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, the Sidelines – restrictions or limitations put on the organization by external forces – is covered in PhilTakes #26-30.
PhilTake #36 discussed the fallout of Wells Fargo’s new account scandal, a prime example of a company succumbing to The Opiate of the Immediate.
The word opiate may appear out of place in a business enrichment discussion. However, Merriam-Webster defines opiate as something that induces rest or inaction or quiets uneasiness.
Taking actions that are viewed only in the immediate – with no regard for long-term implications – does exactly that. This explains Wells Fargo’s singular focus on new customer accounts, resulting in a culture that celebrated the immediate (new customers) at the expense of everything else.