Wells Fargo Case Study 1
Rodney Thomas Sr.
Western International University
Organization Theory and Behavior
MGT-240-3826
Beth Groh
January 8, 2017 Wells Fargo Case Study 1
This case study is based on an outline and the research aspects of the Wells Fargo banking organization, and how they value their employees regarding service through missions, values and diversity. This paper is in detail to explain the enduring principles that guide all of Wells Fargo team members in the work the accomplish every day
Organizations mission and vision
Wells Fargo’s mission is to create an office environment regarding competency and loyalty for all staff and clients. These daily activities are initiated to foster
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This is the ability to apply specialize knowledge or experience in the banking industry and other similar organizations across the globe. Like Wells Fargo all job requires some specialize professionals and expertise while yet, some individuals have the luxury of developing these skills on the job (Judge T. A. & Robbins, S. P. 2017). Wells Fargo vision suggest that customers can be appropriately served when they are in a good relationship with a trusted source or provided that knowing the client’s will provide a realistic guidance for a full range of financial needs. Of course this organization has in the past been under ridicule and criticisms that could have change the way peoples think about the financial security at Wells Fargo. Wells Fargo says its version is marked by is relationships other than the clients included are, grandchildren, parents and older children’s. This is what the organization calls a legacy account that proceeds to be the ultimate …show more content…
This includes based on needs all managers are dedicated to their effectiveness to administer a growing business to improve effectiveness and performance measures Judge, T. A. & Robbins S. P. 2017). Well this sounds impressive but let’s factor in that the Wells Fargo culture has so far geared their focus on the high pressure sales environment which through a report described drove employees to fabricate a number of false accounts
Diversity
From the information gathered on the values and mission of the Wells Fargo organization, promoting diversity and inclusion is an aspect that’s included in the confines of day to day operations on all levels. According to the CEO, success arises from an innovation and the implementing of a diverse work environment concerning age, gender, and religious
Third Star Financial Services is an “un-banked” business that was built from a foundation of several money transfer operations that can be transact through an agent or an online facility since 1996. Third Star’s goal and objective is to develop and implement an enterprise architecture platform for the organization that is more streamlined and leaned with consistent policies and procedures throughout the company. A consolidated, centralized and standardized single version of the business structure and a modernize technology that can provide ease and flexibilities to their new and existing customers, in addition to their support staff and management teams.
Prior to Fuller’s transfer, management at the Carson’s location was poorly run using the classical approach. While this approach can be successful, management has to find a good middle ground between caring for the company and caring about their employees. A traditional classical approach recognizes that there are five important factors to running a successful business (Miller, 19). According to text, these factors are planning, organizing, command, coordination and control (Miller, 19-20). These factors can be seen when you look at Third Bank as a whole. In the study, the CEO saw the issues in his company and put a plan together to improve. He had meetings with management, like fuller, to organize a solution. He then commanded all locations
At Wells Fargo, teamwork and sales are important skills needed in order to succeed as a teller. At Wells Fargo, I plan to incorporate a system where each teller gains the skills necessary so that each task runs efficiently. To begin, I will start observing each banker’s, and each teller’s normal routine. I will be listening carefully to the conversations the tellers, and bankers are having with customers. As an observer, I will be taking notes on what the employee’s strengths and weakness are when lobbying to a customer, and working with coworkers. I will continue this process for a week. Once the week is complete, I will have one on one meetings with each employee. After the employee’s one on one meeting is complete, a proposed course of
Diversity in the retail marketplace is something that is significant to the company’s success. Retailers are comprised of people selling things to people. Thus, the people that do the selling must be a good representation of the people that are doing the buying. Companies that are well diversified in their hiring practices, as well as organizational goals, are well recognized by the public. Likewise, companies that are unjust in the functioning of their company will be viewed in a negative light, which could lead to decreased sales and company accountability. Taking this into consideration, observing the diversity profiles for two major retail companies can lead to a firm understanding behind their success and company values.
