Wells Fargo- Could it happen here?

In 2016 a scandal rocked the American financial system which saw over 5200 employees fired from US bank Wells Fargo for creating fraudulent customer accounts to meet their sales targets.

To understand a little bit more watch the film clip below

No company is immune to the pressures that brought about the Wells Fargo scandal, how well do you think your company could answer some of the following questions?

  • Do you believe employees can hit operational targets without violating applicable regulations or company policies?

  • Are sales targets achievable using appropriate techniques?

  • Are your targets in line with those of your industry peers

  • Are employees evaluated on how they achieve their results and meet their objectives or just on what results they achieve?

  • For performance reviews, promotions, and compensation, how do you weight achievement compared to how they got there?

  • Does the leadership team discuss how changes to the company’s compensation or performance management philosophy might drive unethical behaviors?

The answers to some of those questions could be telling.