Wells Fargo embraces the best business models in an attempt to support the needs of its customers in the United States. The firm hires competent workers from different regions and backgrounds. Such professionals are empowered and mentored to focus on targeted organizational goals. Wells Fargo liaises with different firms across the globe in order to realize its potentials (Wells Fargo, 2016). The corporation has regulated affiliates or subsidiaries in Latin America, Canada, and Asia. In the European Union, the company collaborates with Wells Fargo Bank International (WFBI). That being the case, these partners use powerful strategies to hire competent people capable of supporting Wells Fargo’s business objectives.
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Thesis Statement: Wells Fargo hires skilled, educated, and knowledgeable persons from diverse backgrounds and equips them with the relevant competencies in order to support the company’s business objectives.
Assessment of the Labor Market
Wells Fargo operates in a very competitive and unpredictable industry. The firm’s international engagements are undertaken in an attempt to support more global customers and increase its profits. Unfortunately, this business strategy explains why the firm encounters numerous challenges and obstacles. The company focuses on the competencies and skills of different candidates from every region in order to emerge successful (Colby & Ortman, 2015). A detailed assessment of the labor market makes it easier for the company to attract the most desirable talents. This practice has continued to support the company’s business goals.
Most of Wells Fargo’s businesses are concentrated in the United States. The firm analyzes the American labor market frequently. The latest statistics indicate that the country has over 300,000,000 citizens (Colby & Ortman, 2015). Since the US is one of the most populous nations in the globe, Wells Fargo finds it easier to attract the right people who can deliver the targeted results. The corporation’s subsidiaries and affiliates in different countries attract competent individuals from their respective countries. This approach plays a critical role in making the company competitive and successful.
The “American population is one of the most diverse in the world” (Colby & Ortman, 2015, p. 3). This fact explains why many companies embrace the idea of diversity in order to realize their goals. Modern organizational theories have supported the importance of diverse working environments and teams (United States Census Bureau, 2016). Diversity is taken seriously at Wells Fargo because it has the potential to support every targeted goal and eventually increase productivity.
The country’s population makes it easier for the company to target and hire individuals who can support most of the company’s business objectives. The population is characterized by professionals from diverse backgrounds. For instance, over “16 percent of the country’s population are Latino Americans” (United States Census Bureau, 2016, para. 2). The majority of the people in the country are whites. African Americans constitute 12 percent of the country’s population. The population is characterized by other racial groups such as Asian Americans, Native Americans, and immigrants (United States Census Bureau, 2016).
That being the case, Wells Fargo must always consider these demographics in an attempt to get the right people who can improve performance. Such workers must also support the changing needs of targeted customers. The country’s population is diverse in terms of religion and culture. For instance, there are Christians, Muslims, Hindus, and Jewish followers in the country (United States Census Bureau, 2016). Since the United States is one of the most urbanized nations across the world, the majority of its citizens live in suburbs or cities. Wells Fargo always considers the existing demographics in order to recruit skilled workers who can support its business model.
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In order to realize every targeted goal, the targeted individuals must have completed specific courses and programs. This issue is taken seriously in order to ensure the hired people have the potential to support the company’s business performance. It should be observed that the company hires people who have degrees in different fields (Wells Fargo, 2016). Such measures are undertaken to ensure the recruited people have the potential to support the company’s goals. The workers are also encouraged to present new ideas and propose various strategies that can make a difference. For example, every banker must have completed a bachelor’s degree in marketing, finance, economics, or statistics (Hunt, 2014). Such academic programs empower learners to complete a wide range of roles in the banking sector. Similarly, information technology (IT) specialists should have completed a bachelor’s degree.
Individuals who have advanced degrees in management and human resource (HR) are hired to occupy specific managerial positions. These people are always expected to add value to the company. The firm’s subsidiaries in different continents target individuals who have the required academic background. Such measures are undertaken in order to support Wells Fargo’s goals. The targeted persons should possess specific skills such as “communication, critical thinking, problem-solving, and decision-making” (Wells Fargo, 2016, para. 4). Additionally, individuals who have worked in different banking environments find it easier to get new jobs at the company. The ultimate goal is to ensure the corporation is on the right path towards realizing its potentials.
Wells Fargo uses powerful training strategies to empower every recruit. The new workers are equipped with adequate skills that define the company’s organizational culture. For instance, workers acquire communication and problem-solving competencies. The training programs empower the employees by supporting their interpersonal and intrapersonal skills. They are educated about the changes experienced in the banking industry (Hunt, 2014). Every new employee is equipped with the right resources and devices that can maximize his or her performance. The workers are guided by different mentors in an attempt to support the company’s vision and mission.
The targeted industry is always characterized by new changes and developments. Economic changes or meltdowns can have significant implications for the company. The training sessions empower the workers to address the issues associated with various unpredictable changes. The targeted employees from diverse backgrounds are always guided to form new teams (Wells Fargo, 2016). The supervisors support and guide the teams to achieve their goals. The workers acquire advanced competencies in information technology (Wells Fargo, 2016). Such skills make it easier for workers to deliver exemplary services to every targeted customer.
Proper knowledge of the labor market makes it possible for Wells Fargo to hire competent persons who can support its goals. The company focuses on skilled, educated, and knowledgeable persons from diverse backgrounds. This approach makes it easier for the company to promote workforce diversity and eventually deliver reputable services to targeted customers (Wells Fargo, 2016). The firm goes further to equip its workers with the most desirable skill sets. Such strategies explain why Wells Fargo remains one of the most profitable corporations in the industry.
Colby, S., & Ortman, J. (2015). Projections of the size and composition of the U.S. population: 2014 to 2060. Web.
Hunt, T. (2014). Common sense talent management. Hoboken, NJ: John Wiley and Sons.
United States Census Bureau. (2016). Web.
Wells Fargo. (2016). Web.