An Analysis of the Impact of Cultural Transfer on Organizational Performance in the Financial Services Sector (Bulawayo-based financial institutions)

Abstract

This research looks at an analysis of the impact of cultural transfer on organizational performance in the financial services sector, culminating from high employee mobility within the industry in Zimbabwe. The industry has been characterized by high employee mobility in an environment where each and every financial institution should ideally have a unique culture, resulting in a distortion of the uniqueness of these respective organizational cultures and other strategic interventions, which organization would normally focus on in endeavoring to create competitive advantage and optimize organizational performance. Some of these interventions include human resources development, strategic management (formulation, implementation, evaluation and control), organizational development, change management, as well as mergers and acquisitions, among others. The objectives of the research are to :assess how staff mobility in the financial services sector impacts on the transfer of different organizational cultures from one institution to the other; evaluate the correlation between organizational culture and organizational performance; evaluate the impact of recruitment, selection, training and development and other human resource interventions in shaping organizational culture; and evaluate the impact of organizational culture on organizational strategy formulation, implementation, evaluation and control. The findings of the research revealed that: employee mobility results in cultural transfer; corporate culture influences strategy formulation and execution; corporate culture has an impact on all human resource management interventions; culture determines responsiveness to environmental changes and affects the management of change; and corporate culture influences ethical business conduct.