Managing strategic chang at Sumac Microfinance Bank Limited
The strategic change management practices differ from one organization to the other due to differences in context and the people involved and affected by the change. Change is driven by business trends, environmental, Social, cultural, economic and political factors. The way the leadership of an organization communicates, involves and motivates all the stakeholders especially the employees in the change agenda contributes to the successful implementation of the strategic change. The researcher employed a case study approach in order to obtain as much information as possible. The objective of this study was to determine the strategic change practices at SMFB. Interview guides were administered to five senior managers who were directly involved in the formulation and implementation of the change strategies. Data was analyzed using content analysis. The study revealed that SMFB used both planned and emergent approach to manage change and the major challenges faced during the implementation of change was resistance to change. The issue of confidentiality, individual perception of change and research methodology limited the study. The research recommends that a further study should be conducted on the nine Microfinance Banks to establish their strategic change management practices. This will help policy and regulatory bodies to plan best practices in relation to the microfinance banking subsector which is still growing.