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Samsung to incorporate a start-up philosophy

I've read somewhere that when a person is going through an internal crisis, they usually first change their hairstyle.

Samsung might not have a hairstyle, but it's definitely going through an internal crisis, and it's definitely looking to change a few things about itself.

In the latest announcement from the company, it has decided to change its corporate culture and become more like a start-up. That way, it hopes to slow down the decline caused by a drop in smartphone sales and the lack of new revenue opportunities.

So what does that mean in practice? "We aim to reform our internal culture, execute as quickly as a startup company and push towards open communication and continuously innovate," Reuters cites a Samsung statement.

Basically, it wants to move away from the top-down culture, reduce the number of levels in its staff hierarchy, and force more discussions and dialogues between various divisions.

This is not the first time Samsung has been trying to incorporate a bit more 'laid back' approach to business, in order to shake things up a bit. Flexible working hours have been introduced, the dress code has been loosened up (for weekend work, though), and the popular after-work drinking sessions are no longer obligatory.

According to Reuters, the South Korean tech giant will also eliminate unnecessary meetings and simplify reporting procedures. It is also looking to eliminate 'unnecessary overtime' and weekend work, encouraging employees to spend more time with their friends and family.