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A Review of Management Techniques and Practices

Essay by review  •  December 1, 2010  •  Research Paper  •  4,088 Words (17 Pages)  •  1,831 Views

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A Review of Management Techniques and Practices

Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It's a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:

1. How does the management team contribute to Wells Fargo's

achievements?

2. Can managers work to create a fun and stimulating environment?

3. Has wells Fargo management policies proven successful?

4. What are the basic functions and guidelines of management at Wells Fargo?

This review of Wells Fargo management principles focuses on these four questions.

International Business

Wells Fargo provides international banking for several reasons. Wells Fargo Bank has recognized the potential of providing more choices for consumer and business customers.

Wells Fargo believes in the importance of obtaining all of the customers business and strives to provide them with choices. Consumers living in a foreign country can work closely with international personal bankers who have been trained and are available for helping with worldwide needs. Services offered are traditional Wells Fargo products as well as those specifically designed for those living abroad. Wells Fargo also accommodates foreign companies doing business in the United States. There are also many foreign banks and their customers who benefit from what the international business products that Wells Fargo has to offer. Special products have been designed for international business use for both consumer and business customers. Top level executives and store managers collaborate regularly to promote product ideas to help make accommodate any financial needs to the international customers.

Legal, Ethical, and Social Responsibilities

Legal responsibilities at Wells Fargo include a wide variety of issues. They can be from protecting customer's rights to securing company policy. Customers trust Wells Fargo with private and privileged information. Therefore, the bank must maintain Privacy polices and enforce rules and regulations to protect its customers. Wells Fargo is committed to protecting the security and integrity of customer information through procedures and technology. While the bank does not share information to third parties it does share information within Wells Fargo companies so that subsidiaries may work together to serve the customers needs. Recently these policies have come to include helping customers to protect themselves from fraud and theft.

Wells Fargo Bank has its own personal legal issues to protect. Copyright laws help to protect all of the creative work that Wells Fargo has for the company. One good example is the Wells Fargo online banking system. This system is the highest ranking banking internet system in North America according to Global Finance. ( ) The copyrighted materials on the wellsfargo.com include, but are not limited to, the text, design, software, images, graphics, source code, and the content on the site. Trademarks are also a large part of the Wells Fargo name. The Wells Fargo stagecoach and the Wells Fargo logo box are federally registered trademarks owned by Wells Fargo. Managers at Wells Fargo from the executive level down to the store level are required to abide by all rules and guidelines set forth by the Wells Fargo legal team as wells as laws by government agencies. Team members not adhering to these laws are subject to disciplinary action as well as legal punishments by government agencies.

Wells Fargo has a Code of Ethics which is the foundation for every team member. All team members are asked to sign an acknowledgement that they have received and read the Code and agree to abide by its provisions. The goal of the Code is to promote an atmosphere in which ethical behavior is recognized as a priority and practiced. The Code focuses on three basic principles. First, team members should act in a way that serves the best interest of Wells Fargo. Second, team members should preserve the confidentiality of information that is entrusted to Wells Fargo. Lastly, team members should avoid any conflict of interest or the appearance of a conflict of interest. Managers should openly discuss ethical issues with team members and involve them in problem solving when facing ethical dilemmas.

Wells Fargo has taken on social responsibility in many forms. Team members are encouraged to participate in volunteer leave. It is a leave of absence where team members can volunteer in or outside there community for any length of time and still remain a staff member and retain their salary. Wells Fargo has also established many scholarship programs for college age children as well as sponsoring youth programs in almost every community. Wells Fargo is also committed to providing a diverse workforce and hires many woman, minorities and disabled employees.

General Planning & Strategic Planning

Managers at Wells Fargo are constantly planning. It has become part of their daily routine. There must be a plan of action in everything that goes on at Wells Fargo. Managers must plan long and short term objectives and make sure they are implemented. It is also important to evaluate goals and plan accordingly to specific bank goals and guidelines.

Wells Fargo has a specific goal of becoming the customer's number one financial resource. Therefore, sales have become a part of the daily job at Wells Fargo. Managers spend most of their time planning strategic ways to apply the sales process everyday.

Some of the planning can include how to achieve goals, incentive packages and overall team member participation.

Another important thing to consider is how to service bank customers. Managers must devise plans of action to handle every customer situation. As a result, role playing plays a big part in the planning process of customer service.

Managers must also have plans for team members and their overall well being. It is important

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