Wells Fargo
A Review of Management Techniques and Practices
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:
1. How does the management team contribute to Wells Fargo's achievements? 2. Can managers work to create a fun and stimulating environment? 3. …show more content…
Has wells Fargo management policies proven successful? 4. What are the basic functions and guidelines of management at Wells Fargo?
This review of Wells Fargo management principles focuses on these four questions.
International Business
Wells Fargo provides international banking for several reasons. Wells Fargo Bank has recognized the potential of providing more choices for consumer and business customers.
Wells Fargo believes in the importance of obtaining all of the customers business and strives to provide them with choices. Consumers living in a foreign country can work closely with international personal bankers who have been trained and are available for helping with worldwide needs. Services offered are traditional Wells Fargo products as well as those specifically designed for those living abroad. Wells Fargo also accommodates foreign companies doing business in the United States. There are also many foreign banks and their customers who benefit from what the international business products that Wells Fargo has to offer. Special products have been designed for international business use for both consumer and business customers. Top level executives and store managers collaborate regularly to promote product ideas to help make accommodate any financial needs to the international customers.
Legal, Ethical, and Social Responsibilities
Legal responsibilities at Wells Fargo include a wide variety of issues. They can be from protecting customer's rights to securing company policy. Customers trust Wells Fargo with private and privileged information. Therefore, the bank must maintain Privacy polices and enforce rules and regulations to protect its customers. Wells Fargo is committed to protecting the security and integrity of customer information through procedures and technology. While the bank does not share information to third parties it does share information within Wells Fargo companies so that subsidiaries may work together to serve the customers needs. Recently these policies have come to include helping customers to protect themselves from fraud and theft.
Wells Fargo Bank has its own personal legal issues to protect. Copyright laws help to protect all of the creative work that Wells Fargo has for the company. One good example is the Wells Fargo online banking system. This system is the highest ranking banking internet system in North America according to Global Finance. ( ) The copyrighted materials on the wellsfargo.com include, but are not limited to, the text, design, software, images, graphics, source code, and the content on the site. Trademarks are also a large part of the Wells Fargo name. The Wells Fargo stagecoach and the Wells Fargo logo box are federally registered trademarks owned by Wells Fargo. Managers at Wells Fargo from the executive level down to the store level are required to abide by all rules and guidelines set forth by the Wells Fargo legal team as wells as laws by government agencies. Team members not adhering to these laws are subject to disciplinary action as well as legal punishments by government agencies.
Wells Fargo has a Code of Ethics which is the foundation for every team member. All team members are asked to sign an acknowledgement that they have received and read the Code and agree to abide by its provisions. The goal of the Code is to promote an atmosphere in which ethical behavior is recognized as a priority and practiced. The Code focuses on three basic principles. First, team members should act in a way that serves the best interest of Wells Fargo. Second, team members should preserve the confidentiality of information that is entrusted to Wells Fargo. Lastly, team members should avoid any conflict of interest or the appearance of a conflict of interest. Managers should openly discuss ethical issues with team members and involve them in problem solving when facing ethical dilemmas.
Wells Fargo has taken on social responsibility in many forms. Team members are encouraged to participate in volunteer leave. It is a leave of absence where team members can volunteer in or outside there community for any length of time and still remain a staff member and retain their salary. Wells Fargo has also established many scholarship programs for college age children as well as sponsoring youth programs in almost every community. Wells Fargo is also committed to providing a diverse workforce and hires many woman, minorities and disabled employees.
General Planning & Strategic Planning
Managers at Wells Fargo are constantly planning. It has become part of their daily routine. There must be a plan of action in everything that goes on at Wells Fargo. Managers must plan long and short term objectives and make sure they are implemented. It is also important to evaluate goals and plan accordingly to specific bank goals and guidelines.
Wells Fargo has a specific goal of becoming the customer's number one financial resource. Therefore, sales have become a part of the daily job at Wells Fargo. Managers spend most of their time planning strategic ways to apply the sales process everyday.
Some of the planning can include how to achieve goals, incentive packages and overall team member participation.
Another important thing to consider is how to service bank customers. Managers must devise plans of action to handle every customer situation. As a result, role playing plays a big part in the planning process of customer service.
Managers must also have plans for team members and their overall well being. It is important to make time for team members and get feedback on a regular basis. This can help with the planning of objectives and how to attain overall goals.
