Influence of Stakeholder Involvement on Strategic Planning Process of Money Remittance Companies in Kenya

Abstract

Strategic management, strategic planning and stakeholder‟s involvement are key areas that organization in the global demanding environment usually put a lot of resources and efforts in. The importance of recognizing and including necessary stakeholders in the strategic planning process is important from the time when stakeholders are not included, the significance and projected benefits from the strategy will be minimal. The objective of the study was to examine the influence of stakeholder‟s involvement in strategic planning at the Money Remittance Companies in Kenya. A cross-sectional survey design was used in the study. The study population consisted of 19 Licensed Money Remittance Providers in Kenya. A structured questionnaire was used to collect data. The study found that that stakeholder involvement influences strategic planning positively. Stakeholders are engaged in the planning process since they helps build ownership within the organization. The expectations of the stakeholders in the strategic planning process are well managed and rationalized and better participation in the process by different stakeholders is probably expected to bring enhanced outcomes and a better trust, rights and ownership. The study recommends that companies need to empower and involve more of their primary stake holders in strategic planning more so the employees in the organizations since they understand the organization and the issues therein more than anyone else.