Jorge Kosturakis Jr
Devry University
Management 303
D01608490
Swot Analysis

In this analysis I would like to talk about my current work place; I work at Wells Fargo Bank. The company has a mission statement that every customer counts, and that customer service satisfaction is the number one priority of the company. Wells Fargo started back in 1852 more as a delivery company of goods for individual customers, and companies back in the day; their purpose was to service all around the country, from their base in San Francisco all the way to the east coast in New York. The company took a big hit when the government took the bank and left them only with one branch, their base in San Francisco, so they basically had to start again from zero; but as a company they pulled through and Mr. Wells and Mr. Fargo took the company back into great business.
One of the organizational strengths that I see with this company today is the strength to be always prepared for what is coming, they will be able to manage disturbing situations that come to them, from tough economical times. We can take the example of the great recession that we are just getting out from 2008 and 2009, as a bank with strengths it was able to stay a float, to still buy another big bank Wachovia, and become the largest retail bank in the United States, now being in 39 states of the Country, and having plans to start opening branches in the other 11 states that have not yet being conquered by Wells Fargo. This makes it distinctive from other companies because most people can have services with Wells Fargo, and right now literally can get service from the company coast to coast, from California to Florida, Wells Fargo right now is present.
Another Strength that I see with this company, is that the company is looking back to its roots, to their founders, on how to adapt to the changing world and be able to service every customer the best way they can, and the company and the CEO of the company is doing that in a great length, Why? From trying to become the largest bank in the United States and being able to service coast to coast the customer so they do not have to be looking around for a bank every time a customer has to move, for example military people. And that is what the founders of the company wanted to do, service every customer they had from coast to coast. Now the company has a very high adaptability capacity, they will be able to change with new things that come, with new trends, the company has a great marketing department, that sees how thing change, and how the company has to adapt to them. By being able to make these changes the company will always be in the game or maybe one step ahead of the game.
One of the big weaknesses that I see in this company might not be a national trend, but it is something that I have discussed in length with the whole class in our discussion of the class, and that is the management that goes on my district. Management in my district has showed the greediness of people in a level for me that is going to become a disaster, and that the upper management is not doing anything about it. I kind of see it as a 2008 all over again, that management from my district did not learn anything from the past lesson. And when they have great people working for the company, and try to do their best to service customers, but management is to hungry for numbers and bonuses the company has one of the highest turnover rates in the country in the position for personal bankers, when you have great people working for the company, but the pressure for sales is so much, and the balancing act of being able to give great customer service, and being able to give the managers the number of sales that they are asking for it is to much for people to bear that after four, six months people either quit or just look for another job so they could be more comfortable. Giving valued employees prime parking spots, more vacation days, or more flexible schedules may help them feel their work is appreciated, but sometimes nothing inspires workers like the prospect of a payout down the road. Companies that offer a small equity stake or stock options often have a good chance of developing loyal employees. (William G. Nickels,James M. McHugh,Susan M. McHugh (2010). Understanding Business,(9th Ed.). Chapter 10, page 31. 1221 Avenue of the Americas, New York, NY:The McGraw-Hill Companies, Inc.). And I think that is a weakness that is costing the company so much, to train a new banker every time it get hired and goes to the whole process of training according to the company it cost around 60,000 dollars per banker; so imagine the cost that could be avoided if things would be a little different.
One other weakness that I see with the company in our district once more, I can not see of the whole company is the greediness that there are creating with employees, and the way that when things are done the wrong way so employees can get their numbers and the effect that it has on the customers is something that is being created against the whole mission of the company that is to provide great customer service for the clients, to do not be seen just as another checking account numbers is that is wrong. The fact also that bonuses for the employees are being cut every quarter more and more, we are still in difficult times; talking economically, and the company in our district notched up tem percent of the goals so we can get more business out of the customer every time they go to the branch, if as it was it was difficult for 50 or 60 percent of the employees just to me the minimum numbers, how are we supposed to meet them now, and management just says do it, find a way. And it goes back to the other weakness the high turnover of employees that will be costing the company so much money. The upper management of the district is discouraging people from actually doing a good job, because if the bonus is not there why should I do my best, and why should I work for it if they just keep making it harder and harder for the employee to get a bonus at the end of the quarter, it is not much as it is the bonus, but it is something that is being taken away; the incentive of being able to make sales.
