Organizational Transformation
Identify, characterize the roles of incentives, training, and education in promoting innovation
Wells Fargo & Company is an American multinational company involved in the provision of financial and banking services to its clients across the U.S. The company provides incentives, training, and education to ensure the realization of its desired organizational objectives and innovation. Providing these incentives promotes organizational performance in various ways. Incentives are useful in stimulating the interest of the employees towards learning and innovation. Incentives act as an indirect method of recognizing the contribution of the employees towards the performance of the organization. As such, incentives make the employees have shared objectives. Providing training to the organizational employees ensures their learning. It imparts them with the required knowledge and skills required for executing organizational activities. Similarly, providing them with training ensures that the organization meets personal and professional needs of the organization (Kemerer, 1997).
In addition, training and educational services, foster competition and innovation among the employees. These services encourage them to participate in challenging activities leading to their competitiveness and innovation among the employees. Competitiveness also stimulates desire to surpass and outdo other's contribution in the workplace. Moreover, providing employees with incentives, training, and educational opportunities makes them have the desire to acquire more incentives. Such becomes possible due to their ability to get the minds of the employees become accustomed to more tangible/visible credits rather than the intangible benefits. Therefore, providing these services makes the Wells Fargo to achieve its desired operational and performance objectives.
Leadership adopted by this organization also reduces bureaucracy. Significant evidence shows that organizations that practice bureaucratic leadership report slowed rates of adoption of new technologies and innovation. As such, the reduced bureaucracy evident in the Wells Fargo Company ensures innovation by eliminating barriers to innovation associated with bureaucratic leadership. The leadership used by the organization also instills a sense of ownership among its employees to ensure performance and realization of the desired organizational objectives. Ownership acts as a significant motivator to inventive thinking among the employees; hence, organizational innovation. Moreover, the company ensures recognition of the contribution of…
S. The bank expanded into the Chicago market. Bank of America, with a strong California base, was already the largest bank in the U.S. By deposits at that time. The company completed the largest bank merger in U.S. history with the acquisition of NationsBank. The next major step was the 2004 acquisition of FleetBoston, followed by MBNA, a major credit card company. The bank began to expand outside of the U.S.
SWOT Analysis: Its Uses for Wells Fargo As noted by Giesen (et al., 2010), one of the most difficult things for any business to know is when and how to alter its core business model. Technology businesses such as IBM have been forced to do this, as the physical product lines on which they based their successes have become obsolete. The consequences of failing to innovate are dire, as seen when
Enterprise Risk Management in Wells Fargo during the Pandemic Introduction As Beasley (2020) points out, enterprise risk management (ERM) is especially needed during the COVID 19 pandemic because of the “number of different, but interrelated risks spread all across most organization” (p. 2). COVID 19 is not just a factor that has impacted one business or industry. It has impacted all businesses and all industries in different ways. Grocery chains like Kroger,
(Warnings to be ignored) The market for interest-rate change is another privileged playground. Banks just pay a low, short-term floating rate and get a high, fixed one. Most of the top 20 American banks receive at least 10% of their profits from this increase, and for J.P. Morgan Chase, it was an astounding 33% last year. (Warnings to be ignored) as well as civilizing their interpretation of the economic tealeaves,
Customer Satisfaction and Bank Loyalty In today's world the competition has increased so much mainly because of all the globalization taking place around us. As a result of this increase in competition it is very important for all the organizations, including the banking sector, to retain the customers and make sure that they there customer base is increasing instead of decreasing. The most definite way of achieving all this is by
Fargo Diversity Within and Outside the Firm Wells Fargo's latest press release announces the appointment of Jimmie Walton Paschall to the post of Executive Vice President for Enterprise Diversity & Inclusion ("Wells Fargo names" 2011). This job oversees all aspects of the firm's and the firm's subsidiaries' employment and product diversity under Wells' "Social Responsibility Group" as well as other Management Committee duties ("Wells Fargo names" 2011). Chairman and CEO
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