Professional Development Program Proposal
Executive summary
Some factors are quite essential in improving the performance of Wells Fargo Company. These factors comprise of Emotional intelligence and motivation. Other factors include emotional knowledge as well as social skills and decision making. Building active teams and establishing an effective reward system are some of the other factors that the company needs to consider.
Emotional intelligence is referred to as building blocks that boost motivation. This element should, therefore, be incorporated in the company’s management and human resources. It is essential to improve the quality of work for the entire labor force and the overall management. Having a motivated workforce in the company is necessary for all organizations. Wells Fargo Company should, therefore, look into ways through which they can instill these qualities in their human resources. Also, the company should also focus on recruiting employees who pose these qualities. The traits in a subject comprise of self-perception, leadership, self -actualization, self-regard and emotional self-awareness.
Emotional intelligence, social skills, and decision-making factor are essential in management. The managers, therefore, have to develop these social skills in sensitive information as this will influence their decision-making process. Moreover, it is essential for them to enhance these skills to be able to impact the employees within the organization positively. The company should, therefore, strive to build management that upholds these qualities.
For the company to attain a good performance, it is vital that it develops active teams. The organization should thus seek to build effective teams. All active groups should be made up of suitable, trustworthy leaders as well as professional team members. All of these members ought to have a different set of expertise which when integrated, they will form a solid group. Having balanced responsibilities, efficient communication, mutual teamwork and individual improvement will help in building a competent team within the organization.
The Wells Fargo company should also consider coming up with a reliable and efficient rewarding strategy. This rewarding system will of the essence of the company’s improvement as it will assist in motivating the workforce. In return, this will increase the performance of the employees and thus contribute to the overall organization improvement. Some of the primary rewarding system that the company ought to execute include, use of stock and financial rewards. Stock rewards are the most appropriate system to use in the company’s management while financial rewards will be most effective when used for employees. Basing on the organization's policies and financial capacity, Wells Fargo should structure its rewarding system.
Motivation Enthusiastic, emotional building elements are the primary factors responsible for improving the administration’s ability to upgrade the performance of its representatives and also to enhance job satisfaction. The most significant aspects that help to boost employees’ performance and satisfaction include self-respect, passionate mindfulness, and self-realization. All of these enthusiastic elements are essential to the administration, to employees and the organization in general (Waller, 2008). Positive reinforcement is one of the motivation tools which is used to reward employees for good performance. This tool is majorly utilized when an individual excellently performs beyond the company’s expectation. The management can also use this tool when roles are allocated to a team of workers. The administration uses this tool to seek to promote competition amongst team members. For instance, giving employees bonuses for completion of certain roles in the workplace. On the contrary, Negative reinforce motivation tool should be used in the company. This negative reinforcement will involve giving out penalties for not doing their tasks well. The administration can use this tool when workers perform poorly in their day to day tasks. They can also use this motivation tool whenever employees are reluctant to undertake compulsory roles in the job place. Negative reinforcement can also be utilized when workers break the organization’s policies and procedures. A good example is when workers are penalized for reporting late to work (Carson et al, 2016).
Social kills Social skills in emotional intelligence refer to skills that are needed to handle and even influence worker’s emotions efficiently. Therefore, the main ideas of sensitive information could be utilized to improve social skills of the administration. These concepts could also be used to enhance the efficacy of the decision-making process of the management. These skills and concepts are quite significant for the control, the overall company and even for workers as it helps in boosting the performance. Some of the necessary social skills needed in Wells Fargo include persuasion and influencing capabilities, communication, rapport, conflict resolution and teamwork skillfulness. Having leaders who have persuasion and influencing skills will be essential for the company in entirety as it will get things done. The administration may use this skill in their management to persuade directors to efficiently undertake investments and other plans that may benefit the company. Communication, on the other hand, is a crucial element in any management when passing down information to workers. It is, therefore, essential for the administration in Wells Fargo to efficiently communicate to their workers. This will help employees to perform well as they will get the correct information passed onto them on a timely basis thus avoiding mixing up issues when carrying out their daily duties. Additionally, the management ought to develop rapport skills (Carson et al, 2016). This is essential since the administration is expected to create a good rapport with strong bonds and relations with all their employees. This will ensure high performance in the company. Conflicts in a workplace are something that occurs in any organization. Therefore, the management is also required to build up their conflict resolution skills. This will help the company to resolve any issues within the company that may result in a conflict that may lead to poor performance in the company. Having a team that is focused on meeting the goals of the company is quite essential for any organization. Team working skills in the organization will, therefore, enhance the management to work with each other and with their employees efficiently. Team working is thus essential as it will boost the performance of the labor force and control in the organization.