Operating Management and Plans
Wells Fargo is growing. It gets larger every day in various ways. New retail banking locations are built every year. New ATM machines are installed every month. There are also new customers joining the Wells Fargo Bank family everyday. As a result of this astounding growth Wells Fargo must make plans to keep up with ever-changing circumstances. New locations must be built to handle large customer volumes and new team members must be hired to keep up with the constant changes. Bank products must be added and reevaluated to ensure that all customers' needs are being meet.
The bank must also have up to date computer systems and software systems to process customer transactions and provide superior customer service. Managers at the top level hire different professional agencies to assess and calculate the banks changing needs. These companies collect data and compile it together to present executives with plans to meet the banks constant changing needs. Wells Fargo also employs some of the brightest minds in the computer industry to keep up with constant computer updates and maintain current standards. The Wells Fargo management team must evaluate and revise current plans to reflect new information on a daily basis. Creating plans for new development help Wells Fargo stay ahead of the competition and remain a powerful force in the banking …show more content…
business.
Organization Work and Structure
The Wells Fargo work structure is not complex but it has taken on a whole new look over the last decade. The management structure has been reshaped into a whole new organization. At the branch level the old way of managing was not working out well. Top executives decided to overhaul the management arrangement. In the past, branch managers oversaw all team members employed at one branch. This was working well but not great. It was time for change. There are many team members in one location. They include tellers, lead tellers, personal bankers, and mortgage consultants. The branch manager was responsible for all of these team members and it created a level of confusion and proved to be very time consuming. Managers are now over different areas of team members. Branch managers are still over the entire branch but now have a more personal relationship with a small group. Branch managers supervise all personal bankers. Service managers have been hired to manage tellers and lead tellers. Mortgage consultants have one manager at a district location. Branch managers and service managers collaborate together on team functions and actions. This gives the branch manager more time for other daily activities but they still have time to focus on the branch as a whole. This new and original approach to managing a team has given Wells Fargo the chance to succeed and achieve overall goals in an efficient way.
Work Team Utilization
Wells Fargo wants to be sure to create an environment where the unique talents of their people are allowed to grow. Managers are the most valuable resource at Wells Fargo. Team members and managers depend on each other to succeed. Therefore, working together as a team is one of the most important aspects of the job. Working together on the Wells Fargo team means having the full support of other team members and contributing to the overall support of a diverse group of people. Individuals have a responsibility to help accomplish the team's goals by doing their job to the best of their ability and contributing to a team atmosphere to achieve overall standards and goals. The manager's job is to continually promote the team player attitude and coach team members to continue to work closely together. Team members can achieve higher results in sales and in customer satisfaction with the ongoing support of their team and manager. It is Wells Fargo's belief that a team can achieve anything as long as they are working together.
Staffing
When it comes to staffing, Wells Fargo has taken an innovative approach to hiring team members and managers. People as a competitive advantage (PACA) refers to both the corporate strategy and a way of doing business. Wells Fargo recognizes that it's not elements like products and pricing that creates success in an organization, it's the people. Each team member brings different skills and talents to the job which, when performed at an outstanding level, will differentiate Wells Fargo from its competitors. People who work together as partners across business units and functions make Wells Fargo successful. Wells Fargo's belief in this strategy has prompted managers to place strong emphasis on valuing its team member's contributions and providing a work environment where all can excel. Managers and supervisors have a major impact on the quality for the work environment, so they are given strong accountability for effective people management. Therefore, managers must attract, develop, retain, and motivate a diverse team of the most talented people available. The best way to keep team members working for Wells Fargo is to ask them what they like about their job and their work environment. It is also important for managers to listen and act on what is important to them and deliver on the company's commitment to PACA. As part of the PACA, managers follow guidelines to insure a team member's success. Their must always be an open communication with managers and peers. Training resources should always be available for an opportunity to be challenged and to grow. Managers are required to provide constructive feedback on performances and offer the chance to improve if necessary. Team members are provided with an understanding of how work contributes to the success of the business and company. They are always given recognition for good work through incentives and awards. Wells Fargo encourages an environment where people are diverse in age, education, ethnic origin, gender, lifestyle, abilities, race, religious beliefs, sexual orientation, work background and other perceived difference. Team members are recognized, feel valued and can go as far as their talent, ambition and hard work will allow.
Employee and Management Development
Attracting and retaining qualified employees is a top priority for Wells Fargo.
