Wells Fargo is a successful organization in the Banking and Finance industry (Our strategy, 2016). However, specific issues such as competition and consolidation in the industry will definitely affect its performance in the future. In order to be prepared against these possibilities, the company should implement new work processes and hire competent professionals to support its future business strategy. By so doing, Wells Fargo will be ready to compete directly with existing firms such as JPMorgan Chase and attack the business models of new players in the industry.
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Wells Fargo can hire competent professionals who are aware of the changing technological developments, organizational behaviors, human motivation practices, and work processes in order to tackle the challenges associated with the industry
Assessment of the Work Processes and Key Employees
The banking industry is characterized by new shifts and changes. Most of these new changes have been catalyzed by different external forces such as competition, changing consumer needs, globalization, and technological advances (Crotty, 2008). Many banks in the world have implemented new business frameworks in order to remain competitive. The first critical process is known as quality function deployment (QFD). This process focuses on new projects that can improve specific banking operations and areas. Many firms in the global banking industry are embracing the power of team-based thinking in an attempt to remain competitive.
Manu companies in the industry are using advanced systems to improve different processes such as information-sharing and data management (Crotty, 2008). The use of such systems is expected to transform the performance of many banks and eventually make them successful. Wells Fargo has been on the frontline to embrace this technological development. Stratification tools have become relevant in this industry. These tools are presently being used to analyze specific trends such as consumer behaviors, responses, and performance (Fama & French, 2008).
New organizational practices have emerged in an attempt to make many firms competitive. Such practices are guided by different organizational theories and motivational models. These strategies have been fueled by the increasing wave of globalization. This process has led to diversity thus forcing many companies to implement the most appropriate organizational cultures and behaviors. Business leaders have been using a wide range of skills and strategies in order to drive performance (Fama & French, 2008). Wells Fargo must reconsider and implement these new work processes if it is to remain competitive in the industry.
The proposed discussion will identify and describe the role of specific key employees in an attempt to make Wells Fargo successful. To begin with, a new leader (or Chief Executive Officer) might be hired in order to promote new organizational behaviors. The newly-implemented culture will empower the workers and make it easier for them to focus on the targeted organizational goals (Hunt, 2014).
The firm must hire technological experts to support the use of computerized decision-support and risk-management processes. These experts will be able to examine the unique changes in the banking industry and present powerful technological systems that can result in competitive advantage (Hunt, 2014). An experienced human resource (HR) manager should be hired to empower the workers. The manager will guide the workers throughout the change implementation process. Business advisors and consultants will be hired in order to ensure the firm is aware of the unique challenges that must be addressed.
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The above description shows clearly that Wells Fargo must transform its business model in order to address its future strategic challenges. Kurt Lewin’s model of change has the potential to support the proposed transformation. The first stage will be to analyze the existing issues and inform the company’s workers about the targeted changes. This strategy will support the freezing stage of the change model (Crotty, 2008). The workers and managers will be informed about the issues affecting the firm. The leaders will identify new work processes that have the potential to revolutionize the organization’s performance.
The second stage focuses on the change implementation process. During this stage, Wells Fargo will hire competent consultants, technological experts, supervisors, leaders, and HR personnel to support the change. These professionals will implement the proposed organizational culture and strategy. The CEO, for instance, will support and empower the workers to focus on the company’s goals. The individuals will be informed about the dangers of competition in the global banking sector. The information technology (IT) experts in the firm will install the best data management and support systems that can add value to Wells Fargo (Hunt, 2014). These efforts will play a significant role in implementing the proposed change. Training and guidance should be embraced as powerful practices in order to implement these changes successfully.
The final stage is known as refreezing. During this phase, the newly-implemented work processes and organizational practices will be supported to become integral attributes of the organization. The right individuals will be identified and empowered to support the needs of the employees (Hunt, 2014). Continuous evaluation will be considered in order to ensure the firm is one the right path towards realizing its business potentials. This stage will play a positive role in making Wells Fargo a competitive player in the industry.
Targeted Workers, Skills, and Compensation System
The targeted workers should possess the most desirable skills and competencies. For instance, the CEO should have exemplary leadership, decision-making, problem-solving, critical thinking, and cultural competence skills. Such dexterities will make it easier for the individual to influence change and promote desirable organizational behaviors. The IT specialists should be conversant with modern computer systems and security platforms. They should be able to support the use of social media in order to boost performance. These specialists should also have properly-developed organizational skills. The HR manager should possess the most appropriate critical thinking and leadership skills (Hunt, 2014). Individuals should be able to support the needs of more individuals from diverse backgrounds. The supervisors and team leaders should portray the above managerial competencies.
The firm will analyze the salaries and remunerations embraced by other companies in the market. This knowledge will ensure a powerful compensation system is developed. The system will ensure the professionals receive competitive compensations (Hunt, 2014). On top of that, the firm should consider new practices such as motivation, insurance cover, and work-life balance. These attributes will ensure Wells Fargo develops one of the best compensation systems for its workers.
Competition has become real in the global finance and banking industry. Wells Fargo must, therefore, hire competent professionals who are aware of the changing technological developments, organizational behaviors, human motivation practices, and work processes in the industry. This strategy will make it easier for the firm to tackle the existing challenges in the industry. The employees should possess powerful managerial competencies in order to promote admirable behaviors and eventually deliver positive results (Hunt, 2014). Finally, the company should use a competitive compensation system to attract new talents and remain competitive.
Crotty, J. (2008). If financial market competition is intense, why are financial firm profits so high: reflections on the current ‘golden age’ of finance. Competition & Change, 14(2), 167-183.
Fama, F., & French, K. (2008). Dissecting anomalies. Journal of Finance, 63(1), 1653-1678.
Hunt, T. (2014). Common sense talent management. Hoboken, NJ: John Wiley and Sons.
Our strategy. (2016). Web.