Strategy implementation at National Bank of Kenya Limited
Strategy implementation remains critical yet the most difficult phase in the strategic rnai agerrtettt process. Successful strategy implementation focuses Oil creating Iils between the strategy and culture, leadership, structure, reward system, budgetary allocations and the general capabilities of the organization. The study was based on st alegv implementation at National bank of Kenya (NBK). The objectives were to establish how strategy was implemented and to determine the factors influencing the implementation process at this bank. To achieve that; a case study was carried out to better understand the procedures at the bank. A total of ten respondents were interviewed by way of an interview guide. The study established the major challenges at NBK as lack of visionary leadership, no ownership of the strategic plan, poor communication and the absence of a monitoring and evaluation unit. The CEO never gave any importance to strategy formulation and its implementation. The exercise was carried out to satisfy the regulators and other stakeholders. The employees were never involved at the strategy formulation stage therefore making it difficult to own the whole exercise. This study will not only benefit the management team in trying to identify challenges encountered during strategy implementation, but will also inform formulation of future strategies. The researcher recommends that the bank engage a visionary leader to drive the strategy implementation process. The strategy should be communicated to all employees and an effective monitoring and evaluation unit set up. With the above measures in place, the bank will experience positive growth and claim its rightful position in the industry. Limitations encountered during the study included the reluctance by the top management to authorize the study fearing information obtained may be used by the competition.