On that same hand employee retention consistently remained low for over six years until this past quarter where Wells Fargo saw the lowest level of turnover. This could very well be because of the drastic changes occurring within the company because of the scandal. No longer are employees required to hit unrealistic sales goals or be pitted against one another in order to receive bonuses. Also doing what is truly right by their customer probably feels good after so long of working against the customer. Even the CEO has stated that they have rehired over 1800 employees that had left the company due to its sales practices ().
So, are the changes that Wells Fargo was making and continuing to make truly working for long term growth and development …show more content…
First, transparency is an absolute must with employees and with the public. From this scandal should come a culture of transparency and what that means is no longer hiding what anyone is doing in the company. If the CEO can be as open and honest about any and all employees then they should be able to be completely transparent with him. A great system to start this would be to have their business results posted for each and every year. Second would be to establish strong accountability structures, and standards because having accountability should eliminate the possibility of another manager breaking out into old ways and becoming so focused on their numbers that they are willing to cheat the system (Cavico & Mujtaba, 2017). Also a very high culture of compliance and ethics needs to be kept in place and enforced highly by senior management. This would pertain to the sales goals because if an employee is more focused on the sales goals then compliance could slip, but if there is a higher culture for compliance and ethics than that will overshadow the sales aspect. So if senior management focuses more on compliance and ethics in their incentives than sales the switch can be much easier and also easier to follow. This would be something in addition to the steps that Wells Fargo is taking. Finally, it was discussed earlier that retention has been increasing, but there needs to be a rebuilding of trust by employees even greater than there is and that should come in the form of employee satisfaction. If the company can refocus on making employees happy then employees will make customers much
So, are the changes that Wells Fargo was making and continuing to make truly working for long term growth and development …show more content…
First, transparency is an absolute must with employees and with the public. From this scandal should come a culture of transparency and what that means is no longer hiding what anyone is doing in the company. If the CEO can be as open and honest about any and all employees then they should be able to be completely transparent with him. A great system to start this would be to have their business results posted for each and every year. Second would be to establish strong accountability structures, and standards because having accountability should eliminate the possibility of another manager breaking out into old ways and becoming so focused on their numbers that they are willing to cheat the system (Cavico & Mujtaba, 2017). Also a very high culture of compliance and ethics needs to be kept in place and enforced highly by senior management. This would pertain to the sales goals because if an employee is more focused on the sales goals then compliance could slip, but if there is a higher culture for compliance and ethics than that will overshadow the sales aspect. So if senior management focuses more on compliance and ethics in their incentives than sales the switch can be much easier and also easier to follow. This would be something in addition to the steps that Wells Fargo is taking. Finally, it was discussed earlier that retention has been increasing, but there needs to be a rebuilding of trust by employees even greater than there is and that should come in the form of employee satisfaction. If the company can refocus on making employees happy then employees will make customers much