Effective teams It is not easy to establish a competent team in any company. This is because there are so many aspects that need to be put in place. It is for this reason that the company should consider integrating all of these aspects together to come up with a compelling team. It is therefore vital that the company establishes a clear objective for the team. These objectives must be mutually shared across all team members and the team leaders. Moreover, the entire team must also know these objectives. They ought to have ideas as to how they can positively contribute towards attaining their goals as a team. Suitable leadership aspect is quite crucial for the team’s performance. Leaders of the group must, therefore, possess leadership qualities that build confidence in them and most especially in the entire team (Jaques, 2017). Team members must be able to feel that they are being led by competent leaders who are capable of performing their obligations. These leaders must also be trustworthy hence allowing all team members to have confidence in the kind of leadership offered by their team leaders. Teams’ effectiveness is also highly dependent on the balancing of responsibilities. Every team member has a unique set of skills that allows them to perform better in given tasks as compared to other team members. Just like in any other firm, communication is key to having an effective team. Communication, therefore, should be productive and effective in all ranks within the organization. Communication ought to be clear especially when making tasks allocation and meetings plan productive. Shared collaboration and personal growth are also essential aspects of building effective teams. It is important to note that team members should not only grow as a team, but rather they should also grow as individuals. This increases the strength and success of the team as individuals and the individuals and the entire team is motivated and growing. Wells Fargo should, therefore, put strategies in place so that these traits are enhanced in every team within the organization (Carson et al, 2016). The management should also choose team leaders who can lead effectively. Hence they will be able to identify the strengths of their team and even work extremely hard to make the team stronger. Diversification of team members’ will help in improving the performance of both the individual as well as the team.
Reward system an operational reward system in Wells Fargo will help in motivating the team members and in return, it will promote employees’ and organization’s effectiveness. Having a motivated labor force is essential for any firm. It is important that the company incorporates both the negative and positive reinforcement. However, a firm should pay more attention to positive reinforcement as it does not make workers feel like they are being coaxed to perform (Howard et al, 2016). Instead, this reinforcement makes workers feel appreciated and valued in the organization. The reward system should also focus on both the intrinsic and the extrinsic rewards. Most of the organizations prefer using the extrinsic rewards as they are easy to execute and they cut across different duties, and employees’ skills. The most effective and fundamental reward systems in Wells Fargo are the end of year bonus rewards as well as the gold star systems. The company often uses these two systems in rewarding their employees, and at times they may combine the two based on their financial abilities. However, rules should be put in place to govern what occurrences require the employees to be awarded and also what measure is used to consider an excellent performance. It is therefore crucial that the company invests much in this rewarding system basing on the critical performance indices as it will significantly contribute towards motivation of employees and ultimately resulting in improved performance of the entire company.
References
Waller, A. D. (2008). Perceptions of emotional intelligence preparation and industry expectations for utah state university MBA graduates. Utah State University.
Carson, K. D., Carson, P. P., & Birkenmeier, B. J. (2016). Measuring emotional intelligence: Development and validation of an instrument. Journal of Behavioral and applied Management , 2 (1). University of Louisiana at Lafayette. Howard, L. W., Turban, D. B., & Hurley, S. K. (2016). Cooperating teams and competing reward strategies: Incentives for team performance and firm productivity. Journal of Behavioral and Applied Management , 3 (3). Middle Tennesee State University. Jaques, E. (2017). Requisite organization: A total system for effective managerial organization and managerial leadership for the 21st century . Routledge.
