Organizational Behavior Problem on Diversity

b’Subject: Business’
b’Topic: Organizational Behavior Problem: Diversity – Unconscious Bias’
b”This is PART 1 of a 3 part assignment I am working on, but need to submit Part 1 first. Please see details below: The goal of this assignment is to analyze and apply OB concepts in a real organization and submit an analysis report. I have chosen Wells Fargo, N.A. Problem: Ethics and Corporate Social Responsibility: Lack of Diversity due to Unconscious bias… MUST ANSWER ONLY THE HIGHLIGHTED SECTION in the attached Research Assignment Instructions document. Also attached are the following documents::\n1) NOTES I have started to make based on some of the research (see links to sources which are listed after research notes also listed below)\n2) PART 1 document – A very rough first draft, but feel I haven’t fully answered the questions. Please feel free to use some of it if you deem useful, but I need to see a true writer’s influence in the final draft because I don’t have the time to edit.\n3) Detailed instructions document (PLEASE ONLY ANSWER THE HIGHLIGHTED SECTION)\n\nUse the following sources to answer the questions that must be answered in report: 1)SEC and Regulatory filings – WELLS FARGO 10-K is filed under 4th Quarter of 2019: https://www.wellsfargo.com/about/investor-relations/filings/ Wells Fargo 2019 CSR – includes their diversity and inclusion efforts. This report is put out by each company so it will be interesting to read what they say they are doing/going to do and what has occurred: https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/2019-corporate-responsibility-highlights.pdf https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/progress-to-goals.pdf Diversity Stanyzts On Wells Fargo website: https://www.wellsfargo.com/about/diversity/diversity-and-inclusion/”

 

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Wells Fargo Organizational Behavior

Organizational behavior encompasses the analysis of individual performance within an institution and also assess the impact and influence of a group within the organization. The company that will be scoped in this case is Wells Fargo, NA. The company has notably been having ups and down within the past years, and a look at it through the systemic analysis of organizational behavior as an assessment tool will be able to provide a practical outlook of what is happening and the recommendations available to counter any negative realization.  The organizational behavior report will be able to thoroughly assist in the actualization of the business process within the company and be able to ensure that the human resource is effectively accommodated to ensure maximum returns are achieved through company operation. This report will start the analysis through assessment of notable and glaring organizational behavior issues that are certainly out in the public eye.

Ethics and Corporate Social Responsibility

Wells Fargo has been operational for years, and through its positive activity has been able to build a large pull of clientele. In the year 2012, it came to light that the company has been scheming the most vulnerable in society and especially the marginalized black and Latino communities. This led to an extensive assessment of how the bank was running its affairs and was found to stem from the need for employees to be meeting the target set continuously. The Department of Justice accorded the afflicted 178 million dollars, but the company was exempted from accepting liability of the occurrence.  The company was again in the spotlight in 2016, where employees were found to have opened more than two million illegal accounts with the quest of meeting daily sales goals. The pressure within the company not only derailed the company for realizing better ways of making money but also created low morale and team conflict within the company.

Lack of Diversity

The question of diversity is always a touchy subject, and most companies always seek to be welcoming to all races without prejudice. Wells Fargo states that the company has a diverse workforce of about 44%, but while this might seem like a notable number, many of Wells Fargo N.A. African American and Latino employees have the least paying jobs within the organization. The CEO was also quick to remark that the pool of educated people who are black that could occupy some leadership positions was limited because the pool of candidates was relatively low. This out rightly depicts unconscious bias because the high-level slots within the companies that have been occupied by diverse races and females are slowly decreasing than increasing in the past few years. For black and female employees who are aiming for top jobs within the company will undoubtedly build a high sense of resentment and seek to look for positions in different companies leading to high turnover numbers of marginalized people.

The company seems to lack awareness that their actions have consequences because their result is a large payout without being credited as doing the wrong obligation. Another notable issue is the lack of a clear direction that the company seeks to follow to make more revenues. It has in the past year been found guilty of using tactics that can be deemed inappropriate to attain more profits each financial year. The company has flawed feedback protocol and communication system, and this is because the majority of low levels employees would instead be filled with resentment and continue working rather than blatantly telling the company that what they are doing is wrong. This issues eventually translate to more significant problems within the company, which became harder to fight, such as high turnover, low employees morale and conflict from within the company. The Failure for Well Fargo to meet the threshold that is affecting the company means that the future might not be so bright for the financial institution and more cases of racial prejudice, the pressure of management and lack of communication are expected to rise seditiously.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Works Cited

“Diversity and Inclusion.” Wells Fargo – Banking, Credit Cards, Loans, Mortgages & More, 2019, www.wellsfargo.com/about/diversity/diversity-and-inclusion/.

“SEC and Other Regulatory Filings – Investor Relations – Wells Fargo.” Wells Fargo – Banking, Credit Cards, Loans, Mortgages & More, 2019, www.wellsfargo.com/about/investor-relations/filings/.

