Wells Fargo: Our commitment to employees
“We know that everything we achieve is thanks to your hard work and dedication,” the company states in its commitment to employees.
Editor’s note: The following commitments to Wells Fargo employees are shared here for the benefit of all the company’s stakeholders.
Wells Fargo: Our Commitment to You
As a leading financial services company, we proudly serve one in three U.S. households, 80% of Fortune 500 companies, and more than 10% of all middle market companies and small businesses. We are America’s community bank and through our locations, bankers, financial advisors, and mortgage consultants, we are continuously improving how we work with customers to help them achieve their financial goals, and expanding our positive impact on the community.
All of this starts with you.
We know that everything we achieve is thanks to your hard work and dedication.
Which is why we must strive to be a company where the best and the most dedicated to serving the customer want to work.
A company where our culture and commitment to our customers and communities inspire people to make meaningful contributions at work each and every day.
A company that is diverse, equal, and inclusive at all levels and that both respects and celebrates differences, so that employees are able to bring their whole selves to work.
A company where everyone feels included and has an equal opportunity to succeed based on performance, not on race, ethnicity, or gender.
A company where we are each accountable for delivering our best work and where we leverage the distinct talents and experiences of our teams.
A company that is committed to investing in our employees and their development through ongoing training, education, and coaching.
A company where employees have open access to channels for sharing feedback and raising concerns, and where those concerns and any issues are addressed appropriately.
And a company that recognizes and lives up to its responsibilities to you.
These are our commitments:
A company culture we can all take pride in
We have adopted a set of principles to anchor our company culture. We call them our company Expectations, and they apply to every single employee, at every level, and in every role. The Expectations guide how we conduct ourselves, work with our colleagues, and make decisions. And they are the keys to our success, as people and as a business:
- Embrace Candor
- Do What’s Right
- Be Great at Execution
- Learn and Grow
- Champion Diversity, Equity, and Inclusion
- Build High-Performing Teams (for managers)
A workplace that fosters diversity, equity, and inclusion
We are dedicated to advancing diversity, equity, and inclusion in our workplace — one where everyone feels included, valued, and respected. We remain intentionally focused on DE&I as a long-term business imperative that includes goals and milestones of progress. Notable DE&I priorities include expanding diversity at all levels of the company by implementing programs to build a diverse talent pipeline through additional recruiting efforts, career development — including mentoring and sponsorship — and engaging and supporting employees through DE&I training and our Employee Resource Networks. We are also committed to hiring veterans and people with disabilities, and supporting their needs.
A rigorous Code of Ethics and Business Conduct
At Wells Fargo, doing what’s right by our customers, stakeholders, and each other is our highest calling. Our Code of Ethics and Business Conduct provides clarity and focus on the ethical behavior we all expect of one another. The Code is supported by underlying policies and we support understanding and adoption through interactive online training that every employee must complete each year. We use it as a reference to understand ethical issues in the workplace, and apply its principles to make ethical decisions, even when the right choice may be unclear.
We have also created numerous ways for employees to help support this commitment to doing what’s right by speaking up — without fear of retaliation — if they have a concern or see something that does not seem quite right.
A place to share feedback and escalate concerns
Your feedback is essential in helping enhance our culture and improve both the customer and employee experience. You can share your voice in numerous ways, including:
Loudspeaker — Loudspeaker is a new employee feedback program that is designed to capture your ideas to help Wells Fargo improve the customer experience and employee experience and foster a culture of candor.
Employee sentiment surveys — We conduct surveys with employees from across the organization to gauge sentiment around topics such as Wells Fargo as a place to work and build a career, leadership, internal communications, decision-making, teamwork, and culture.
Focus groups — We regularly convene focus groups of employees to provide feedback and input on specific topics that are relevant to our work.
We are also committed to providing and maintaining a safe place to escalate concerns confidentially with the option to remain anonymous. You can reach the EthicsLine 24 hours a day, 7 days a week, or speak with Employee Relations or your manager.
Competitive pay and benefits programs
Competitive pay — We are committed to providing pay that attracts, motivates, and retains talent. In 2020, we raised minimum hourly pay levels in the majority of our U.S. markets. Minimum hourly pay ranges from $15 to $20, based on employee location. Regular base pay reviews are conducted to pay you appropriately. These reviews consider your performance; the complexity, scope, and impact of your role; geography; and where your current base pay falls within the job’s pay range.
