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The principlesof ethical leadership
The principlesof ethical leadership
Five principles of ethical leadership
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At Wells Fargo there are five primary values that guide every action:
What is right for customers: Wells Fargo competes in an industry that is central to the growth of local, national and global economies—an industry in which doing what is right for customers and communities enables Wells Fargo to make a fair profit at the same time. Wells Fargo places customers at the center of everything. Wells Fargo wants to exceed customer expectations and build relationships that last a lifetime.
People as a competitive advantage: Wells Fargo strives to attract, develop, motivate, and retain the best team members – and collaborate across businesses and functions to serve customers.
Ethics: Wells Fargo commits to the highest standards of integrity, transparency,
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and principled performance. Honesty and trust are essential for meeting the highest standards of corporate governance. Wells Fargo will do the right thing, in the right way, and be held accountable for all actions. Diversity and Inclusion: Wells Fargo values and promotes diversity and inclusion in all aspects of business and at all levels. Success comes from inviting and incorporating diverse perspectives. Diverse representation alone is not the desired outcome. Wells Fargo needs an inclusive culture that is accepting of differences and open to new ideas that can help create a competitive advantage in the marketplace. Leadership: Good leaders inspire teams to have confidence in their leadership; great leaders inspire team members to have confidence in themselves. Wells Fargo wants everyone to lead themselves, lead the team, and lead the business – in service to customers, communities, team members, and shareholders. These values guide every conversation, every decision, and every interaction among team members and with customers. At Wells Fargo, every team member contributes individual skills and talents and has the opportunity to fulfill personal ambitions.
A competitive pay structure is essential to recruiting and retaining top talent, but the old pay structure was not in line with the primary values of Wells Fargo. Doing what is right for customers does not include offering an incentive for every account a team members opens. The new compensation plan for retail bankers focuses on the customer experience, stronger oversight and controls, team versus individual incentives, and rewards team members for providing excellent customer service. The new plan offers extra compensation for team members based on how well customers use the products that they are sold. Team members can encourage direct deposit and debit card use for an extra incentive. Customer service scores will count towards the compensation plan and idle or new accounts will not factor into compensation until they are in use for at least three months. Wells Fargo wants to create a pay plan that will restore trust with customers, team members, and the public. Team members will have more overall compensation as a base salary. A teller would receive 95% of their compensation as a base pay. Performance raises will include how customers regard and use their branch. Branch managers will not receive compensation on the number of new accounts but rather on how well they develop team members and how well the branch is increasing deposits, loans, and
assets. This is all one piece of an overhaul of corporate culture.
The ideal is to pair each teller with an assigned banker. If successful the process will create more efficient teamwork and sales. With a banker personally working with a teller, the teller’s customer would never have to wait, in result more sales. In the past, tellers would walk over a customer for a sale, but when the customer notices they have to wait, they will then change their mind. This we will be prevented with the "Buddy Banker" system. Furthermore, This is the one of the most crucial aspects of promoting employees’ sales involvement within Wells Fargo. This will allow Wells Fargo to completely start the involvement that is needed in sales and teamwork. A proposed course of implementation is to have each employees draw numbers. If their numbers match, they will become
For Chase bank the mission and vision should always be clear to their customers. "At JPMorgan Ch...
...Bank’s Chairman set-forth guidelines to be met for the new focus of the division. Part of the plan involves reaching out to employees and steering new behaviors towards the new visions is clearly a good way towards opening the lines of communication between staff and customers. Also, rewarding employees fairly and equitably will help aid NOC in their redesign efforts. As outlined throughout the paper NCO has their work cut-out for them, but the plan highlights on the major areas that need revamping.
Wells Fargo Bank. (2014). Wells Fargo team member handbook – January 2014. Retrieved from http://teamworks.wellsfargo.com/handbook/HB_Online.pdf
Winn could nothing or implement a rewards program that rewards the employee with more than cash rewards; employee recognition program namely employee of the month with a paid day off or a gift card. As part of the employee focused plan, the company should allow employees’ input on how to become more customer focused, efficient, and effective organization. This would greatly improve employees’ satisfaction and help the company achieve its overall goal of providing quality customer service.
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 understand the importance of our missions and the trust our customers place in us. With this in mind, we strive to excel in every aspect of our business and approach every challenge with a determination to succeed.
During the past year Wells Fargo, a well-recognized bank of the United States, has been trying to clean its name and the mess it got itself into, when it was brought to the public that the bank was involved in generating fraudulent checking and savings accounts for its clients without their knowledge or their authorization. “The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent”
1.1 Explain the value of customer service as a competitive tool Customer service is valued as a competitive tool by many organisations. It gives you the ability to gain customer loyalty while meeting the customer’s expectations. Staff will have the skills and knowledge that will provide a competitive edge. Most organisations are known for the quality of their customer service. This means that they are known for good customer service or poor customer service.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
The more profitable firms are those that are able to maintain their most valued customers throughout time. To satisfy a customer means to make him faithful and customer satisfaction becomes the index that measures the ability of the firm to produce income for the future.
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
Customer service is used to set the direction for the business. In any organization customers should be first priority. Excellent customer service promotes customer satisfaction, employee motivation and gives the business a competitive edge among other businesses. (Adam Toporek, 2012). Excellent customer service is about creating a relationship of trust and loyalty with customers that transcends the interaction of the firm. Customers should be an organization’s number one priority. After all, without customers there will be no business and no income.
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)