Wells Fargo – Banking, Credit Cards, Loans, Mortgages & More, www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/progress-to-goals.pdf.

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NOTES FOR RESEARCH

 

  1. Description

In response to the lack of Diversity in Wells Fargo, chief executive Charlie Scharf, blamed the lack of Black employees at the bank on a “limited” talent pool.

“While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Charlie Scharf said in a June company memo, Reuters reported Tuesday. The memo and similar statements by Scharf during a Zoom meeting exasperated some Black employees, according to the news service.

Description of problem

Is there unconscious Bias at Wells fargo or even throughout the financial industry for that matter? Is it common or just something recent?

 

Is there a history to support Unconscious Bias within Wells Fargo.:

Customer

Wells Fargo has settled several discrimination cases in recent years. In 2012, the company agreed to pay more than $175 million to settle allegations from the Justice Department that it steered Black and Latino borrowers into expensive loans and charged them excessive fees. As part of the settlement, Wells Fargo did not admit wrongdoing, saying it treated all of its customers fairly but wanted to avoid protracted litigation.

The Department of Justice today filed the second largest fair lending settlement in the department’s history to resolve allegations that Wells Fargo Bank, the largest residential home mortgage originator in the United States, engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009.

https://www.justice.gov/opa/pr/justice-department-reaches-settlement-wells-fargo-resulting-more-175-million-relief

 

Employee

Last month, the bank, which has more than 260,000 employees, settled a case directly related to its hiring practices. Wells Fargo agreed to pay $7.8 million to settle allegations by the Labor Department that it discriminated against more than 34,000 Black and more than 300 female applicants. Wells Fargo did not admit liability as part of the settlement but was required to allow federal officials to proactively monitor some of its business operations and compliance measures.   https://www.washingtonpost.com/business/2020/09/23/wells-fargo-ceo-black-employees/ 

https://news.bloomberglaw.com/daily-labor-report/wells-fargo-to-pay-7-8-million-to-settle-hiring-bias-claims

At least seven Black female senior executives have left Wells Fargo in the past 12 months, depleting the pipeline of women executives of color to the bank’s most senior positions.

 

  1. Analysis
  • What OB concepts and theories can be applied to understand why this problem is occurring?

Discrimination / Stereotyping : To discriminate is to notice a difference between things but to stereotype is to judge someone based on an individuals perception of that particular group to which the person belongs. Stereotyping is a form of discrimination. When executive Charlie Scarf blamed the lack of diversity on a ¨limited¨ talent pool, he was discriminating by assuming that there is a ¨limited¨ talent pool. We do not know what analysis he may have for him to come to this conclusion but according to a study in 2006 by the EEOC, The percentage of African American  officials and managers is highest in the Banking/Credit subsector (7.0 percent) and their lowest percentage is in the Securities subsector (4.4 percent).  Employment as a manager and an official is examined by determining their chance. https://www.eeoc.gov/sites/default/files/migrated_files/eeoc/statistics/reports/finance/finance.pdf

 

Use the following sources to answer the questions that must be answered in the report:

 

  1. SEC and Regulatory filings – WELLS FARGO 10-K is filed under  4th Quarter of 2019:

https://www.wellsfargo.com/about/investor-relations/filings/

  1. Wells Fargo 2019 CSR – includes their diversity and inclusion efforts. This report is put out by each company so it will be interesting to read what they say they are doing/going to do and what has occurred:

https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/2019-corporate-responsibility-highlights.pdf

https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/progress-to-goals.pdf

  1. Diversity Stats On Wells Fargo website:

https://www.wellsfargo.com/about/diversity/diversity-and-inclusion/

 

  1. Other info:

 

Bringing Accountability to the Wells Fargo Boardroom

com/2017/11/03/business/wells-fargo-board.html?searchResultPosition=13&login=email&auth=login-email”>https://www.nytimes.com/2017/11/03/business/wells-fargo-board.html?searchResultPosition=13&login=email&auth=login-email

  • Labor Department Questions Microsoft and Wells Fargo Over Pledges to Hire More Black Employees

com/articles/microsoft-says-u-s-government-questions-its-pledge-to-hire-more-black-employees-11602020480?mod=searchresults&page=2&pos=1″>https://www.wsj.com/articles/microsoft-says-u-s-government-questions-its-pledge-to-hire-more-black-employees-11602020480?mod=searchresults&page=2&pos=1

  • Dear Wells Fargo: Your Lack of Diversity Is Not Because Of Pipeline Issues

https://www.forbes.com/sites/janicegassam/2020/09/23/dear-wells-fargo-your-lack-of-diversity-is-not-because-of-pipeline-issues/#7169952f4129

 

Notes_for_WellsFargo_OB_Paper DOL-wells fargo conciliation 8-24-20 OB_ResearchAssignment_Instructions Notes_for_WellsFargo_OB_Paper (1) Notes_for_WellsFargo_OB_Paper (2)

 

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