Alpha Bank- Organizational Culture and Innovation
Interrelations between Organizational Culture and Innovation: Evidence from Alpha Bank in Cyprus
Executive Summary
According to Hofstede, culture is a system of knowledge and communication about people’s experiences, beliefs, values, attitudes, meanings, religious stands and behavior of a person or a group of people where they are passed down through generations (Hofstede). Innovation on the other hand refers to the application of creative changes to a process, product, and management or to the marketing procedures that are in use at the organization or at the company (Rodgers). It has however been argued that innovation and creativity is not just limited to the development of new gadgets or technology by outsiders but the focus should also be given to the internal environment within an organization in how operations can be improved internally and externally but more so put emphasis on the management team to stimulate the creation and maintenance of a culture of renewed thoughts and change in relation to the staff and employees (McLean). The government may come in to support the process through funding for research and development and in the development of infrastructure and policies that enhance the thought process for people but the main responsibility is upon the organization and its staff (Stephenson)
The relation between innovations and the culture of an organization is illustrated in everyday activities of an organization. The need for this correlation has been enhanced due to the increased competition in the markets today where one industry can have more than a few core players. Innovations that set the organizations services and products apart are significant towards giving the company a competitive edge but more so it ensures their long term sustainability in the market. An in-depth analysis of how their internal culture hinders or supports the employee innovation freedoms is important as employees are the backbone of the company in….Continue Reading….