Human Resource Management: Wells Fargo Bank

Abstract

It is important for any corporation, large or small, to realize that every moving piece is essential. This is the idea behind human resource management and it is crucial to understand the ‘human risk’ that is a part of running a successful business. In the case of Wells Fargo Bank, it is large not only in the world of finance but in the world itself. So, we must ask, does such a large and established company work hard to keep its employees happy and functioning? Wells Fargo Bank is a large corporation that engages in outsourcing a significant portion of the backroom work, which harms the American economy. They do take steps toward helping their employees yet could do better.

Discussion

Wells Fargo is a large corporation with many elements in their operations. Their banking initiatives should be incorporated into the vision and vitality of the neighborhood they serve and benefit the neighborhood’s residents to produce positive results that can be properly measured. Their activities should focus on implementing strategies that prioritize the humanity of their business. The management of Wells Fargo must be willing to take care of and address the human, physical, and social needs of the people around them. It can never benefit a company to ignore those below them, especially those in the community who support them. Coordinated activities within business operations will ensure that the managers are able to collaborate with their community. “Cumulatively, these newfound capacities will lead to stronger neighborhoods with a higher quality of life for all residents” (Greco, 2013). Community wealth is just as important as monetary wealth in that a community will keep the business running, even in a recession, if they are supported by the community. This includes every single employee.

According to the article, “The Human Side of Risk,” one very important way that many companies are able to make a significant difference is in finding “their true financial statement exposures” (Jackson, 2007). It opens the door for management to identify the weakest links that would result in a mistake or a series of mistakes. One critical way to manage financial-reporting exposures lies in the names and faces behind the systems and processes (Jackson, 2007). The best-designed companies with the most flawless control will score highly when it comes to improvements in mortgage finance and business practices. However, these systems would not function if not for the employees behind them. These flawless processes do not run by themselves and those at Wells Fargo bank know this. In the article “The Human Side of Risk,” the managers, as well as the rest of the assessment team, have to be able to look at the real-world consequences of their actions (Jackson, 2007). A proper human resources management plan can lead to a more successful business; when employees are satisfied with their job, they are more likely to do a better job and to support their employer.

Any business can improve its basic operations. Human resource management compels a company to invest in their employee, no matter how large or small their jobs may seem. Wells Fargo Bank promotes outsourcing on their Employee Management website, and this is not always the best option for a large business (Wells Fargo, 2014). It means that the company does not care as much about their employees as they should, and it indicates that money continues to have power over people.

In the 1996 article, “Adding value in banking: Human resource innovations for service firms” from the Sloan Management Review, the authors suggest two big things for Wells Fargo, and any large bank struggling to keep up with human resource management. A company should hire from within the company, based on skill. As well, in training employees, general skills training should be included, and the costs of training should be lowered and made accessible for more employees (Keltner, et al, 1996). Positive treatment of employees encourages the community to support the business in knowing that the business, in turn, cares for those around it.

Conclusion

Wells Fargo Bank, despite being a large business, could take care of their employees at each branch and keep itself healthy from the inside. People are a company’s most important resource, whether they are employees or customers. Human resource management at Wells Fargo Bank is handled well, although there is room for improvement. The important idea is to keep moving forward and learning from mistakes made and to treat employees as human beings rather than just focusing on profits.

References

Greco, L. W. (2013). Communicating, collaborating, and coordinating to revitalize New Jersey neighborhoods. The Foundation Review, 5(1), 55-70, 11. Retrieved from http://search.proquest.com/docview/1366013564?accountid=458.

Jackson, R. (2007). The human side of risk. The Internal Auditor, 64(5), 38-42, 44,8. Retrieved from http://search.proquest.com/docview/202735688?accountid=458.

Keltner, B., & Finegold, D. (1996). Adding value in banking: Human resource innovations for service firms. Sloan Management Review, 38(1), 57. Retrieved from http://search.proquest.com/docview/224966575?accountid=458.

Wells Fargo Bank. (2014). Employee management. Retrieved from https://wellsfargobusinessinsights.com/operations/human-resources/employee-management.