rapidly changing world.

• Market-Based Management® - Stand Together Fellowships

  There are two main components to MBM: the five dimensions and the eight MBM Guiding Principles. ## What are the Five Dimensions of MBM? ### Market-Based Management is comprised of dozens of principles and concepts. Individually, each are helpful, but when applied holistically the sum is greater than their parts. ### To help more easily consider and apply these concepts, Charles developed a framework based on five dimensions: Vision, Virtue and Talents, Knowledge Processes, Decision Rights, and Incentives. Each of these dimensions provides a lens through which to understand and overcome complex obstacles that organizations face. ## What are the MBM Guiding Principles? ### The eight Guiding Principles define who we are as an organization, and how we treat one another and our partners. [...] Koch Internship Program Koch Associate Program Impact Stories About Us Stand Together Fellowships Koch Internship Program Koch Associate Program Application Process FAQs About Us Impact Stories Contact Us Terms of Use Privacy Statement Nondiscriminatory Policy # Market-Based Management® ## What is Market-Based Management? ### Market-Based Management (MBM®) is a management philosophy that empowers individuals and organizations to succeed long-term by applying the principles of mutual benefit. [...] ### When put into action, these principles combine to create a dynamic and positive culture, one in which each employee can progress along their unique self-actualization journey while contributing to others. ## List of MBM Guiding Principles ### Integrity Have the courage to always act with integrity and in harmony with our vision. ### Stewardship and Compliance Act with proper regard for the rights of others. Honor donor intent in a manner that advances our vision. Comply with all laws and regulations. Stop, think, and ask. ### Principled Entrepreneurship™