Diversity is something every company strives to achieve. However, many fail to realize what the word means. In most cases it is only associated with an individual’s ethic background. However, it too relates to the differences that make people who they are including things like religion. Diversity is important within the workplace for several reasons. Two driving reasons companies try to achieve diversity are the increases of exposure within the workplace and diversity speaks to how the company strives to be professionally responsible. Exposure to people who may have different views than you is essential because Wells Fargo’s customers are diverse. There is no customer that is the same as the other. In other words, if an employee is not accustomed
Branches are no longer ran as stores. Employees are no longer constantly told that “[They] will work at McDonald’s” if they do not makes quotas (Colvin, 2017). The idea is to completely change the culture at Wells Fargo. It isn’t enough to just implement a bunch of new rules and regulations for the employees to follow, the culture of the organization has to change. The company had a code of conduct with strong ethical regulations, but they were not enforced, and few followed the “rules” because the culture was not appropriate.
Key stakeholders are owners, directors, employees, and the community that the organization draws it resources businessdictionary.com,2016). Out of the 1000 Wells Fargo customers that were surveyed 3% stated that they were personally affected by the scandal and 14% of them stated that they have changed banks while 30% of them were currently looking to switch. Studies predict that Wells Fargo could lose about $99 billion in deposits and $4 billion in revenue because of customers rejecting to do business. Individual customers weren’t the only ones that were affect by the scandal but similarly 10,000 small businesses (Razin, 2016). I believe that the owners will be affected as well because of profit losses that will eventually affect Wells Fargo shares and the employees were affected after 5,300 of were fired (Razin,
In 1852, as a response to the California Gold Rush, Henry Wells and William Fargo created Wells Fargo & company. Initially, the purpose of the company was to provide express and banking services to California. Shortly thereafter, Wells Fargo experienced rapid growth and unpredictable changes. Today the company is viewed as a nationwide, diversified, community-based financial services company with over $1.8 trillion in assets. Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations and 12,800 ATMs.
The focus was to sell multiple products to customers daily. The goals they are intending to reach will take some time. Gaining trust from the customers and the organizations would take some time. Wells Fargo practiced poor business ethics, to have themselves recognized as the #1 bank and gain a huge profit. The aftermath, their concentration will be any open accounts will require a signature on the applications, elimination of the sales goals, every customer will receive an email of any opened accounts, and employees may call the bank ethic’s hotline to report any
The company promotes an aggressive strategy that they believe is the basis to accomplish their vision. Also incorporating a successful business model and a plan of execution to tie together the general strategy for Wells Fargo. The company values their customers above all else, wanting to gain their trust and deepen relationships with each and every one of them. Along with their extensive community involvement, Wells Fargo has other strengths that have helped them become so successful. The explosion of the bank began in San Francisco and soon expanded nationwide. Eventually, Wells Fargo developed into an international company. They provide multiple different networks that help attract potential customers to their company by having a service that can apply to everyone. Another strength that the company has executed would be the art of cross-selling. When it is finalized legally, it can be a great attribute to the company and the customer by letting them access the new services Wells Fargo provides. However, if there are strengths the weaknesses will follow in a major corporation. Wells Fargo has an international basis, it is very narrow in
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
We recognize that our success as an enterprise depends on the talent, skills and expertise of our people and our ability to function as a tightly integrated team. We appreciate our diversity and believe that respect - for our colleagues, customers, partners, and all those with whom we interact - is an essential element of all positive and productive business relationships.
As the workplace and marketplace continue to change, more and more companies are educating their employees on cultural diversity awareness. An understanding of the issues that arise due to the differences between gender, age, religion, lifestyles, beliefs, physical capabilities and cultures is needed to bring out the best in all of us. The creativity, flexibility and commitment gained from our interactions with other cultures and peoples will empower us all. Barbara Stern who is vice president of Boston-based Harvard Pilgrim Health Care (HPHC) argues that what has traditionally been a “soft” issue is now becoming a business necessity in terms of better serving customers, understanding markets, and obtaining full benefit from staff talents (Schmerhorn, pp.77).
The tellers, staff and managers are well trained, friendly and reliable, many of which have worked for the company for many years and have developed relationships with their customers. These relationships allow them to provide reliable customers with certain products on request such as magazines, pasta sauces, certain fruits and vegetables and selected cuts of meat etc.
All organizations should be motivated to better understand the many factors related to diversity. Not only because it enables corporations to improve their competitive advantage, but more importantly, because it the right and ethical way to conduct business (Canas & Sondak, 2011). One such company taking a proactive approach to the support of diversity is Dell, Inc. This paper will discuss Dell, Inc. and how its leadership’s approach to corporate stewardship has enabled the organization to become a leading source for the world’s technological solutions.