Introduction
In the current competitive market environment, companies encourage employees to work efficiently in order to conform to industry standards. Meanwhile, organizations use the concept of corporate culture as a set of employee activities, processes, and work environments to achieve the company’s overall goals. It also includes the way the organization interacts with employees, customers, and the community and their perception of the company. As a result, if corporate management does not pay attention to the quality of employees’ work but rather uses financial incentives that reward the quantity of work performed, employees will choose speed over quality. Thus, it is essential to provide evidence of the ineffectiveness of the use of only financial incentives and the need to develop a corporate culture.
Discussion
In companies, managers attempt to achieve a high corporate culture in order to enhance employee performance. It is important to note that Tayan (2019) focused on the study of corporate culture, values, and critical management characteristics. Meanwhile, the author argues that company executives have recognized that shared values and communication with employees create benefits for performance but often choose financial incentives over developing a shared culture. The article presents a new example of Wells Fargo, which uses cultural and economic values to achieve success (Tayan, 2019). Therefore, the company’s workers try to fulfill their goals in order to get rewarded. However, such methods of stimulating employee productivity are not focused on quality culture. For example, a company had a situation when employees opened accounts and debit cards for customers without their knowledge. The Wells Fargo employees explained that they were trying to meet the targets set by the management every week (Tayan, 2019). Therefore, this example demonstrates that it is not possible to stimulate the quality of the team’s work only through financial methods and tasks.
As a result, an audit at Wells Fargo revealed that employees were trying to complete tasks by cheating in order to receive incentive payments from the company, which caused significant reputational losses for Wells Fargo. Instead, it is crucial to develop a common culture and values in the organization to ensure that employees and management work together and understand each other (Knowledge at Wharton, 2017). Moreover, in order to achieve a total quality culture in an organization, it is necessary to establish internal and external communication. That is, to create a dialog between management and subordinates in order to respond to problems in the team (Knowledge at Wharton, 2017). Furthermore, it is required to establish a common system of beliefs and values so that employees are always motivated to work. In addition, the factor of constant involvement of employees in improving work standards will also contribute to the quality of their work.
Conclusion
Hence, the management of companies that do not develop a corporate culture and try to incentivize employees do not fully emphasize the quality of their work. This leads to the fact that they fulfill their goals but do not recognize the overall goal of the company. In contrast, it is crucial to involve them in improving labor standards and creating a dialog between management and employees. Accordingly, workers will be motivated to do their job well even without financial incentives, but only by a shared corporate culture. Thus, the development of a common organizational culture is a way to shape the quality of work performed by the staff.
References
Knowledge at Wharton. (2017). Wells Fargo: What it will take to clean up the mess. Web.
Tayan, B. (2019). The Wells Fargo cross-selling scandal. Harvard Law School Forum on Corporate Governance. Web.