Human Resource for Wells Fargo Bank

Human Resource for Wells Fargo Bank

Human Resource for Wells Fargo Bank
When analyzing Wells Fargo Bank as an organization, I found that it is one of the world’s largest employers and America’s 12th-largest private employer (Wells Fargo, 2011). In addition, Wells Fargo stock market value exceeds $130 billion (Wells Fargo, 2011). With Wells Fargo’s merger with Wachovia coming to its final stages, we will cover some the issues Wells Fargo’s human resources will be facing and the strategic plans that will need to be implemented to ensure success in a highly competitive environment.

Wells Fargo Bank is one of America’s largest financial institutions offering its customers financial services such as lending, deposits, retail brokerage services, and insurance (Wells Fargo, 2011). Wells Fargo has approximately 275, 000 employees in The United States, United Kingdom, Hong Kong, and Japan, serving 70 million customers, and operating more than 9,000 store locations (Wells Fargo, 2011). One of the challenges Wells Fargo’s human resource is facing is the merger with Wachovia Bank. At the moment Wells Fargo is in the final stages of completing the most complex coast-to-coast banking merger in U.S. history (Wells Fargo, 2011,). Wachovia was acquired by Wells Fargo during the 2009 sub prime crisis. During this merger Wells Fargo’s human resource must ensure the two companies integrate to form one entity, this can be accomplished through frequent, honest, open communications with the employees and by creating unity through various employee identification with the new corporate identity practices (DeNisi and Griffin, 2011).

Like most companies Wells Fargo must constantly be mindful to adhere to federal laws and regulations such as sexual harassment, race and sex discrimination which fall under The Civil Rights Act, as well as The Age Discrimination Act, and The Americans with Disabilities Act. Issues with employees such as a leave of absent, workers compensation, and involuntary terminations must also be handled cautiously. As a financial institution Wells Fargo’s major legal concerns are their lending, deposits, retail brokerage services, insurance and information sharing (Wells Fargo, 2011). The best way to address these concerns is to devise a human resources strategy to train all bank employees in the laws pertaining to work, employee and customer confidential information and the best way to protect the information as well as proper ways to dispose of it. Next, constant communication on acceptable insurance, lending and retail brokerage practices will be given to all employees of the organization in addition to training and proper licensing for employees working in these job families.

Wells Fargo currently operates in the international market with branches in The United Kingdom, Hong Kong, and Japan. Differences in language, customs, and personal norms increase the potential for misunderstandings, miscommunications and other culturally related problems (DeNisi and Griffin, 2011). The organization must address these issues by developing an international human resource strategy to understand the cultural, political and legal environment of international markets Wells Fargo is doing business in (DeNisi and Griffin, 2011).

Wells Fargo has three options in how they would like to manage their international market. Option one, the HR strategy ethnocentric staffing model by using parent-country nationals to staff higher-level foreign positions (DeNisi and Griffin, 2011). Option two, the polycentric staffing model that call for a much heavier use of host-country nationals throughout the organization (DeNisi and Griffin, 2011). Or the geocentric staffing model that puts the parent-country nationals, host-country nationals, and third-country nationals in the same category to hire the best person available for a position (DeNisi and Griffin, 2011).

Wells Fargo’s HR may have to customize its hiring, firing, training, and compensation programs on a country-by-country basis (DeNisi and Griffin, 2011). Other issues that its HR will have to devices a strategy for will be, the working conditions, compensation, and the cost of living. HR managers must determine how to compensate executives who accept overseas assignments (DeNisi and Griffin, 2011).
I recommend that Wells Fargo human resources keeping in mind, how the bank competes, hire valuable employees through a carefully selective application and interviewing process, train them to be effective, place them in the right jobs, motivate them to work hard, and retain them (DeNisi and Griffin, 2011). These employees will work efficiently and effectively if they are managed so that they also work toward the organizations strategic goals, this can help the firm to reduce costs, and increase quality (DeNisi and Griffin, 2011). This human resources strategy will help Wells Fargo to accomplish its goals and remain competitive.

In conclusion, Wells Fargo is growing its organization to perhaps elevate from America’s 12th-largest private employer to its number one. If Wells Fargo continues to excel in the competitive international market a great deal of opportunities to expand can more likely be possible. With a carefully devised human source strategic plan implemented the Wachovia and Wells Fargo merge will thrive if not excels in the competitive banking market.

References
Griffin, and DeNisi. (2011). HR 1st Edition. Cengage Learning. P.54,55,56,57,60,61,78,138.

Wells Fargo. (2011). Retrieved October 26, 2011 from
https//www.wellsfargo.com.