Wells Fargo - Assignment Example

Wells Fargo Wells Fargo Introduction Wells Fargo Company is an American multinational financial and banking services holding companythat is headquartered in San Francisco, California with many other offices across the country. It is the second largest bank in home mortgage servicing, deposits, and debit cards. It is ranked fourth in American banks in terms of the assets, and is largest in market capitalization. Wells Fargo is among the four most major banks of America along with Citigroup, Bank of America and JPMorgan Chase. In 2011, Wells Fargo was ranked twenty-third among the most major companies (Loomis, 2009). The Company should operate with a high degree of communication and good cultural practice for proper operations of its activities. Company Communication Structure and Culture The company defines culture as the ability to know what one is supposed to do without referring from the manual. The team members of the Wells Fargo are expected to know the policies of the enterprise all the time. Wells Fargo’s success is based on the attitude of the workers deeply in their hearts. The company members have caring and enthusiasm characters that enable them to perform extraordinary tasks (Wells Fargo & Co., 2008). The workers serves the customers with consideration whether they were the one who are served would they be okay with the service. The Wells Fargo’s works connect emotionally with the customers all the time when they are serving them. The company does not embrace the hierarchy form of communication but a circle where the customers are at the centre. The customers are surrounded by the then members and farther out of the circle are the leaders of the Company. Wells Fargo customers expect to find the One Wells Fargo always when they visit the company where the works are first imagining themselves as the customers. Barriers to Communication and overcoming them in Wells Fargo In Wells Fargo, there are some barriers of communication that arises which affects the proper performance of the company. These obstacles include language barriers where some workers who are not proficient enough in the language of the customers pose a challenge to the functioning of the enterprise activities. There are psychological barriers that influence the message received, sent or perceived. For instance, when one of the workers is experiencing stress may tend to be preoccupied with the individual concerns and fail to get the actual meaning of the message. The other barrier to communication that affects the Wells Fargo company is the attitudinal barrier that prevents the workers from communicating freely and efficiently. There are various ways of overcoming these obstacles of communication (Loomis, 2009). Upward communication and feedback reduce the misunderstanding that may arise within the organization. The receiver of the information is given an opportunity to question anything for clarifications. The upward communication is enhanced when the door is open and giving chances to the workers to give their suggestions that ought to be taken seriously. The avoidance of the credible gaps is also very critical. The communication should be maintained as continuous as possible, and all advertisements should be made public. Leadership styles and different types of leaders in Wells Fargo Wells Fargo believes that everyone can lead, and they dont exclusively leave leadership to the senior officials or managers. All the members of the team are called to be leaders. They inspire the team to develop confidence in their leadership. When asked a question by the customers they usually answer then on the spot they dont wait for a reply from the headquarters. The junior officers learn from their senior counterparts, and they connect with company’s vision. The Wells Fargo leadership does not rely on the authority, but everybody is a leader and should always do what he or she thinks best suits the situation (Wells Fargo & Co., 2008). The senior managers coach the young officials, and that culture has been there for a long time. It has proved to be the most efficient and secret behind their enormous success. The company has managed to overcome significant obstacles to this leadership and has high potential expand further under this leadership style. This leadership style makes every team member to feel much appreciated and have a sense of belonging to the company. Level of Trust in the Company The Company embraces three essential values that are honesty, integrity and trust. These values are not just welcomed by the senior leaders but are practiced by all the team members. The customers trust the company to protect their money and their confidential information. The customers believe the institution and suggest their recommendations for improved service. The company earns their trust daily by behaving ethically; honest, two-way communication, rewarding open and holding themselves accountable for actions were taken, and decisions made. The team members believe one another and also their senior managers (Wells Fargo & Co., 2008). Wells Fargo Company applies ethics in all their deeds and decisions that they make. The recommendations that can be done on the companys level of trust in maintain the standards and improving the openness within the enterprise. Again the company should involve some of the customers when they are making some crucial decisions that affect the clients. Recommendations for Motivating the Workforce in Wells Fargo The proper functioning of the company it is necessary for some efforts be made to motivate workers on preconditions as illustrated by the Herzberg theory that there calls for enhancement of the particular baseline. There is a reason to improve the level of supervision of the employees at all levels to prevent any loophole for the unintended operations. The working conditions of the workers should be enhanced to give the employees some positive motivation in their duties. The management should increase the workers job security at all levels (Zambrano, 2010). This aspect will motivate the employees as they will work as if the company is theirs. The management team should improve their style of management by either guiding the team members through regular staff meetings. Finally, if all the hygiene conditions are enhanced, then motivators, as illustrated by Herzberg, will impact positively than the ones that already exist. References Loomis, N. (2009). Wells Fargo (3rd Ed.). New York: C. Potter; Crown Publishers. Wells Fargo & Co. (New). (2008). Mergents Dividend Achievers, 5(3), 308-308. Zambrano, A. (2010). Motivating Informed Decisions. SSRN Journal. Read More