Yesterday at the Chicago Business roundtable Schart talked about Wells Fargo's new strategy on employee engagement and inclusion.
- Valuing employees and their contribution. At Wells Fargo employees will now be referred to as partners and they are taken care of by the company via competitive compensation packages. For example, the bank will now offer discounted stock options and 100% employer sponsored health insurance. Moreover, “at the height of this pandemic crisis, when other companies are cutting HR costs wherever they could, Wells Fargo will be investing in staff training, including administration, project management, programming, AI, and Business Analytics courses that are ultimately qualified for credit at higher education institutions”. He added "Our people are what gives Wells Fargo a competitive advantage. Investing in our partners improves morale, increases bank competitiveness, and improves opportunities across the board so everyone has a chance to succeed."
- Taking pride in providing exceptional customer service. The bank has effectively adapted exceptional customer service is one of its solid bases of competitive advantage and this is reflected on Wells Fargo's organizational culture to a great extent. It is important to note that the other key elements of the banks organizational structure listed above such as valuing employee contribution, close bonds among employees, culture of inclusion and diversity play instrumental role in terms of motivating employees to provide exceptional customer service.
- Presence of close bonds among employees. The company now firmly believes in relationship-driven approach to the business and encourages the formation of close bonds between employees across the organization. This contributes to the formation of relaxing and comfortable environment at the bank, effectively strengthening its role as an ‘industry leader’ either at the office or at home.
- Work from anywhere. Shart proclaimed that the pandemic has proven that employees are happiest working from home. "They will be allowed to work from home in perpetuity, even after the coronavirus pandemic ends", Shart said. “This is part of our brown initiative - not only do we save money on office space, we cut down on traffic and methane emissions." He added "It is the right thing to do."