Wells Fargo Mission Statement

Wells Fargo
Organization without vision/mission could be seen as organization without purpose. A company’s mission statement is a short sentence that details the company’s identity, core values, and its business goals and philosophies; the mission communicates the company’s purpose and values (Angelica, 2011). Where there is no vision, there is simply no direction. It is the company’s vision that helps the employees to stays on track in making every moment productive. In essence, vision and mission statement of the organization/company could be seen as the blueprint that details its operations. Wells Fargo’s vision is set to satisfy its customers’ financial needs and help them to succeed financially. Thus, Wells Fargo’s vision gives the company sense of direction which consequently results in how its employees better serves its customers (Wells Fargo, n.d.). This is why it is important for company to craft effective mission and vision statement that could help organization growth.

Effective Elements:
Company’s mission is like operating goals that provide employees with

direction and motivation; it also offers decision guidelines and clearly defines a standard of performance (Daft, 2013). In Wells Fargo, effective elements could be found in its values: What’s right for customers, people as a competitive advantage, ethics, diversity and inclusion and leadership. These values guide the company’s action.

The shortcomings:
Employees should be seen as the most valuable asset in the organization.

Finding and keeping good employees could only happen when people understand that they are valued in the company. Wells Fargo vision falls short in the area of identifying employees as its most valuable asset. To satisfy its customers’ financial needs and help them succeed financially, it is essential to ensure employee satisfaction, knowing that, it is the key to attain the set strategic objective. The company’s productivity centers on employees’ satisfaction thus result in revenue. Nonetheless, the Wells Fargo’s vision, values, and goals set how the company’s resources is allocated and also set its strategic and operational objectives. The vision shows the company’s strengths and point out to the employees where to focus their efforts in order to achieve the company’s objectives (Mission and Vision Statements,

2009).
2. Part 2 of your response: Draft at least 3 strategic objectives for the company based on what you learned from Part 1. Be sure to make the objectives SMART.
For objectives to have important effect, they have to be clear, attainable, and verifiable. It is important to for the company to understand that strategic objectives are part of the essential building blocks of the company strategic plan. Hence, employees’ development and training, innovation and change, and marketing/financial growth could be seen as strategic objectives that are essential for the company. Good objective should be challenging and be reasonable.

The first strategic objective is employees’ development and training - The Company should put measures in place to ensure continued employee satisfaction. Measures could include incentives such as provisions for training and scholarships, provisions for promotion within the company; rewards for excellence. Daft (2013) emphasized that “strong employee development goals are one of the characteristic common to organizations that regularly show up on Fortune magazine’s list of 100 Best company to work for” (p. 60). When company invest in training for employees and offers employees growth opportunity it would improve morale therefore boosting work ethic and productivity.

The second strategic objective is innovation and change that could improve the digital customer experience. On daily basis consumers seek for the best means of interacting with their financial institution such Wells Fargo. Hence, the need for the company to adapt to changes is critical for its success. Therefore, innovation should be defined with respect to the development of specific services and products that meant the need of the 21st century.

The third strategic objectives is marketing/financial growth – the focus of this objective is to effectively market the company’s products such as loan and credit, insurance, wealth management, asset management, corporate trust services, trust and custody, and commercial real estate etc. through marketing, sales, and advertisement (Wells Fargo, n. d). This should come with the company striving for excellence through its ability to satisfy the customers’ financial needs and success. All the product offers by the company should be of high and best standard. In addition, this having this objective would ensure the company provides unparalleled financial services which consequently promote customers’ loyalty and in return help the company to build long-term relationships with the customers (Daft, 2013).