Strategy Implementation at Standard Chartered Bank of Kenya
Abstract
Strategy implementation is a vital component of strategic management process in all organizations.
However, transforming strategies into actions is a more complex and difficult task. Effective
strategy implementation is necessary at Standard Chartered Bank Kenya Limited (SCBK) so as to
realize its stretching strategic goals and assure its sustainability in the competitive banking industry
in Kenya. The objectives of the study were to determine strategy implementation practices at
SCBK and to establish factors influencing strategy implementation at SCBK. The study adopted a
case study design. Primary data was collected by use of interview guides while secondary data was
collected from audited financial reports, news bulletins, the official website and the strategic plan
of SCBK. The interview guide was administered via personal interviews. There were a total of 7
interviewees. The interviewees included managers in charge of Finance, Operations and Risk,
Trade, Human Resource Management, Marketing and Sales, Procurement and Credit and Lending
functions at SCBK. Content analysis technique was used to analyze the qualitative data. The
findings were presented in prose. The findings indicated that the strategy implementation practices
at SCBK include: Emphasizing ethical practices, diligent persuasion of operating excellence,
alignment of systems and people, establishment of annual objectives and consistent internal and
external communication. Other strategy implementation practices at SCBK include: Use of
persuasion to deliver desired outcomes, changes in the organizational structure, changes in the
reward and incentive plans, establishing balanced organizational culture, delegation of duties,
motivating employees, encouraging team work, minimizing resistance to change, restructuring and
re-engineering of operation and retrenchment. The findings also indicated that the factors
influencing strategy implementation at SCBK include: Flexibility of organizational structure, high
adaptability to environmental change, quality of leadership, adoption of technology and
globalization trends; and adherence to government regulations. The conclusions of the study were
that emphasizing ethical practices, diligent persuasion of operating excellence, alignment of
systems and people and consistent internal communication were the critical strategy
implementation practices at SCBK. The recommendations for practice include the need for SCBK
to embrace use of persuasion to deliver desired outcomes, changes in the organizational structure,
changes in the reward and incentive plans, establishing balanced organizational culture,
restructuring and re-engineering of operations as key strategy implementation practices. Policy
recommendations for SCBK include the establishment of guidelines on how to enhance
inspirational leadership, harmonized organizational culture, adaptability to change and adherence
to government regulations in order to facilitate successful implementation of strategies at SCBK.
Lastly, further studies are recommended so as to seek the views of a wider selection of employees
at SCBK and other commercial banks in Kenya on how to establish a model that will ensure
effective and efficient strategy implementation practices.
Citation
Masters of Business AdministrationPublisher
University of Nairobi