The Role of Corporate Culture on Corporate Performance in the Financial Sector in Zimbabwe: A Case Study of NMB Bank

Abstract

The study was based on the problems facing the financial sector in Zimbabwe focusing on NMB. Thus, the phenomenology research philosophy, as well as interviews and focus groups were used in this study. Therefore, the study shows that there is need for NMB and the financial sector to respond to these problems by incorporating corporate culture. Thus, although corporate culture exists at NMB and the financial sector, as indicated in this study, all the respondents at NMB understand that corporate culture defines organisational values as well guides how employees of corporates in the financial sector act, feel or think about their organizations but unfortunately it is not visible and well defined. In fact, workers at NMB and in the financial sector feel that the management talks about corporate culture but do not share the corporate values of their organizations as well as upholding their values. Hence, the study suggests that NMB and corporates in the financial sector should blend its corporate culture models in order to get the best out of their workers. Thus, NMB and the corporates should use both clan organizational culture model and meritocracy organizational culture model because they all believe in employee-oriented leadership, cohesiveness, participation, and teamwork something that both employees and the management feel is missing. In short, these types of theories promote greater productivity and company growth in addition to clear communication of ideas and feedback resulting in a positive company performance which the financial sector is aiming to achieve.