Challenges of strategy implementation at Transnational Bank Kenya Limited
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There is enough evidence and common consensus in literature that although strategy implementation is a challenge to many organizations, it is strategy formulation that continues to receive more attention .Strategy implementation is the process that turns plans and strategies into actions to accomplish objectives. It starts with strategy formulation which refers to the development of long term plans for effective management of opportunities and threats in light of organizational strengths and weaknesses. For effective strategy implementation, the strategy must be supported by decisions regarding the appropriate organization structure, reward system, organizations culture, resources and leadership. All interested parties should cooperate in the process since they play a leading role in the implementation of strategies in the organization. It is also evident that banks in Kenya experience certain barriers to strategy implementation. Given this situation, this study highlights the most frequent barriers to strategy implementation in general and attempts to identify and describe barriers that impede strategy implementation in the banking industry. The objectives of the study were to investigate the challenges of strategy implementation at Transnational Bank Kenya Limited and to establish how the bank has been able to overcome the challenges of strategy implementation. This was a case study design where primary data was collected using an interview guide. The data obtained was analyzed using content analysis. The findings from the study suggest that the organization had developed some strategies which were geared towards accomplishment of the organizations objectives. Employee participation in strategy formulation was the main reason that slowed down the process of strategy implementation. other contributors of the challenges on strategy implementation are inadequate analysis of progress being made as planned, financial constraints, change of strategy midstream to suite their focus, on commitment of senior staff and employees in general to support a new strategic plan given the start to its completion including review and supporting its recommendation, lack of implementation continuity if a staff leaves due to absence of project operational manuals, duplication of activities which calls for effective design programs.