Wells Fargo

Powerful Essays
A Review of Management Techniques and Practices

Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It's a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:

1. How does the management team contribute to Wells Fargo's achievements? 2. Can managers work to create a fun and stimulating environment? 3.
…show more content…
The bank must also have up to date computer systems and software systems to process customer transactions and provide superior customer service. Managers at the top level hire different professional agencies to assess and calculate the banks changing needs. These companies collect data and compile it together to present executives with plans to meet the banks constant changing needs. Wells Fargo also employs some of the brightest minds in the computer industry to keep up with constant computer updates and maintain current standards. The Wells Fargo management team must evaluate and revise current plans to reflect new information on a daily basis. Creating plans for new development help Wells Fargo stay ahead of the competition and remain a powerful force in the banking …show more content…
These surveys are used to better understand what team members are looking for in terms of recognition. Managers are required to inform team members of the surveys when they have become available and to insure that they are given time to complete them.

Wells Fargo recognizes and reward team members in exciting ways. Managers are encouraged to informally create fun and consistent encouragement with special celebrations. These informal rewards can include pizza parties for days that are extraordinarily challenging or rewarding. Managers also set up daily and weekly contests and give things such as gift cards and car washes to team members who perform well.
Team members can also nominate each other for special awards such as Star Team. Star Team is a local and national sales performance incentive which is held yearly. Star Team winners receive a trip for two to an exciting location for a week of fun, games and prizes. Star Team is a highly coveted chance to shine among peers as being outstanding in your field. Winners of past Star Team recognition have gone to Hawaii, Mexico and the Bahamas.

The most important reward program is The Retail Incentive Compensation

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