Since the introduction of PACA people as a competitive advantage- Wells Fargo is consistently maintaining its employees through development and training. Wells Fargo has implemented many ways for managers and employees to grow and learn. Wells Fargo uses many different methods of training and developing its team members. The most used method is on- the- job training. Team members actually pair up with another individual who becomes a mentor. The mentor coaches and teaches the team member to perform the duties to his fullest and achieve success. Wells Fargo team members also must complete quarterly computer based quiz and lectures. The scores are recorded and reviewed by managers. Managers then determine if more training is necessary through different means such as classroom lectures and computer simulated training classes. Wells Fargo is committed to the development of their team members and special attention is given to the growth of its managers. Managers have the same resources and have many other options available. There is an online library for book and periodicals. Managers are coached weekly by superiors. They must rake place in quarterly classroom training and lectures. Another big part of a mangers role is job rotation. A manger must be able to perform every aspect of the bank and help out when needed. Role playing is also conducted weekly to ensure managers and team members are using Wells Fargo approach and the sales road mapping system.
Motivating Employees
Wells Fargo is one of the nation's most admired companies and has thrived under the leadership of its management staff. It employs 134,000 team members around the globe. So, how does Wells Fargo motivate its team members to achieve such results? Wells Fargo has instituted what many describe as an inclusive, commonsense management style -- specifically, a leadership approach that rewards self-motivation, teamwork and superior implementation. Wells Fargo wants to be sure to create an environment where the unique talents of their people are allowed to grow. Managers at Wells Fargo clearly have their work cut out for them in the area of team member's motivation. Many people are not aware that working in a bank means having a sales job. It can be frustrating and hard to grasp if never done before. For that reason, managers must become inventive in new strategies and plans for success. First, it is important to for managers to praise their team for a job well done. It is also important to publicly recognize the commitment of others by praising them for special projects or giving extra time and effort. It can also be helpful to sponsor an outdoor activity or get together to take time to reflect on the vision of Wells Fargo and what it mean to each team member. Managers provide motivation on a daily basis. However, at Wells Fargo it is important that it's implemented into a daily routine.
Leading
Leadership is one Wells Fargo's key values. It is not the exclusive domain of senior managers. All team members are called to be leaders. All team members are called to be the link between the vision of Wells Fargo and our customers. Leadership is the act of establishing, sharing and communicating a vision of the future and the art of motivating others to embrace, believe in, and align with that vision. Leaders are accountable for failures. They give others the responsibility and satisfaction for success. A good leader inspires a team to have confidence in him or her; a great leader inspires a team to have confidence in themselves. Team members who are responsible and accountable can act faster than their competitors. When a customer is waiting for an answer, they have to be able to respond to them fast, on the spot. That's a competitive advantage. They don't rely on policy manuals at that "moment of truth" when they have to come through for the customer. They're leaders. They consider themselves equal partners in a team effort to achieve a common goal. When the team needs help, the leader pitches in just like everyone else, involved, hands on and available, not a remote giver of orders. They each take personal ownership for a customer's problem and don't let go until that problem is solved. No one tells them to do it. They just do it. Leaders at Wells Fargo don't sit in their offices waiting for reports to arrive. They don't necessarily excel at any one specialty. They don't have all the ideas or all the answers. They don't rely on authority or force of personality. They believe in the inherent knowledge and talent of each person. They believe that people have the answer to every problem and every opportunity. They empower their people to develop ideas, test them, quantify the results, and then share the good ones with our other businesses and functions throughout the company. The best leaders are coaches.
Managing Conflict and Stress
Team members at Wells Fargo are expected to conduct themselves in a professional manner. Wells Fargo recognizes that as a team working closely together situations may arise leading to conflict or workplace stress. In these situations managers should take action to correct the circumstances and help solve any problem that may occur. Managers should communicate with all team members directly and indirectly involved in any conflict. An attempt to resolve the issue should be made at the earliest possible time.
The manager is obligated to conduct the Human Resource manager to report any workplace conflicts and they will determine together what action to pursue. In the event that a conflict is unsettled or becomes out of hand, corrective action may be taken. This can include disciplinary action, unpaid leave, or termination. In these situations the HR manger and any upper management must be notified and all must work together to resolve the issue quickly and discretely.
Managers who have team members experiencing stress in the workplace should make every effort to communicate and gain feedback on the situation. The manager should try to find the reason for the stress if it is work related or personal. All managers should be available to their team members for support and guidance. If the problem cannot be helped by speaking and communicating with the manager, Wells Fargo provides outside resources to its team members for counseling and time off to cope and handle stress. Managers are required to notify the HR manager of stressful events and they should work together to resolve the issue.
