Wells Fargo is the banking company that provides investing services and financial solutions in the USA and Canada. Wells Fargo was chosen for the analysis of cultural diversity and organizational equality as this company has always been a leader in diversity. Wells Fargo is known for its commitment to providing equality among employees. However, even such company as Wells Fargo needs cultural diversity improvement.
The policy of Wells Fargo is to create equal opportunities for all employees, and enhance efficiency and effectiveness. It means that diversity management of this company should be based on strategic business objectives as they increase organizational capacity and contribute to employees’ performance (Jamali, 2007). Wells Fargo intends to build a high-performing and diverse workforce that will be based on mutual understanding, trust and acceptance. Without doubt, diversity management of this company should be constantly improved and adapted to the employees, regardless of religion, disability, age, race, gender, national origin and sexual orientation. Thus, this research paper will discuss reasonable recommendations for the company with respect to the situation, as well as evaluate some pros and cons of a diversity-transition process in order to prevent possible occurrence of such situations in future.
One can distinguish many legal requirements relating to equality and diversity in Wells Fargo. Leading organizational equality and diversity in Wells Fargo are done according to different regulatory requirements and concern business structure, the data protection, a pay, health and safety, contractual terms and condition, equality, employment right and responsibility and discrimination. Without a doubt, such papers as Data Protection Act and Disability Discrimination Act, Equal Pay Acts and Employment Relation Act regulate diversity policy in Wells Fargo. The Employment Relation Act of 2004 is for the protection of labour law and trade union rights (Babalola, 2013).
Disability Discrimination Act is a paper that regulates rights of employees with diseases, mental and physical disabilities. It has a lot of common with Race Relation Act and the Sex Discrimination Act. According to the Civil Rights Act of 1964 it is prohibited to discriminate employees on the basis of religion, colour, a social background, sex, and race. Respect and protection of the employees’ rights and interests is a part of human resource policy. However, even in such successful company as Wells Fargo there are employment issues (Murphy, 2007).
Wells Fargo operates in the financial sector. Socialization of employees, global communication strategies, use of technology, decision-making, conflict management and dealing with emotions at an organizational level are the main codes of the diverse working environment of Wells Fargo (Doherty, 2010). Diversity presupposes many aspects such as race, gender, age and ethnic characteristics, as well as physical and mental abilities. It has been proved that diversity is a competitive advantage and strength that is why the main task is to apply it in a proper way. Similarities and differences in organization’s employees bring changes in the communication strategies and management (Albareda, 2006).
The crucial implications of diversity policy in the financial organization deal with employment of the diverse employees. Wells Fargo has been committed to diversity since 1852 and continues their diversity management today. It means that this financial organization knows all weaknesses and strengths of a diverse environment. For Wells Fargo diversity is a proud tradition that has been maintained for more than 160 years. This tradition is accompanied by retaining and hiring diverse employees (Hannay, 2011). Speaking about diversity in the working environment of Wells Fargo, it is necessary to say that it is an important aspect of any organization. As a result, one should find the ways to attract more and more the diverse employees in this organization. Diversity management is a set of organisational culture rules that is created to manage employees’ feelings, attitudes, and motivation and enable them to deal effectively with all co-workers, regardless of their status (Rigoglioso, n.d.).
This way will increase productivity, a goof performance and efficiency of business. In order to avoid conflicts concerning diversity in Wells Fargo, first of all it is necessary to support and encourage diverse employees as diversity should be a part of the policy (Al-Khatib, 2004).
A “diversity-blind” approach provokes conflicts and discrimination among employees and this leads to a bad image of an organization. The policy should create the equal opportunities for all employees, enhance efficiency and effectiveness. It means that diversity management of this company should be based on strategic business objectives as they increase organizational capacity and contribute employees (Embrick, 2011). Wells Fargo should build a high-performing and diverse workforce that will be based on mutual understanding, trust and acceptance (Pauchant, 2002). With diversity as a competitive advantage Wells Fargo is becoming a beneficial workplace. Moreover, this company understands customers' needs, delivers more value to stockholders and provides qualitative services (Wells Fargo, n.d.).
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There are procedures that need to be in place to promote equality and diversity within an organization. Wells Fargo should follow a “diversity-conscious” approach and ensure equal and creative opportunities to diverse population, involving Indigenous peoples, immigrants, and mature-age and aging workers, etc. Thus, this approach in the organizational performance is widely spread throughout the country. “The management may use the best practices as good examples to follow” (Fisher, 2003). Wells Fargo should encourage diversity in many ways (Klein, 2002). First of all, they should implement diversity performance management standards. Secondly, it is necessary to develop anti-harassment procedures. One should include diversity management goals and focus on employee staff and management. It is evident that Wells Fargo should support diversity as it will be more successful and proficient (Beauchamp, 2003).
The company should fulfill stakeholders' demands as for them a good reputation of Wells Fargo is a way to profits. Wells Fargo provides practically equal opportunities for both men and women and minority groups. Besides, it means there is no discrimination in this company. Business strategies of Wells Fargo open career opportunities for people with disabilities, women, Asian-American, Latino, Lesbian, African-American, Transgender, Bisexual and Gay communities. Wells Fargo was the first company that helped Mexican nationals to reduce risks with a cash economy and opened the Matricula card (Callahan, 2004).
There are many ways to address equality and diversity issues in Wells Fargo. In order to eliminate any form of discrimination or what is worse bullying at the workplace of Wells Fargo, it is necessary to adopt few critical changes within an organization and transform the organizational culture with respect to the diversity factor (Hannay, 2011). Hence, to ensure the intra-company sustainability relationships among the employees of all levels, and, as a result, prevent any further conflicts and productivity process disruptions, all above-considered aspects have to be taken into account (Fujimoto, 2013). In order to avoid conflicts in an organization, one should deal with emotions at an organizational level conducting different trainings and seminars. In decision-making, one should be tolerant with diverse employees. Different kinds of monitoring will help to define the atmosphere in Wells Fargo and find the ways of coping with tensions and conflicts (Barth, 2003).
Hence, to ensure the intra-company sustainability relationships among the employees of all levels, and, as a result, prevent any further conflicts and productivity process disruptions, the management should upgrade its legalization principle. Particularly, their task is to double-check whether their business strategy reflects all diversity and international laws and regulations regarding employment, labor and human rights spheres. These are the ways of to gain commitment to equality and diversity within Wells Fargo (Aga, 2004).
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One can reach diverse groups of stakeholders developing self-assessment tools for employees to evaluate possible treats for their performance on the basis of diversity issues and make up suitable solutions as a result. Assessment is also a good way of monitoring diversity and quality (Klarsfeld, 2010). The diversity rule has to be an ethical manner of doing business for everyone to follow whether it is a senior manager or a junior employee who has just become a part of the team. This not needed to be adhered to avoid possible legal issues as a result of discrimination events at the workplace. Wells Fargo should follow a “diversity-conscious” approach and ensure equal and creative opportunities to diverse population, involving Indigenous peoples, immigrants, and mature-age and aging workers (Stumpf, 2012).