Strategic Change Implementation And Its Challenges At CfC Stanbic Bank, Kenya

Abstract

The objectives of this study were to determine how strategic change was implemented at CfC Stanbic Bank and the challenges encountered. The researcher used both primary and secondary data. An interview guide was used to collect data from five respondents. Content analysis was then used to analyze the qualitative primary data which had been collected by conducting interviews and secondary information from the organization. The study reveals that the head of departments are fully involved as well as all employees in strategic change implementation for the organization and underlines the importance preparations and planning before strategic change is implemented. The researcher found that Prosci's 3-phase process of organizational change management was employed and involves preparing for change, managing change and reinforcing change. The ADKAR (Awareness, Desire, Knowledge, Ability and Reinforcement) model for managing individual change was also used as a foundational tool for understanding how, why and when to use different change management tools and procedures. The study found out that the main challenges in the process of strategic change . implementation included resistance to change, different cultures, different systems, uncertainty of the future, Frauds, lack of proper processes, poor communication, slow pace, handling customer complains, staff turnover, legal issues, infrastructure challenges, tight timelines and limited resources. The management was committed to the strategic change and their reactions to strategic change challenges included; frequent communication to all stakeholders, issuing public notices through media to update customers, sending personal letters, face to face meetings, engaging all staff, holding training and open forums, road shows, team building, use of change champions and addressing staff concerns.