Controlling
Wells Fargo Bank uses its own method for control in the workplace. The main focus is on feedback received from team members. Team members are given quarterly reviews to evaluate performance. Reviews consist of a scoring system based on job performance.
Quarterly reviews are put in force to establish standards and to monitor job performance related to a particular job function. At the end of every quarter managers are required to complete the performance review and discuss it with team members. The communication between manager and team member covers all area including, job requirements and standards, working relationship, future expectation and any work related problem or issues. The manager and team member sign the review together and it is placed in the team members file for future reference.
Managers at Wells Fargo are also required to control other areas related to the financial business. Banks are audited regularly and must meet minimum standards and guidelines that relate to bank regulations and government laws. Audits are performed on the bank and on individual's team members on a regular basis. Bank audits are performed by internal and external auditors. Managers conduct audits on team members on a monthly basis and are required to evaluate all team members and conduct inspections on all aspects of the bank it manages.
Control is put in force to prevent problems from occurring. Wells Fargo has a system to maintain control of all aspects relating to maintaining the workplace and adheres to government and Wells Fargo related policies. Managers must maintain strict standards in order to control team members and provide a working environment that is safe and rewarding.
Appraising and Rewarding
People as a Competitive Advantage is a core value of Wells Fargo Bank. It's the people that set them apart from their competitor's and who make it possible for them to build lifelong relationships with their customers. One of Wells Fargo visions is to satisfy all of their customer's financial needs and helping them succeed financially. Wells Fargo knows that it is because of there people who make the difference. That's why they have come up with ways to recognize team members for what they do best everyday and for their commitment to the customers and the company.
In order to find out the opinions and thoughts of what team members want out of the reward system, Wells Fargo team members take place in yearly surveys called Voice of the Team and Connections Q12.
These surveys are used to better understand what team members are looking for in terms of recognition. Managers are required to inform team members of the surveys when they have become available and to insure that they are given time to complete them.
Wells Fargo recognizes and reward team members in exciting ways. Managers are encouraged to informally create fun and consistent encouragement with special celebrations. These informal rewards can include pizza parties for days that are extraordinarily challenging or rewarding. Managers also set up daily and weekly contests and give things such as gift cards and car washes to team members who perform well.
Team members can also nominate each other for special awards such as Star Team. Star Team is a local and national sales performance incentive which is held yearly. Star Team winners receive a trip for two to an exciting location for a week of fun, games and prizes. Star Team is a highly coveted chance to shine among peers as being outstanding in your field. Winners of past Star Team recognition have gone to Hawaii, Mexico and the Bahamas.
The most important reward program is The Retail Incentive Compensation
Plan.
It rewards team members for their success. Sales are a big part of the job and Wells Fargo wants to insure that team members are justly rewarded. Team members are rewarded in cash bonuses at the end of every quarter. There are minimum standards that team members must meet every quarter and managers are required to track and monitor their progress. Managers must keep daily sales reports on all direct team members to keep them on the track to a cash payout. Managers are given cash incentives on how well their overall team performs. Therefore, managers have many tools to recognize team members and help them strive for ultimate recognition.
Operations Control
Operations control is a big key to running any business. At Wells Fargo managers must oversee the day to day operation of controlling company costs. At the executive level mangers rely on figures and statistics to provide them with accurate information to keep down production costs and spending. On the bank branch level, managers keep reports on spending and document what types of materials and supplies are used and needed. Keeping a company operational is quite expensive. A manager at Wells Fargo must have an eye for detail and be able to make decisions on ways to cut costs. Team members are provided with all the essential supplies relative to performing their job duties. They must provide the manager with feedback on inventory and calculate monthly totals of what needs to be reordered. Managers order supplies monthly from local vendors and compare prices online. Corporate accounts are monitored to show if excess costs can be avoided. Wells Fargo is a huge corporation and cutting costs has become a daily addition to job duties for managers. Managers must stay aware of the bottom line ands look for anyway to keep the business profitable.
Conclusion
Wells Fargo bank is the pioneer leading the way to financial services success. The Wells Fargo team is committed to developing leadership and management skills. Developing and implementing new and resourceful management techniques has made Wells Fargo Bank successful. Wells Fargo struggled in the past with outdated techniques and strategies. After creating and following its own ideas, Wells Fargo has managed to come out on top of the banking business. It has insured its success for many years to come.
