Challenges of strategy implementation at K-rep Bank of Kenya Limited
Strategies are critical in organization functioning, but whereas most organizations have good strategies, successful strategy implementation remains a major challenge in the strategy process. The Strategy implementation is the action of translating strategy into actions and involves change. The notion of strategy implementation might be seen quite straight forward on the surface yet in the contrary, transforming strategies into actions is far more complex, difficult and challenging. The research project was a case study on K-Rep bank. The objectives of the study were to identify the challenges encountered in implementing their strategies and establish measures being taken by the bank to cope with these challenges faced during strategy implementation. In order to achieve these research objectives, primary data were collected using interview guide by administering personal interviews targeting mainly those interviewees who are charged with the responsibility of implementing strategies at K-Rep bank while secondary data were obtained from the company strategic plan and financial reports. The study established that most of the challenges of strategy implementation at K-Rep emanated from both internal and external stakeholders. To a large extend , the study found out that the corporate strategy itself, organization politics, structure and culture, government decisions, inadequate resources, inadequate communications, uncontrollable factors, resistance to change as the major challenges encountered during implementation of strategies .he study found out that the Bank had put in place measures to mitigate the challenges it was facing to implement strategic plans including having a customer centric approach, education to customers, employees, increase in loan insurance, investing in Research, adjusting budgetary provisions, information dissemination and provision of non cash dividends to shareholders. The study recommended that the management should in built a practice of continuous reviews and carry out an audit on Human Resources and Information Technology. The study provides the bank with useful information on how to successfully implement their strategies in future by adopting appropriate styles and to come up with effective monitoring and control systems to mitigate challenges associated with strategy implementation.