Knowledge management practices at selected banks in South Africa

Abstract

Background: Effective knowledge organisations (EKO) create dynamic capabilities through the acquisition, creation, sharing and retention of knowledge. These EKOs are designed to enable an organisation to improve best practices in business. As knowledge is different from other organisational resources, decision-makers ought to understand the importance of knowledge to an organisation. In order to fully utilise knowledge-management (KM) practices and to enhance efficiency, management should appreciate and understand the importance of KM. A proper understanding of KM will add value to organisational knowledge. Objective: This study focused on investigating the knowledge-management practices at selected banks in South Africa. The objective was to establish the extent to which selected banks had implemented knowledge-management practices such as the acquisition, sharing and retention of knowledge.Method: Quantitative and qualitative data for this study were collected through the use of a multi-methods approach. Data were collected from middle and senior managers through the use of questionnaires and an interview protocol. All usable quantitative data were analysed using Survey Monkey and Microsoft Excel 2010 whilst thematic analysis was used to extract detailed, rich and complex data accounts from interviews. Results: Though the study revealed the presence of KM practices at selected banks, KM concepts were not universally understood, thus impeding the organisation-wide implementation of KM practices. Knowledge-management practices were only discussed as a footnote because no formal policies existed to add value to KM initiatives. Conclusion: The study concludes that organisations such as banks should perform a knowledge inventory. Knowledge inventories will become handy during the process of developing KM policies and practices for integrating work processes, collaborating and sharing (including the efficient use of knowledge technology platforms) and developing an enabling institutional culture.

A comparative analysis of knowledge retention strategies at selected banks in South Africa

“…The study revealed that selected banks used other strategies for safeguarding knowledge such as job rotation, staff secondment and promotions. Safeguarding institutional knowledge can leverage efficiency across an organization’s services to all stakeholders through accessing the right information and converting that information into knowledge (Chigada and Ngulube, 2014). The loss of organizational knowledge through workforce attrition can be dire to the organization.…”

“…The quantitative research methodology was adopted because it enabled the researchers to collect large volumes of data from many research respondents; thus, culminating in rich sets of data was extracted from diverse participants (Chigada and Ngulube, 2014). Data were presented in numerical, percentages and tabular format (Babbie 2010).…”

“…This study was undertaken after realizing that the impact of the fast-changing information environment of the 21st century makes it reasonable and necessary for an organization such as a bank to determine and define what constitutes its knowledge assets. The importance of such a knowledge capability for an organization has come to be conceptually well-understood because knowledge is so different from other organizational resources and as such, organizational knowledge should be safeguarded (Chigada and Ngulube, 2014). The confluence of current economic, generational and human influences on the workforce causes a greater number of employees to shift in and out of jobs, departments and companies, draining organizations of critical skills and knowledge.…”

“…In the knowledge-based economy, managers are expected to focus on issues of knowledge capital over more traditional assets and on the capability of their organizations to harness these knowledge assets. Banks should utilize their knowledge resources effectively to create competitive advantages and develop a greater ability to act and adapt to the ever-changing tastes and needs of customers (Chigada and Ngulube, 2014). A bank’s competitive advantage is enhanced when management embraces knowledge management (KM) philosophy as a strategic asset central to product and process innovation, executive decision-making and organizational adaptation and renewal.…”

Knowledge sharing in selected municipalities of Limpopo Province

“…In order to retain the knowledge of highly skilled and experienced staff, Limpopo municipalities should consider documenting and integrating knowledge into the municipalities. To achieve this, knowledge should be captured and stored in documents, databases, products and services, software and processes (Chigada & Ngulube 2015). Support from top management and political buy-in are the key factors for knowledge sharing in Limpopo municipalities.…”