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:
1. How does the management team contribute to Wells Fargo's achievements? 2. Can managers work to create a fun and stimulating environment? 3. …show more content…
Has wells Fargo management policies proven successful? 4. What are the basic functions and guidelines of management at Wells Fargo?
This review of Wells Fargo management principles focuses on these four questions.
International Business
Wells Fargo provides international banking for several reasons. Wells Fargo Bank has recognized the potential of providing more choices for consumer and business customers.
Wells Fargo believes in the importance of obtaining all of the customers business and strives to provide them with choices. Consumers living in a foreign country can work closely with international personal bankers who have been trained and are available for helping with worldwide needs. Services offered are traditional Wells Fargo products as well as those specifically designed for those living abroad. Wells Fargo also accommodates foreign companies doing business in the United States. There are also many foreign banks and their customers who benefit from what the international business products that Wells Fargo has to offer. Special products have been designed for international business use for both consumer and business customers. Top level executives and store managers collaborate regularly to promote product ideas to help make accommodate any financial needs to the international customers.
Legal, Ethical, and Social Responsibilities
Legal responsibilities at Wells Fargo include a wide variety of issues. They can be from protecting customer's rights to securing company policy. Customers trust Wells Fargo with private and privileged information. Therefore, the bank must maintain Privacy polices and enforce rules and regulations to protect its customers. Wells Fargo is committed to protecting the security and integrity of customer information through procedures and technology. While the bank does not share information to third parties it does share information within Wells Fargo companies so that subsidiaries may work together to serve the customers needs. Recently these policies have come to include helping customers to protect themselves from fraud and theft.
Wells Fargo Bank has its own personal legal issues to protect. Copyright laws help to protect all of the creative work that Wells Fargo has for the company. One good example is the Wells Fargo online banking system. This system is the highest ranking banking internet system in North America according to Global Finance. ( ) The copyrighted materials on the wellsfargo.com include, but are not limited to, the text, design, software, images, graphics, source code, and the content on the site. Trademarks are also a large part of the Wells Fargo name. The Wells Fargo stagecoach and the Wells Fargo logo box are federally registered trademarks owned by Wells Fargo. Managers at Wells Fargo from the executive level down to the store level are required to abide by all rules and guidelines set forth by the Wells Fargo legal team as wells as laws by government agencies. Team members not adhering to these laws are subject to disciplinary action as well as legal punishments by government agencies.
Wells Fargo has a Code of Ethics which is the foundation for every team member. All team members are asked to sign an acknowledgement that they have received and read the Code and agree to abide by its provisions. The goal of the Code is to promote an atmosphere in which ethical behavior is recognized as a priority and practiced. The Code focuses on three basic principles. First, team members should act in a way that serves the best interest of Wells Fargo. Second, team members should preserve the confidentiality of information that is entrusted to Wells Fargo. Lastly, team members should avoid any conflict of interest or the appearance of a conflict of interest. Managers should openly discuss ethical issues with team members and involve them in problem solving when facing ethical dilemmas.
Wells Fargo has taken on social responsibility in many forms. Team members are encouraged to participate in volunteer leave. It is a leave of absence where team members can volunteer in or outside there community for any length of time and still remain a staff member and retain their salary. Wells Fargo has also established many scholarship programs for college age children as well as sponsoring youth programs in almost every community. Wells Fargo is also committed to providing a diverse workforce and hires many woman, minorities and disabled employees.
General Planning & Strategic Planning
Managers at Wells Fargo are constantly planning. It has become part of their daily routine. There must be a plan of action in everything that goes on at Wells Fargo. Managers must plan long and short term objectives and make sure they are implemented. It is also important to evaluate goals and plan accordingly to specific bank goals and guidelines.
Wells Fargo has a specific goal of becoming the customer's number one financial resource. Therefore, sales have become a part of the daily job at Wells Fargo. Managers spend most of their time planning strategic ways to apply the sales process everyday.
Some of the planning can include how to achieve goals, incentive packages and overall team member participation.
Another important thing to consider is how to service bank customers. Managers must devise plans of action to handle every customer situation. As a result, role playing plays a big part in the planning process of customer service.
Managers must also have plans for team members and their overall well being. It is important to make time for team members and get feedback on a regular basis. This can help with the planning of objectives and how to attain overall goals.