Comprehensive health benefits — We provide eligible employees with comprehensive and competitive medical, dental, and vision benefits. Our medical plans offer you preventive care services covered at 100%, prescription drug benefits, mental health and substance abuse coverage, and a network of doctors and hospitals. We offer tools and resources so the healthy can stay healthy, those who may face health problems in the future can begin to make positive changes now, and those with current health care needs have the support to manage them. For instance, you may be eligible for health reimbursement or savings accounts contributions of up to $800 for completing health and wellness activities.
Paid time away — We provide a variety of competitive options to accommodate your diverse needs and life events, including time off for vacation, illness, caring for a family member, volunteering, the birth or adoption of a child, the loss of a family member, and more. Paid Time Off allowances are based on tenure, while all regular employees receive 12 paid holidays, including two personal holidays that can be used for religious, family, cultural, patriotic, community, or diversity observances. In addition, we offer 16 weeks of paid Parental Leave for a parent who self-designates as the primary caregiver and four weeks of paid leave for a parent who self-designates as the nonprimary caregiver.
401(k) plan — We provide a 401(k) plan to help you save for retirement — and we match your contributions, dollar for dollar, up to 6% of your eligible pay on an annual basis, after you complete one year of service. Additionally, for employees who make less than $150,000, Wells Fargo may make a discretionary contribution to your 401(k) plan account based on company performance. In 2020, Wells Fargo announced a new base contribution of 1% of certified compensation that will be made to the 401(k) plan accounts for eligible employees whose annual compensation is less than $75,000, which is in addition to the matching contribution.
Financial protection — Wells Fargo provides 100% of the cost of these benefits: basic term life insurance, short-term disability, basic long-term disability, basic critical illness insurance, and business travel accident insurance.
Other benefits — Other benefits include commuter benefits, flexible spending accounts for health care or child care expenses, discounts and savings on Wells Fargo products, backup child care and adult care assistance, adoption reimbursement, and Employee Assistance Consulting.
Opportunities to learn, grow, and recognize others’ achievements
Learning and development — We are committed to on-the-job learning, making sure you have the skills you need to grow in your career. We also invest approximately $300 million annually in training, which includes functional training, leadership and career development, early talent programs, and tuition reimbursement. Wells Fargo’s learning platform, Develop You, gives you access to relevant training courses. It can also help you find development opportunities aligned with the skills you need to grow your career.
Performance management — You can expect to receive performance objectives, ongoing performance feedback throughout the year, and formal performance evaluations.
Education benefits — Your professional development is encouraged and supported, which is why Wells Fargo will reimburse you for eligible tuition expenses up to $5,000 per year. We also offer scholarships for your dependent children, who can apply to receive awards ranging from $1,000 to $3,000.
Mentorship program — We offer a wide array of resources, tools, and tips to help you grow and develop as a mentor or a mentee.
Recognition programs — From an informal Shared Success® eCard to more formal recognition, we are committed to providing programs for you to be recognized for your success and to celebrate the success of others.
Community involvement opportunities
Through our business and the Wells Fargo Foundation, we are committed to creating more inclusive, sustainable communities by championing safe, affordable homes, opening economic pathways, helping small business thrive, and accelerating a just transition to a low-carbon economy. We encourage you to support charities and causes that you are passionate about and provide you with many opportunities to get involved, including:
Volunteering — You may be eligible for up to 16 hours of paid volunteer time to give back to local communities where you live and work. Wells Fargo provides an innovative and comprehensive portfolio of volunteer opportunities that allows you to engage where and how you want.
Year-round giving — You can donate to more than 2 million eligible charities on the Community Care Portal year-round, including the We Care Fund, which provides emergency financial relief for employees who have been affected by disasters and hardships beyond their control.
Community Care Grants — Qualify for up to $2,000 in Community Care Grants per year for your favorite eligible charities through volunteering, giving, and leadership.
Green Teams — You can be an environmental steward, take an active role in local sustainability, and stay informed of the company’s sustainability efforts as a member of a Wells Fargo Green Team.
Note: This document reflects benefits and compensation practices for employees in the U.S. Benefits, pay, and HR programs for employees in Asia Pacific (APAC); the Americas; Europe, Middle East, and Africa (EMEA); and India and the Philippines are based on the review and evaluation of local practices, regulations, and local market data, and therefore vary by jurisdiction. Our goal is to establish international benefit plans that are market-competitive, sustainable, locally and globally compliant, fiscally responsible, equitable, and valued by employees.