How Wells Fargo Incorporates Its Issue-related Values
Organizations are mandated to operate in accordance to communities values and since Wells Fargo is a customer oriented company. Hence, its mission has to be aligned to the customers needs. The company expects its team to maintain the highest standards of business standards and ethical codes with customers and member staff of the organization seeks to provide effective leadership that would oversee right management of resources (Mason & Tyson, 2021). Wells Fargo is committed to ensuring diversity and inclusion is attained in the firm with majority of its workforce targets a workforce in the range between 18-68 (Maiorescu-Murphy, 2020). Wells Fargo considers every one across the globes workforce, community, or supply chain feels appreciated and respected to have equal access to services and opportunities in the firm.
Wells Fargo Supplier Code of Conduct Information
Wells Fargo is committed to run its operations in a way that benefits the community, environment, and the economy. The goal of the organization is to help its members to succeed financially and satisfy the financial needs of the customers (Mason & Tyson, 2021). For Wells Fargo to effectively provide the essential services to customers, they have to engage suppliers. And to relate effectively with the suppliers, supplier code of conduct is drafted to guide the organization’s relationship with the suppliers. Further, the supplier information recommends the suppliers to invest in community projects and enhance a positive rapport with the community members.
Supply Conduct is Committed to Ethical Business Practices and Social Responsibility
The main objective of the company is to develop a conducive environment that the ethical behaviors will recognised and is based on a priority and applicable on a day-to-day basis; hence, the values are incorporated efficiently in the respective communities. The suppliers code of conduct is drafted to align to its values and evolving supply demands. Wells Fargo expects it suppliers to practise highest standards of ethical codes in its dealings, have systems that preserve the environment and foster cultural sustainability (Mason & Tyson, 2021). Strict adherence of the supplier conduct code helps the organization to be socially responsible and encourage transparent business operations.
Wells Fargo Position on
Well Fargo’s stance on Empowering workers, Labor and human rights, Health and safety, environment, and accountability is what makes the organization thrive at any community. Encouraging and recognizing adherence of ethical codes of conduct empowers workers to be accountable while performing their duties diligently (Mason & Tyson, 2021). Medical protection and insurance of the employees while at work provides safety to its staff; thus, productivity is accelerated in the firm. Providing living wages in the supply chain helps to eradicate and eliminate modern slavery.
Wells Fargo’s Code Of Conduct
The code of conduct of the organization has changed in the recent years causing Wells Fargo to spend most of their times in restoring their reputation to the public by spending most of the time apologizing to the customers that were deceived to open fake accounts and purchase unwarranted products (Veetikazhi & Krishnan, 2019). However, most of the employees have being forced to drop out of the organization due to the incompetency and lack of ethics (Mason & Tyson, 2021). Because of inconsistency, other lack sufficient training, and contribute to the damage of the organization’s reputation have led to most of the workers to quit Wells Fargo a trend that goes contrary to the ethical code of the firm since last year where employees are mandated to be accountable and consistent.
Importance of Supplier Code of Conduct to Wells Fargo
The supplier codes of conduct is vital to Wells Fargo because it ensures they engage in business practices with the right stakeholders that align with their core values. Because right stakeholders helps the firm to continues its operation that would positively influence the growth of the community and environment. Furthermore, the supplier code of conduct has helped Wells Fargo operate in a manner acceptable by the community and help in attaining of accountability and high standards adherence to ethical codes of conduct (Mason & Tyson, 2021).. The supplier code of conduct guides the suppliers on what should be done to align to Wells Fargo’s values if interested to partner together in business operations; thus, helping Wells Fargo make the right in the contribution of community development.
Sample of a Supplier Code of Conduct
The role of stakeholders in an organization is to ensure strict adherence of the supply code of conduct and ethical codes as well as practising. Stakeholders are mandated to create an environment that would bred the supplier code of conduct and make it a culture in the organization. The stakeholder’s role is to act as role models while enacting the code of conduct. The other role of stakeholders is creating equitability amongst the workers and focus on empowering the employees. The stakeholders have the responsibilities to hire employees that share the same values as the organization and willing to practice high standards of ethical conducts in business operations.
References
Maiorescu-Murphy, R. D. (2020). online diversity communication at Wells Fargo. in corporate diversity communication strategy (pp. 41-54). Palgrave Macmillan, cham. doi: 10.1007/978-3-030-29944-6_3
Mason, R., & Tyson, R. (2021). Ethical leadership and the code of ethics in American corporate firms: Wells Fargo & Company. journal of human resource & leadership, 5(3), 24-31.
Veetikazhi, R., & Krishnan, G. (2019). Wells Fargo: fall from great to miserable: a case study on corporate governance failures. South Asian journal of business and management cases, 8(1), 88-99.
Wells Fargo team member code of ethics and business conduct. (n.d.). Web.