A opportunity that I see within this company that is has great people that work there, and that have visions that want to take them and make them part of the mission that is being taken upon from our CEO, people that love to create new opportunities with the community, and being part of the community gives great opportunities for a company to be out there, to reach out to the people and let them know, that we are not just a bank. We are people that will serve your financial needs and will also be happy to extend a hand in the community to help rebuild the community and bring back values to the community and life to the community after a disaster, or something that has affected the community greatly. And there is a lot of people there in the company that they will always take that great next step to help out the community and implement their values in the workplace to make sure the customers are being helped the right way.
The opportunity of growth right now, in this tough times, where people need things done, need the service, and the company is growing and making the effort to survive with the customers, and not only for itself, it want to make sure that things are being done right (now this is something that I talk about nationwide, going away from what I see local in my district), making sure clients are being happy, and financial needs are being meet, the opportunity of growth in taught times is difficult, but also who ever makes the biggest leap, is the biggest winner, it is said that in bad economical times is when the new millioners are born, so if a company this big is growing and taking the opportunity to create new jobs, to create new strength with customers and new customers, it is great, now being also the biggest mortgage Leander in the nation, and plus helping the customers instead of going to foreclosure giving them back a piece of mind that they will be able to stay home and raise their family in the great American dream.
One big threat that I still find, and I think everyone will agree is the economy, we are still at uncertainty, where we have a fragile economy that is growing at a very slow pace, and that anything can put if off track, and will make it seem that instead of making it up the stairs, we just dug the hole deeper. We have seen since last year the problems that arose in the European Union, not only with Greece, but with Spain, Ireland, Italy, and even the great economies like France and Germany, that their economies did not had nay growth in the last quarter of the year because of inflation, of fear of the debt that the countries have. And for the United States that is something to worry about, our biggest allies and in economical troubles, it will damage our economy greatly, and if that happens the growth that the company has experienced could be stopped or even backtracked, and jobs would be lost, customers will simply close accounts, money will stop coming in, and will have a problem having people working at the bank.
The other threat is government, since 2008 so many new regulations came into place, because the government want to protect the customer from big banks, and fees, and things that were not being done right, but the government does not see that retail banking was not the blame of it, and many customers are not happy with the new regulations because when it comes to being able to serve them, there are so many new steps that have to be done in other to help the customer get a loan, get information, and the process of opening an account is just a lengthily process that has become a hassle to the customer. Government is becoming to big, I understand the need for regulation in some parts of the financial district, but when it affects every single customer, and makes it more difficult for a customer to even cash a check just because one bank will not cash it, and will only take it for deposit an hold it for 7 days, and the customer has to go to another bank to cash the check and if the not account you get a charge for cashing the check, and if you have and account because the government has regulated so much the financial business there are so many things that have to be explained now, and requirement that have to be meet in order to avoid fees. We all know that we do not like paying fees to a bank, but with the government taking so much from the banks, how is the bank going to make money to pay the employees that service the customers to make sure their have everything in place, and that their financial needs are being meet, and the customer is being educated the right way to meet those individual goals.
In the end the company would be able to capitalize from great people that work in the company, making them feel part of the company, taking in their ideas to make the company a better place to work in, and making the customer the number one priority. Neutralizing the threats or the negative of things in the company I think will take a lot of effort, and will have to go back to the great people that work there but are leaving because of bad management that is not considering the need to have customers first, because that is what gives you the business to create more business; a change of management would be great but even HR has not been able to do anything about, and last but not least is abide by the regulations so things can be done right at every level and government would maybe one day will stop being the big Daddy of everyone and regulations could ease up a little for the benefit of the customer and the bank, to be for a better service.