Strategy Implementation Process In Commercial Banks In Kenya
Implementing strategies successfully is vital for any organization, either public or private. Without implementation, even the most superior strategy is useless. The banking environment in Kenya has undergone many regulatory and financial reforms. These reforms have brought about many structural changes in the sector and have also encouraged foreign banks to enter and expand their operations in the country. The objective of the study was to establish strategy implementation processes by commercial banks in Kenya and determine challenges of strategy implementation in commercial banks in Kenya. This study adopted a descriptive research design. The target population of this study was the 44 commercial banks operating in Kenya. This study used primary data collected using a questionnaire. The questionnaire contained both closed and opened ended questions. The questionnaires were administered to communications managers. The completed questionnaires were first edited for completeness and consistency. Quantitative data collected was analyzed by the use of descriptive statistics using Statistical Package for Social Sciences (SPSS) and presented through percentages, means, standard deviations and frequencies. The study concludes that in most banks there is moderate involvement of staff in the formulation of strategies. . The study concludes that in majority of banks, the comparison of actual results with the set objectives is always great. The study further concludes that the process of strategy implementation in banks is not affected by rigid organization structure, poor organizational culture, limited top management involvement, poor communication, interdepartmental competition and poor leadership skills as these challenges are not evident in the banks. The study recommends that the top management at the banks should put in place measures to ensure that resources are availed for successful implementation of the strategies. The study recommends that training should be done in order to improve the performance of the staff as well as the top management.