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Wells Fargo Management Essay

902 words - 4 pages

Although Wells Fargo has maneuvered the recent crisis very responsibly and prudent, it is lumped together with other Wall Street firms and their failure during the crisis. Its’ reputation, as the reputation of any firm on Wall Street, has suffered. The trust in Wall Street firms is destroyed It is believed that the economic crisis was triggered by failures in leadership; we are in a so-called leadership crisis, meaning that the majority of the American public doesn’t have trust in their leaders anymore, and neither do employees trust their managers. This leadership crisis influences the productivity of banks, as can be seen at the falling stock value of Wells Fargo. Therefore, to guarantee enduring productivity, Wells Fargo has to adjust some managerial aspects because only a strong leadership provides a stable future and avoid another crisis.
Managers have to become leaders who motivate and encourage their employees. This creates a new group dynamic and guarantees passionate workers and, hence, increased productivity. When numerous firms collapsed and experienced high losses, the managers received high pay-offs while the employees lost their jobs. Although Wells Fargo was not struck by bankruptcy and enormous losses, its employees have it in the back of their mind that they will be the straw men if the firm fails. No employee wants to engage in a firm with managers who might not be reliable and for whose failures the employees have to pay in the end. Therefore, managers have to represent that they are all part of the same group and pull on the same string. Wells Fargo has to see its employees as whole persons and members as a group, not only as workers. To convey the focus on workers, not profit, Wells Fargo has to provide employees’ benefits and sustain a work-life balance. To provide this working environment, simple measures can be taken. For example, to represent that managers and workers are one group and work together towards the same goals, the managers’ offices should be located close to the worker’s offices. Avoiding spatial distance avoids emotional distance. Also, an open door policy is important, so that employees can share their complaints, suggestions, and ideas. Therefore, they feel included in the working and decision-making process. Esteeming the employees’ input and providing regular feedback ensures that managers give credit instead of taking it. This should not only be implemented in the headquarters’ of Wells Fargo, but also in its branches all over the world. It is important that every worker in the branches is satisfied with working for Wells Fargo, because only a content worker is an engaged worker, that increases productivity and contributes to a good atmosphere. This atmosphere then conveys positive connotations to the American public...

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