Performance Management and Goal Setting: A Case Study of Wells Fargo

case study

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Q1 Goal setting and its relevancy to the case study.....................................................................3
Q2 Adopting the elements of system of Wells Fargo..................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
The performance management of the organizations can be a successful step for achieving
the improvement in the performance of the organizational operations making the employees
more efficient in their work (Latham and Locke, 2018). The case study of the Wells Fagro
explains that if performance management implemented correctly can benefit the organizations.
The project will explain about the various principles of the goal setting theories. The aim of the
project is to understand the various aspects of the performance management.
MAIN BODY
Q1 Goal setting and its relevancy to the case study
Goal setting theory
Goal setting theory is regarded as an employee engagement tactic in which specific and
measureable goals are set for bringing improvement in the level of productivity. This theory is
based on the assumption that it is better to set specific and measureable goals rather than setting
unclear goals (Locke and Latham, 2019). The theory considers the belief that well defined goals
are effective at motivating the employees. Furthermore, it also believes that the employees are
more likely to achieve the goals if they are specific and measurable.
Following are the principles of the goal setting theory:
 Clarity- According to this principle, the goals which are set should be clear and specific.
 Challenge- It is important for the goals to be challenging so that the employees are
engaged and focused throughout the process of reaching the goal (Kim, Beehr and
Prewett, 2018). However, if the goals set by the organization are found to be too tedious,
it will demotivate the employees and reduce their level of achievement satisfaction.
 Commitment- It is important for the employees to feel commitment towards the goals and
to understand and support them (Schmidt, 2019). Absence of commitment will make the
employees unable to enjoy the process of achievement.
 Feedback: It should be ensured that regular feedback is provided to the employees
throughout the process of achieving goals. This ensures that the various tasks required to
achieve the goals are kept on track.