What are the potential benefits of speaking to the friend

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Reference no: EM133345497

Case Scenario: You are the manager in a financial services firm, ABC Financial Services. This is a fictional company and no similarities are implied or stated to any real company. As the manager, you are well liked in the company and within the community. There is a lot of regulation around business practices within the financial services industry.

You find out from a friend at your Tuesday night softball league that your direct competitor is struggling and is in risk of going out of business. The competitor has a customer base that is 3 times that of your current customer base. The friend that informs you of this has another friend that works there and is seeing if there are any vacancies at your firm. The "friend of a friend" supposedly has knowledge of the inner workings of the competing firm that would be a great benefit to you.

Questions:

What are the potential benefits of speaking to the friend of a friend?
What are the potential risks of speaking to the friend of a friend?
Research and report back on any regulations you may find that allow or disallow this conversation and potential hiring of the other individual.
What are the benefits or risks, if after having a conversation with the other individual, should they decide to stay with their current company or go someone else?
Should you have a conversation with your management about this situation, or since you are the manager, you feel this is ok (think through all aspects here)?

Reference no: EM133345497

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