Wells Fargo management style is particularly a leadership system that is known to recognize self-drive, team play as well as great execution. Teamwork is very important in creating an environment of business success since it allows diversity of ideas. Wells Fargo believes in teamwork and self-motivation by all employees as well as leaders. Wells has given the opportunity for all its employees to contribute in the success of the company. They believe that leadership starts with true respect towards everyone working around the company. Wells Fargo has great respect for individual talents and thus they believe that great ideas are not only found with the executive but rather it can be found anywhere. In this way, they believe that an environment should be set where talent will be able to flourish. The company does not believe that when one is in a higher position he/she is better than the others are. (Fiedler)
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Wells Fargo feels that leadership is important in all stages. In this way, all leadership in different departments plays a great role in the success of the company. Wells feels that leadership involves a unified career set up, which encompasses ongoing learning, constant training prospects and instruction. The company believes that leadership stems from a united business society as much as it can work in a decentralized organization. The concept of shared ideas and communication of universal standards is what brings the company together. The leader at the same time should promote the place of work diversity by hiring people with corresponding abilities and expertise. The company believes that diversity is essential since it gives the company an opportunity to access solutions that may have been ignored. In this way, diversity improves the company’s potential to perform. (Tittemore)
Wells Fargo has a number of formal communication strategies in their leadership that helps in lifting the company. They have the segment for leadership seminars mainly for leaders and those who could be possible leaders in the company. These seminars are meant to offer an atmosphere of personal innovation and discovery in relation to leadership. In this way, it is a kind of strategy to establishing skillfulness and developing talents. The seminars are mainly undertaken away from the company in order to benefit from education and networking prospects. The seminars are mostly developmental and are not corrective therefore are not suitable for those not performing. This therefore requires the participants to be well aware of their individual responsibilities. These seminars are very educative and help advance the work of the leaders to the company.
Wells Fargo has managed to incorporate a number of informal communication programs in their company to motivate employees in their work. (Vroom, Yetton)
For instance, the Take Five credit program is designed to promote informal acknowledgement among employees working together. Wells Fargo’s leadership stresses the need to have a little time to appreciate and be familiar with the colleagues at work. This could be saving five seconds to tell someone thank you, five minutes to send a welcome email to a colleague or even to take five months to offer wisdom, ideas and common values. This kind of an informal program allows employees to realize that it is not about finances all the time but rather about shared considerations. Wells Fargo employees have also another informal program where they make products points when they are appreciated for good performance by their colleagues. This unites the employees and they feel part of the company as much as the executive suit. This is very important in creating loyalty and helps in branding the company.
Fiedler, Fred E. A theory of leadership effectiveness. McGraw-Hill: Harper and Row Publishers Inc.1967.Print
Tittemore, James A. Leadership at all Levels. Canada: Boskwa Publishing.2003.Print.
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Vroom, Victor H; Yetton, Phillip, W. Leadership and Decision-Making. Pittsburgh: University of Pittsburgh Press.1973.Print