Assessment 2 Performance Management and Training

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School

Capella University *

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FPX3040

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Management

Date

Jun 27, 2024

Type

docx

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8

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Assessment 2: Performance Management and Training Wells Fargo Bank Shanda Tull Capella University June 23 rd , 2024
Introduction Performance management and training are pivotal components in the operational success of any organization. For Wells Fargo Bank, a leading financial institution, these components are not just about achieving business goals but also about maintaining a culture of transparency, accountability, and continuous improvement. This paper explores the existing performance management system at Wells Fargo, evaluates its effectiveness, discusses the need for potential changes, and delves into the critical role of training in aligning with organizational goals and protecting against litigation. Current Performance Management System at Wells Fargo Bank Wells Fargo Bank employs a comprehensive performance management system designed to align employee objectives with the company's strategic goals. This system includes several key elements: Goal Setting and Alignment: Employees and their managers collaboratively set individual performance goals that align with broader organizational objectives. Continuous Feedback: The system emphasizes ongoing feedback rather than relying solely on annual performance reviews. Performance Reviews: Formal performance evaluations occur periodically, typically semi- annually or annually, to assess employee achievements and areas for improvement. Development Plans: Based on performance reviews, personalized development plans are created to help employees enhance their skills and advance their careers. Rewards and Recognition: The system incorporates mechanisms for recognizing and rewarding outstanding performance, including bonuses, promotions, and other incentives. Communication of the Performance Management System
Wells Fargo ensures that the performance management system is well-communicated to its employees through various channels: Employee Handbook: Detailed descriptions of the performance management processes are included in the employee handbook. Onboarding Programs: New hires are introduced to the performance management system during their onboarding process, ensuring they understand expectations from the start. Training Sessions: Regular training sessions and workshops are conducted to keep employees informed about any updates or changes to the system. Internal Communications: The system is also outlined in employee handbooks, internal newsletters, and the company intranet. Manager Support: Managers play a critical role in reinforcing the system by discussing it during team meetings and one-on-one sessions with their team members. Effectiveness of the Current Performance Management System While the current performance management system at Wells Fargo has several strengths, including clear goal setting and continuous feedback, there are areas that need improvement: Employee Engagement: Despite the structured approach, there have been concerns about employee engagement and motivation, particularly in light of past scandals that have affected morale. Transparency: Some employees feel that the performance review process lacks transparency, leading to perceptions of bias or favoritism. Alignment with Goals: By aligning individual goals with organizational objectives, the system ensures that employees' efforts contribute to the company's success.
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