Question

With an eye to elements of the cultural web , analyse the culture of Barclays' investment banking business

Answer 1

The Cultural Web is based on the cultural web model which is a strategic and managerial tool to address cultural concerns like the change in the organization's work culture. The cultural web is composed of various components and parts and they are linked to a "paradigm". This paradigm refers to a common set of objectives that are linked to an organization.

Components of Culture Web Paradigm :
1.Stories;

2. Symbols ;

3. Power Structure;

4.Organizational Structures;

5.Control Systems;

6. Organizational Rituals and Routine.

In Barclays Investment Banking Business :

Organizational Structure:

• The organizational structure is decentralized but the veto power lies at the central authority hence the ultimate power in making decisions is centralized at the board.
• There is a prevalent culture of group-based collaborations .

Organizational Rituals and Routine

• The ritual in Barclays mirrors that of Quakerism i.e the belief in the inner self and the inner conscience. This concept is embedded in the organizational ritual of Barclays.
• Routine wise the employees are mainly doing work related to the operations of clearing and settling transactions & to do the documentation and the reporting work of the transactions etc.

Stories :

• For a Barclays employee his /her work is their life and a major part of their life is actually work.
• There is also a risk-taking attitude among the employees which are necessary to survive in a globally competitive world
• However, it has been found that there is a lack of respect for core values among the employees.

Control System

• The control system in Barclays is based on a carrot stick method i.e reward and benefits are dependent on the employee-performance & the organization utilizes incentives such as bonuses and perks to motivate employees.

Symbols :

• High-Risk Taking
• Emphasis on earning more incentives and hence the adoption of unethical means is common.
• Hard Working and High Performance-based work environment.

Power Structure:

• There are almost no constraints on the employees, they are independent to take their own decisions.
• Most of the investment decisions are depended on the CEO' discretion .
• .The shareholders have considerable power .