Every business has six critical elements called Morphemes. Morpheme #1 is the Premise (covered in PhilTakes #16-20). Morpheme #2 is the Promise (covered in PhilTakes #21-25). Morpheme #3 is Sidelines (covered in PhilTakes #26-30): restrictions or limitations put on the organization by external forces.
Sidelines are necessary responsibilities even when they conflict with a company’s business strategy. Wells Fargo is a prime example.
The financial leader’s executive management valued new accounts, to the point positive (compensation) and negative (warnings or dismissals) pressure was exerted from the top down to branch managers and employees. Sidelines (and in this case, common sense) were overlooked as employees opened over 1.5 million unauthorized new accounts and 500,000 credit cards to meet their goals.
Customers paid fees for these fake accounts and some even had their credit scores damaged because of Wells Fargo’s misguided actions.