Operating Management and Plans
Wells Fargo is growing. It gets larger every day in various ways. New retail banking locations are built every year. New ATM machines are installed every month. There are also new customers joining the Wells Fargo Bank family everyday. As a result of this astounding growth Wells Fargo must make plans to keep up with ever-changing circumstances. New locations must be built to handle large customer volumes and new team members must be hired to keep up with the constant changes. Bank products must be added and reevaluated to ensure that all customers' needs are being meet.
The bank must also have up to date computer systems and software systems to process customer transactions and provide superior customer service. Managers at the top level hire different professional agencies to assess and calculate the banks changing needs. These companies collect data and compile it together to present executives with plans to meet the banks constant changing needs. Wells Fargo also employs some of the brightest minds in the computer industry to keep up with constant computer updates and maintain current standards. The Wells Fargo management team must evaluate and revise current plans to reflect new information on a daily basis. Creating plans for new development help Wells Fargo stay ahead of the competition and remain a powerful force in the banking …show more content…
business.
Organization Work and Structure
The Wells Fargo work structure is not complex but it has taken on a whole new look over the last decade. The management structure has been reshaped into a whole new organization. At the branch level the old way of managing was not working out well. Top executives decided to overhaul the management arrangement. In the past, branch managers oversaw all team members employed at one branch. This was working well but not great. It was time for change. There are many team members in one location. They include tellers, lead tellers, personal bankers, and mortgage consultants. The branch manager was responsible for all of these team members and it created a level of confusion and proved to be very time consuming. Managers are now over different areas of team members. Branch managers are still over the entire branch but now have a more personal relationship with a small group. Branch managers supervise all personal bankers. Service managers have been hired to manage tellers and lead tellers. Mortgage consultants have one manager at a district location. Branch managers and service managers collaborate together on team functions and actions. This gives the branch manager more time for other daily activities but they still have time to focus on the branch as a whole. This new and original approach to managing a team has given Wells Fargo the chance to succeed and achieve overall goals in an efficient way.
Work Team Utilization
Wells Fargo wants to be sure to create an environment where the unique talents of their people are allowed to grow. Managers are the most valuable resource at Wells Fargo. Team members and managers depend on each other to succeed. Therefore, working together as a team is one of the most important aspects of the job. Working together on the Wells Fargo team means having the full support of other team members and contributing to the overall support of a diverse group of people. Individuals have a responsibility to help accomplish the team's goals by doing their job to the best of their ability and contributing to a team atmosphere to achieve overall standards and goals. The manager's job is to continually promote the team player attitude and coach team members to continue to work closely together. Team members can achieve higher results in sales and in customer satisfaction with the ongoing support of their team and manager. It is Wells Fargo's belief that a team can achieve anything as long as they are working together.
Staffing
When it comes to staffing, Wells Fargo has taken an innovative approach to hiring team members and managers. People as a competitive advantage (PACA) refers to both the corporate strategy and a way of doing business. Wells Fargo recognizes that it's not elements like products and pricing that creates success in an organization, it's the people. Each team member brings different skills and talents to the job which, when performed at an outstanding level, will differentiate Wells Fargo from its competitors. People who work together as partners across business units and functions make Wells Fargo successful. Wells Fargo's belief in this strategy has prompted managers to place strong emphasis on valuing its team member's contributions and providing a work environment where all can excel. Managers and supervisors have a major impact on the quality for the work environment, so they are given strong accountability for effective people management. Therefore, managers must attract, develop, retain, and motivate a diverse team of the most talented people available. The best way to keep team members working for Wells Fargo is to ask them what they like about their job and their work environment. It is also important for managers to listen and act on what is important to them and deliver on the company's commitment to PACA. As part of the PACA, managers follow guidelines to insure a team member's success. Their must always be an open communication with managers and peers. Training resources should always be available for an opportunity to be challenged and to grow. Managers are required to provide constructive feedback on performances and offer the chance to improve if necessary. Team members are provided with an understanding of how work contributes to the success of the business and company. They are always given recognition for good work through incentives and awards. Wells Fargo encourages an environment where people are diverse in age, education, ethnic origin, gender, lifestyle, abilities, race, religious beliefs, sexual orientation, work background and other perceived difference. Team members are recognized, feel valued and can go as far as their talent, ambition and hard work will allow.
Employee and Management Development
Attracting and retaining qualified employees is a top priority for Wells Fargo.
