PRESENTATION TO THE BOARD

Issues and Solutions

Student’s Name

Institution

1. Organization and issues to resolve

The organization, in this case, is Wells Fargo. This is a business organization that operates in the banking industry and involves itself with a wide variety of services to its customers (Brown, 2017). Wells Fargo is an American company but operates in multiple countries across the globe. Basically, the company provides the following banking services; mortgage, credit cards, investing, small-business and commercial. The banking industry is one of the most sensitive sectors of the economy that require effective strategies for players to be successful. It is important to understand the environment before designing the approaches to use to be competitive and profitable.

In the recent past, the company has faced a variety of challenges that are harmful to it productivity. Considering its industry, productivity is an issue of concern. One of the major challenges facing the company is the creation of fake accounts that cannot be accounted for (Brown, 2017). This indicates a problem within the coordination of different departments in the organization. The company is also accused providing misleading information with respect to fees related to credit card processing. In addition to this, Wells Fargo ethical issues especially in the manner that it treats its employees. They are not motivated to do the best and this negatively affects the productivity of the company.

2. Current corporate culture

The corporate culture basically refers to the general way of behavior or conduct that is evident in an organization. Considering the relevance of the corporate culture to the productivity of an organization, it is necessary for the management team to ensure that the write corporate culture is developed to enable the organization to achieve its goals and objectives. This basically implies that the nature of the corporate culture can contribute towards the downfall of an organization (Stanfrod, 2010).

In the case of Wells Fargo, the corporate culture played a significant role with respect to the challenges and issues that the organization is facing. The major problem with the corporate culture is the fact that it does not interest size on the cooperation and coordination of different units in the company. For this reason, the different units of the company operate as independent entities due to the failure to consult each other regarding the different organizational processes that take place. As much as the vision and mission statement of the company point towards providing their customers with the best services, the corporate culture has not fulfilled this promise.

3. Areas of weakness

A typical business organization has a variety of units and divisions that make it whole. For the purpose of productivity as well as efficiency and effectiveness, each of these divisions needs to strong and competitive to achieve the different goals and objectives that have been assigned to them. A weakness in one of the segments is likely to affect the rest of the organization especially in terms of productivity. Keeping this in mind, it is the responsibility of the management team to ensure that each department in the organization is competitive by ensuring that it achieves its goals and objectives. Failure to do this will lead to witnesses that are likely to negatively affect the company's ability to achieve its overall objective.

In the case of Wells Fargo, the greatest area of weakness is teamwork. There is a lot of independence in the organization and this has created a discord in terms of delivering duties and responsibilities. The lack of teamwork has negatively affected in the business' need to move together in one direction. Another crucial area of weakness is with respect to motivational strategies. The ability of an organization to reproductive depends on how the employees are motivated. Failure to motivated employees in the right manner will reduce the dedication and commitment to work and this will affect their productivity. Areas of weakness should be identified and analyzed as the most effective strategies can be utilized to make sure that the weaknesses are eliminated for the purpose of boosting competence.

4. Proposed solutions

In a typical organization, that is a wide variety of challenges and problems that are being faced. Whether or not an organization will get out of the problems depends on the solutions implemented. With respect to the specific case of Wells Fargo, the first proposed solution to the problem is the effective implementation of teamwork. This recommendation, when put in place, will enable the different departments and divisions in the organization to work together as one unit. This will make it possible for the company to move together in the same direction and it will solve most of the problems that have been faced.

Another proposed solution is to do with the motivational strategies. As stated earlier, the level of motivation within the employees significantly affects the productivity (Lauby, 2005). In line with this, the management team needs to understand their employees as well as their specific needs so that they know how well to motivate them to perform do their level best. The correct motivational strategies will enable the employees to be committed and dedicated to the different duties and responsibilities that are assigned to them.

5. Executive summary

Wells Fargo is an American multinational corporation that primarily operates in the banking industry. The company provides a wide variety of services in the banking sector to make sure that it meets the needs of its customers. Despite its effort to be the best in the industry, Wells Fargo is still faced with and right of challenges and issues. The company is faced with the scandal of creating fake accounts that cannot be properly accounted for. The company is also faced with ethical concerns and this has gone to an extent of effecting its productivity.

Most of the problems faced by the company as a result of the poor corporate culture. Given the size of the company, it is important for different departments to work together as one unit to enable the organization to move in the same direction. However, the corporate culture does not support the cohesiveness that the organization needs. Instead, there is a sense of too much independence within the department to an extent that they do not work together to achieve the common goal of the organization. This has led to productivity challenges.

The major areas of weakness at Wells Fargo involve teamwork and motivational strategies. As aforementioned, an organization has different people and departments that are essentially working towards the same goal. To make this happen, to work together as one unit and move towards the same direction. This will enable the organization to achieve its purpose. On the contrary, that is no teamwork at Wells Fargo. Additionally, there is no motivation for the employees. This affects the ability to concentrate on whatever has been assigned to them. The proposed solution involves the implementation of teamwork in all departments in the organization to enable the employees to work together. It is also proposed to that more effective motivational strategies should be applied to boost the productivity of the employees.

References

Brown, P. (2017). Why Wells Fargo Might Not Survive its Fake Accounts Scandal. Retrieved from http://fortune.com/2017/08/31/wells-fargo-fake-accounts-scandal-2017-tim-sloan/

Lauby, S. (2005). Motivating Employees. Alexandria: ASTD Press.

Stanfrod, N. (2010). Corporate Culture: Getting it Right. Hoboken: Wiley.