Introduction
Wells Fargo is a significant financial company that had consistently thrived and was beating the odds during the hard economic crisis even when every other company was going down. The case study was conducted as individuals were skeptical about the consistent success of the company(Avdeev &Nassiripour, 2019). This paper will explore management and ethical issues unwrapped from the case study and the remedies.
The company was found to have a questionable management and control system. Their response to problems, Poor leadership, and poor business strategiesturned out to be very detrimental to the bottom-line of great success(Veetikazhi, 2019). Human resource management was weak and did not live out their vision and values to take care of the employees. Responsibilities between all levels were not clear, and the employer-employee relationship was a real mess(Avdeev &Nassiripour, 2019). They were under pressure to work and perform even without having all the necessary and adequate resources or get fired.
They were supposed to reach unreasonable expectations and even scolded or fired for not reaching the outrange goals. The audit team performed poorly, which a significant contributor to the failure of the company at the end as they h adequate resources and power to do their work. It motivated them to look for more natural ways to reach their goals(Elson, 2018). Wrong decision making also affected the business. They practiced unethical business practices, such as creating a fraudulent bank account for pre-existing customers. They also used improper incentives where every employee that was involved in the illegal business benefited. Incentives were attached to the employee’s goals. They provide personal incentives for cross-selling and creating unauthorized and unapproved accounts (Avdeev &Nassiripour, 2019). The employees ended up creating many fraudulent accounts to meet steep sales goals and incentives. The management was unable to override controls.
Remedies of the problems and the scandals Wells Fargo faced include improving management and employer-employee relations. Employees are the most valuable asset in an organization and play a significant role in the proper running of the organization(Veetikazhi, 2019).The human resource management department needs to improve and ensure the employees are qualified the necessary resources and help them own the work for better performance(Elson, 2018). They should employ proper incentives and set reasonable and achievable goals.
They should adopt ethical business practices to attract more customers and maintain positive public relations. Combining business and personal ethics and organizational and government controlswill aid remove unethical culture (Avdeev &Nassiripour, 2019). A combination of these four aspects leads to great results at the end since running an organization involves different people reasoning together hence a way of being socially responsible. The management should create a ground that will build the trust and integrity of the employees.
Conclusion
To sum up, wells Fargo case study unwraps the management problems in the organization and unethical business practices that the company was involvedal in. The company used improper incentives, which encouraged the employees to be engaged in an immoral culture(Elson, 2018). Also, the human resource department had oversight of their responsibility and did not ensure the welfare of the employees(Veetikazhi, 2019). The management should have a strategic plan that will help them override controls. Good employer-employee relations, excellent organization policy, and abiding by government policy will help adopt an ethical culture and have more loyal satisfied hence significant profits.
References
Elson, R. J., & Ingram, P. (2018). WELLS FARGO AND THE UNAUTHORIZED CUSTOMER ACCOUNTS: A CASE STUDY. Global Journal of Business Pedagogy Volume, 2(1).
Veetikazhi, R., & Krishnan, G. (2019). Wells Fargo: Fall from Great to Miserable: A Case Study on Corporate Governance Failures. South Asian Journal of Business and Management Cases, 8(1), 88-99.
Avdeev, V., Nassiripour, S., & Wong, H. (2019). Case Study: Ethical Considerations of an Accounting Professional. Journal of Leadership, Accountability, and Ethics, 16(2).
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