Since the introduction of PACA people as a competitive advantage- Wells Fargo is consistently maintaining its employees through development and training. Wells Fargo has implemented many ways for managers and employees to grow and learn. Wells Fargo uses many different methods of training and developing its team members. The most used method is on- the- job training. Team members actually pair up with another individual who becomes a mentor. The mentor coaches and teaches the team member to perform the duties to his fullest and achieve success. Wells Fargo team members also must complete quarterly computer based quiz and lectures. The scores are recorded and reviewed by managers. Managers then determine if more training is necessary through different means such as classroom lectures and computer simulated training classes. Wells Fargo is committed to the development of their team members and special attention is given to the growth of its managers. Managers have the same resources and have many other options available. There is an online library for book and periodicals. Managers are coached weekly by superiors. They must rake place in quarterly classroom training and lectures. Another big part of a mangers role is job rotation. A manger must be able to perform every aspect of the bank and help out when needed. Role playing is also conducted weekly to ensure managers and team members are using Wells Fargo approach and the sales road mapping system.
Motivating Employees
Wells Fargo is one of the nation's most admired companies and has thrived under the leadership of its management staff. It employs 134,000 team members around the globe. So, how does Wells Fargo motivate its team members to achieve such results? Wells Fargo has instituted what many describe as an inclusive, commonsense management style -- specifically, a leadership approach that rewards self-motivation, teamwork and superior implementation. Wells Fargo wants to be sure to create an environment where the unique talents of their people are allowed to grow. Managers at Wells Fargo clearly have their work cut out for them in the area of team member's motivation. Many people are not aware that working in a bank means having a sales job. It can be frustrating and hard to grasp if never done before. For that reason, managers must become inventive in new strategies and plans for success. First, it is important to for managers to praise their team for a job well done. It is also important to publicly recognize the commitment of others by praising them for special projects or giving extra time and effort. It can also be helpful to sponsor an outdoor activity or get together to take time to reflect on the vision of Wells Fargo and what it mean to each team member. Managers provide motivation on a daily basis. However, at Wells Fargo it is important that it's implemented into a daily routine.
Leading
Leadership is one Wells Fargo's key values. It is not the exclusive domain of senior managers. All team members are called to be leaders. All team members are called to be the link between the vision of Wells Fargo and our customers. Leadership is the act of establishing, sharing and communicating a vision of the future and the art of motivating others to embrace, believe in, and align with that vision. Leaders are accountable for failures. They give others the responsibility and satisfaction for success. A good leader inspires a team to have confidence in him or her; a great leader inspires a team to have confidence in themselves. Team members who are responsible and accountable can act faster than their competitors. When a customer is waiting for an answer, they have to be able to respond to them fast, on the spot. That's a competitive advantage. They don't rely on policy manuals at that "moment of truth" when they have to come through for the customer. They're leaders. They consider themselves equal partners in a team effort to achieve a common goal. When the team needs help, the leader pitches in just like everyone else, involved, hands on and available, not a remote giver of orders. They each take personal ownership for a customer's problem and don't let go until that problem is solved. No one tells them to do it. They just do it. Leaders at Wells Fargo don't sit in their offices waiting for reports to arrive. They don't necessarily excel at any one specialty. They don't have all the ideas or all the answers. They don't rely on authority or force of personality. They believe in the inherent knowledge and talent of each person. They believe that people have the answer to every problem and every opportunity. They empower their people to develop ideas, test them, quantify the results, and then share the good ones with our other businesses and functions throughout the company. The best leaders are coaches.
Managing Conflict and Stress
Team members at Wells Fargo are expected to conduct themselves in a professional manner. Wells Fargo recognizes that as a team working closely together situations may arise leading to conflict or workplace stress. In these situations managers should take action to correct the circumstances and help solve any problem that may occur. Managers should communicate with all team members directly and indirectly involved in any conflict. An attempt to resolve the issue should be made at the earliest possible time.
The manager is obligated to conduct the Human Resource manager to report any workplace conflicts and they will determine together what action to pursue. In the event that a conflict is unsettled or becomes out of hand, corrective action may be taken. This can include disciplinary action, unpaid leave, or termination. In these situations the HR manger and any upper management must be notified and all must work together to resolve the issue quickly and discretely.
Managers who have team members experiencing stress in the workplace should make every effort to communicate and gain feedback on the situation. The manager should try to find the reason for the stress if it is work related or personal. All managers should be available to their team members for support and guidance. If the problem cannot be helped by speaking and communicating with the manager, Wells Fargo provides outside resources to its team members for counseling and time off to cope and handle stress. Managers are required to notify the HR manager of stressful events and they should work together to resolve the issue.
