The term ethics refers to the moral principles that reflect society’s belief about the actions of an individual or group that are right and wrong (Pg 79) It is very important that companies train and have policies in place that protect the company image and the employees. Unfortunately, things don’t always go smoothly for companies. Examples of companies acting in an unethical manner could be: not paying employees, their last checks, releasing toxins in the air and water, and refusing to honor a warranty claim on a defective product. The list goes on. Then not only do companies act in unethical manner, but employees do the same such as; stealing money from working, taking credit for work you did not do and lying on your resume. This again are
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As we all know many companies set sales goals for their employees and locations You would think that it would be in retail, however another example of having goals set for location would be a bank. They have goals to set up credit cards, accounts etc. In this it allows the company to swoop up fee-generating capabilities’, which is constituted 48% of their revenue (zacks.com) A Wells Fargo Branch in Los Angles got the attention of a lawyer and filed a civil lawsuit. The filing accused the finical president had been accused of setting unattainable goals for the employees, and inducting them to do fraudulent things to hit target. Mike Feuer, attorney of Los Angles read an article about how both current and past employees of Wells Fargo had related their experiences in the sales pressure. The article talked about how employees were encouraged to open unauthorized accounts, and unnecessary customer accounts, issuing illegal credit cards, forging customer signatures, and input, false contact information so that they avoid getting to the customer and getting bad satisfaction surveys. David Douglas a former customer filed a lawsuit against the bank, when three bank employees used his information to open up accounts. With this particular example, it was merely the pressure from leadership that was forced to make bad decisions. Then ended up getting the image “Wells Fargo” in …show more content…
A few of them would be the employees. When a manager or a president in this case exhibits unethical behavior you will lose the trust and respect of employees. Some employees leave the company. This also can create “tension” between employees with different treatment during the behavior. Having trust, respect and a healthy work environment is key because collaboration and a sense of community helps drive business. Another very important part is that companies can lose their credibility. With this particular case I don’t recall hearing it on National news, but I bet it impacted the company at a local level. Companies have to work with the community to regain trust and gain new customers as they more than likely lost some customer base. This takes a lot of time and money to restore the image and consumer confidence.
With big corporations such as Wells Fargo need to help prevent this type of behavior by monitoring employee performance and having attainable goals. Then its key to train your people, when employees are trained they tend to not cut corners and follow rules. Whereas untrained employees tend to cut corners and make the rules up as they go and excuses of why things weren’t
As we all know many companies set sales goals for their employees and locations You would think that it would be in retail, however another example of having goals set for location would be a bank. They have goals to set up credit cards, accounts etc. In this it allows the company to swoop up fee-generating capabilities’, which is constituted 48% of their revenue (zacks.com) A Wells Fargo Branch in Los Angles got the attention of a lawyer and filed a civil lawsuit. The filing accused the finical president had been accused of setting unattainable goals for the employees, and inducting them to do fraudulent things to hit target. Mike Feuer, attorney of Los Angles read an article about how both current and past employees of Wells Fargo had related their experiences in the sales pressure. The article talked about how employees were encouraged to open unauthorized accounts, and unnecessary customer accounts, issuing illegal credit cards, forging customer signatures, and input, false contact information so that they avoid getting to the customer and getting bad satisfaction surveys. David Douglas a former customer filed a lawsuit against the bank, when three bank employees used his information to open up accounts. With this particular example, it was merely the pressure from leadership that was forced to make bad decisions. Then ended up getting the image “Wells Fargo” in …show more content…
A few of them would be the employees. When a manager or a president in this case exhibits unethical behavior you will lose the trust and respect of employees. Some employees leave the company. This also can create “tension” between employees with different treatment during the behavior. Having trust, respect and a healthy work environment is key because collaboration and a sense of community helps drive business. Another very important part is that companies can lose their credibility. With this particular case I don’t recall hearing it on National news, but I bet it impacted the company at a local level. Companies have to work with the community to regain trust and gain new customers as they more than likely lost some customer base. This takes a lot of time and money to restore the image and consumer confidence.
With big corporations such as Wells Fargo need to help prevent this type of behavior by monitoring employee performance and having attainable goals. Then its key to train your people, when employees are trained they tend to not cut corners and follow rules. Whereas untrained employees tend to cut corners and make the rules up as they go and excuses of why things weren’t