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Wells Fargo Corporate Culture

1313 Words6 Pages

Conversely, Wells Fargo’s recent fake accounts scandal proves that employee motivation without engagement leads to negative behavior that hurts both the company and the customers in the long run. An overly aggressive sales incentive plan, which was vehemently enforced by management, pushed employees to reach a sales quota of eight accounts per customer. This unrealistic quota put so much pressure on employees that they felt compelled to lie or fake sales to keep their jobs. A weak corporate culture based on lies and manipulation of customers quickly spread in Wells Fargo branches all across the country. Employees began using personal information and the funds of current customers to open additional accounts and credit cards without their knowledge to reach sales quotas and earn bonuses. An estimated 3.5 million fake accounts were created within five years, which has cost the company its reputation, countless …show more content…

Short-term financial success is definitely possible without supporting a strong corporate culture. Robert Nardelli, for instance, doubled sales and profits during his reign as CEO of Home Depot but was fired for having a lack of respect for the founders and company culture (Bradt, 2016). Harvard Business School professors James Heskett and John Kotter completed an extensive research project detailing the corporate cultures of 200 companies and how each company’s culture affected its long-term economic performance. The statistics from this study regarding those companies with a strong culture and those without are astounding- net income growth over an 11 year period was 756% for firms with a strong culture versus just 1% for firms with a weak culture (Kotter, 2011). Strong corporate culture, one that facilitates adaptation to a changing world, is undeniably linked to long-term financial

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