Interesting point. Intense pressure from Senior Management to meet unreasonable goals. Senior Management minimizing and even punishing contrary views from frontline managers and employees. Aggressive pressure leading to poor decision-making. Insistent messaging from Senior Management to offshore is in direct contrast to advertised culture of Doing it Right and Doing it Well. The bank putting its own interests above the interests of its depositors. Deja Vu.
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The culture changed from one that wasn't "psychologically safe" for the client to bank at this bank (sales scandal) to one that it isn't "psychologically safe" for the employee to work for the bank (fake reviews, rank & yank, agile-but for micromanagement). These practices have accumulated into making Wells Fargo a "bank of fear".
Just in time for Halloween!
https://myelinleadership.com/wp-content/uploads/2021/10/Psychological-Safety-Creating-a-Fearless-Organization.pdf
Amy Edmonson, Novartis Professor of Leadership and
Management at the Harvard Business School has written
a must-read book The Fearless Organization. The
book's major premise is that creating a culture of
psychological safety in organizations is a leadership
necessity. Edmonson defines psychological safety as a
"climate in which people are comfortable expressing
and being themselves. More specifically, when people
have psychological safety at work, they feel comfortable
sharing concerns and mistakes without fear of
embarrassment or retribution. They are confident that
they can speak up and won't be humiliated, ignored or
blamed. They know they can ask questions when they
are unsure about something. They tend to trust and
respect their colleagues".
***
Wells Fargo - The growth of this major US bank
was predicated upon the practice of cross-selling
("selling existing customers additional products").
The company's top leaders placed great pressure
on employees to cross sell or else lose their jobs.
Wells Fargo's failure was the result of a "system
that demanded hitting targets so ambitious they
could only be met by deceit. Employees operated
in a culture of fear that brooked no dissent".
Manufacturing fake employee reviews is exactly like the sales scandal and will come back to bite shareholders.
That’s where the execs fall short. The bank needs to wow their customers and the Feds, in addition to creating real efficiencies rather than falling back on cheap labor overseas. All Scharf has done is cheapen and weaken the bank and the country’s economy. Lets publicize that Wells Fargo’s customers’ private sensitive data is now accessible in a third world country and see how our customers and the stock reacts. The public and the Feds will take notice once a CEO comes in who creates an ethical culture and knows how to build a strong healthy business.
The pressure on managers to shoehorn employees’ review ratings into the “guided” (forced) distribution has also mirrored the sales practice abuses. Managers are expected to expend great effort towards massaging, manipulating, or concocting information in order to adhere to it.
Stupid is as Stupid Does. Off-shoring will not save Wells Fargo from eventual failure.
What’s the number the street will be wowed by instead of unit sales under Tolstedt? Headcount overseas? Efficiency?
Techs, let's face it. Offshoring will be in our work lives no matter where we go. Here is a little gemini....
Questions to Ask About Job Security and Offshoring
If you're considering a new role at a company, it's important to be proactive and ask questions to assess the potential for offshoring. Here are some questions to consider:
Company Strategy: What is the company's long-term strategy for technology and IT operations? Are there any plans for outsourcing or offshoring IT functions in the near future?
Role and Skillset: How does my specific role and skillset contribute to the company's overall strategy? Are there any unique or specialized skills that would be difficult to replicate offshore?
Project Scope and Timeline: What is the typical timeline for projects within my department? Are there any long-term projects or initiatives that require specialized knowledge or expertise?
Communication and Collaboration: How does the company facilitate communication and collaboration between onshore and offshore teams (if applicable)? What measures are in place to ensure that cultural differences and time zone challenges are addressed effectively?
By asking these questions, you can gain a better understanding of the company's plans for the future and the potential impact on your role.
Good luck....