Controlling
Wells Fargo Bank uses its own method for control in the workplace. The main focus is on feedback received from team members. Team members are given quarterly reviews to evaluate performance. Reviews consist of a scoring system based on job performance.
Quarterly reviews are put in force to establish standards and to monitor job performance related to a particular job function. At the end of every quarter managers are required to complete the performance review and discuss it with team members. The communication between manager and team member covers all area including, job requirements and standards, working relationship, future expectation and any work related problem or issues. The manager and team member sign the review together and it is placed in the team members file for future reference.
Managers at Wells Fargo are also required to control other areas related to the financial business. Banks are audited regularly and must meet minimum standards and guidelines that relate to bank regulations and government laws. Audits are performed on the bank and on individual's team members on a regular basis. Bank audits are performed by internal and external auditors. Managers conduct audits on team members on a monthly basis and are required to evaluate all team members and conduct inspections on all aspects of the bank it manages.
Control is put in force to prevent problems from occurring. Wells Fargo has a system to maintain control of all aspects relating to maintaining the workplace and adheres to government and Wells Fargo related policies. Managers must maintain strict standards in order to control team members and provide a working environment that is safe and rewarding.
Appraising and Rewarding
People as a Competitive Advantage is a core value of Wells Fargo Bank. It's the people that set them apart from their competitor's and who make it possible for them to build lifelong relationships with their customers. One of Wells Fargo visions is to satisfy all of their customer's financial needs and helping them succeed financially. Wells Fargo knows that it is because of there people who make the difference. That's why they have come up with ways to recognize team members for what they do best everyday and for their commitment to the customers and the company.
In order to find out the opinions and thoughts of what team members want out of the reward system, Wells Fargo team members take place in yearly surveys called Voice of the Team and Connections Q12.
These surveys are used to better understand what team members are looking for in terms of recognition. Managers are required to inform team members of the surveys when they have become available and to insure that they are given time to complete them.
Wells Fargo recognizes and reward team members in exciting ways. Managers are encouraged to informally create fun and consistent encouragement with special celebrations. These informal rewards can include pizza parties for days that are extraordinarily challenging or rewarding. Managers also set up daily and weekly contests and give things such as gift cards and car washes to team members who perform well.
Team members can also nominate each other for special awards such as Star Team. Star Team is a local and national sales performance incentive which is held yearly. Star Team winners receive a trip for two to an exciting location for a week of fun, games and prizes. Star Team is a highly coveted chance to shine among peers as being outstanding in your field. Winners of past Star Team recognition have gone to Hawaii, Mexico and the Bahamas.
The most important reward program is The Retail Incentive Compensation
Plan.
It rewards team members for their success. Sales are a big part of the job and Wells Fargo wants to insure that team members are justly rewarded. Team members are rewarded in cash bonuses at the end of every quarter. There are minimum standards that team members must meet every quarter and managers are required to track and monitor their progress. Managers must keep daily sales reports on all direct team members to keep them on the track to a cash payout. Managers are given cash incentives on how well their overall team performs. Therefore, managers have many tools to recognize team members and help them strive for ultimate recognition.
Operations Control
Operations control is a big key to running any business. At Wells Fargo managers must oversee the day to day operation of controlling company costs. At the executive level mangers rely on figures and statistics to provide them with accurate information to keep down production costs and spending. On the bank branch level, managers keep reports on spending and document what types of materials and supplies are used and needed. Keeping a company operational is quite expensive. A manager at Wells Fargo must have an eye for detail and be able to make decisions on ways to cut costs. Team members are provided with all the essential supplies relative to performing their job duties. They must provide the manager with feedback on inventory and calculate monthly totals of what needs to be reordered. Managers order supplies monthly from local vendors and compare prices online. Corporate accounts are monitored to show if excess costs can be avoided. Wells Fargo is a huge corporation and cutting costs has become a daily addition to job duties for managers. Managers must stay aware of the bottom line ands look for anyway to keep the business profitable.
Conclusion
Wells Fargo bank is the pioneer leading the way to financial services success. The Wells Fargo team is committed to developing leadership and management skills. Developing and implementing new and resourceful management techniques has made Wells Fargo Bank successful. Wells Fargo struggled in the past with outdated techniques and strategies. After creating and following its own ideas, Wells Fargo has managed to come out on top of the banking business. It has insured its success for many years to come.