Strategy implementation at standard chartered bank of Kenya
Strategy implementation is a vital component of strategic management process in all organizations. However, transforming strategies into actions is a more complex and difficult task. Effective strategy implementation is necessary at Standard Chartered Bank Kenya Limited (SCBK) so as to realize its stretching strategic goals and assure its sustainability in the competitive banking industry in Kenya. The objectives of the study were to determine strategy implementation practices at SCBK and to establish factors influencing strategy implementation at SCBK. The study adopted a case study design. Primary data was collected by use of interview guides while secondary data was collected from audited financial reports, news bulletins, the official website and the strategic plan of SCBK. The interview guide was administered via personal interviews. There were a total of 7 interviewees. The interviewees included managers in charge of Finance, Operations and Risk, Trade, Human Resource Management, Marketing and Sales, Procurement and Credit and Lending functions at SCBK. Content analysis technique was used to analyze the qualitative data. The findings were presented in prose. The findings indicated that the strategy implementation practices at SCBK include: Emphasizing ethical practices, diligent persuasion of operating excellence, alignment of systems and people, establishment of annual objectives and consistent internal and external communication. Other strategy implementation practices at SCBK include: Use of persuasion to deliver desired outcomes, changes in the organizational structure, changes in the reward and incentive plans, establishing balanced organizational culture, delegation of duties, motivating employees, encouraging team work, minimizing resistance to change, restructuring and re-engineering of operation and retrenchment. The findings also indicated that the factors influencing strategy implementation at SCBK include: Flexibility of organizational structure, high adaptability to environmental change, quality of leadership, adoption of technology and globalization trends; and adherence to government regulations. The conclusions of the study were that emphasizing ethical practices, diligent persuasion of operating excellence, alignment of systems and people and consistent internal communication were the critical strategy implementation practices at SCBK. The recommendations for practice include the need for SCBK to embrace use of persuasion to deliver desired outcomes, changes in the organizational structure, changes in the reward and incentive plans, establishing balanced organizational culture, restructuring and re-engineering of operations as key strategy implementation practices. Policy recommendations for SCBK include the establishment of guidelines on how to enhance inspirational leadership, harmonized organizational culture, adaptability to change and adherence to government regulations in order to facilitate successful implementation of strategies at SCBK. Lastly, further studies are recommended so as to seek the views of a wider selection of employees at SCBK and other commercial banks in Kenya on how to establish a model that will ensure effective and efficient strategy implementation practices.