Challenges of strategy implementation at I & M Bank Limited
This study concentrated on the challenges of strategy implementation at I&M Bank Limited. Most organizations fail not because they had a bad strategy but how the strategy was executed. The process of strategy implementation faces many challenges leading to most organizations failing to successfully implement their strategies. The objective of this study is to find out the challenges of strategy implementation at I&M Bank Limited and to identify the Bank's response to the challenges. The data was collected from senior staff of the Bank through questionnaires. The questionnaires had both open-ended and closed-ended questions covering general information about I&M Bank Limited, strategy implementation at the Bank, challenges of strategy implementation, responses to strategy implementation challenges and respondents suggestions. The questionnaires were administered through email. The findings of the study are presented in tables containing frequencies, means and percentages. The findings of the study indicate the Bank has succeeded in implementing its strategies by aligning strategies to the structure, adequate resource allocation to projects, formulation of strategy supportive policies and staff commitment. However, the shortcomings were identified as poor time management, poor communication of strategy to staff, responsibilities not being well defined and high staff turnover. This study is helpful to I&M Bank Limited as they review both short and long-term strategies. The study should also be of importance to other commercial banks and financial institutions whose responsibilities include strategy formulation and implementation. It is necessary that the senior management team come together to review, discuss, challenge and finally agree on the strategic direction and key components of the plan.