With the Wells Fargo scandal being all over the news and media it brings to question how does the cultural of an organization affect a company’s image?
Federal Regulators have brought to light that Wells Fargo employees have created millions of fake bank and credit card accounts without the customers knowledge or approval since 2001. This has resulted in over 5,300 Wells Fargo employees being fired, a fine of $185 million, and their CEO retiring. Their reasoning? Wells Fargo had a high sales goal program for their employees to meet. Therefore, the employees decided to create fake accounts in order to meet these goals. By having these high demands set it place Wells Fargo did not set their team up for success, which in turn has given the company a bad image and led to many Wells Fargo customers moving their money and business to different banks.
For companies like Google who offer fun and relaxed work cultures we see employees are happy and loyal with working for their company. We also see that when employees are happy that transfers over the the customers, which correlates with a great image for that company. However, in the case of Wells Fargo we see that when companies have a high and stressful standards for their employees things can go really wrong really fast. In IMC we know that communication in the work place could make a world of difference to the culture in a workplace. With good communication techniques and knowledge CEOs like Wells Fargo can motivate employees without putting sticked guidelines that stress their employees out.
Share with us some ways companies could motivate employees without adding stress.