Challenges of Strategy Implementation at Sidian Bank Limited in Kenya
Strategy implementation is the action of translating the chosen strategy and policies into actions in order for the organization to achieve its goals and bring about the desired results. Strategies are critical in organizations and the successful implementation of the strategy is a major challenge for most organizations. Strategies fail to achieve the expected results if the execution is flawed, if there is no commitment to the strategy process by the leaders involved and when the right resources are not put in place to support the strategy process. Failure to execute strategy properly limits growth in an organization and the organization is subsequently not able to adapt to the environmental competitiveness. The objective of this study was to establish the strategies implemented at Sidian Bank, establish the challenges of strategy implementation at Sidian Bank in Kenya and to establish how Sidian Bank can overcome these challenges. In order to achieve these objectives, primary data was collected using an interview guide. Face to face interviews were conducted with the bank’s senior and middle management and the data collected was analyzed using content analysis. Secondary data was collected from the banks strategic plan, financial reports and the bank’s website. The study identified the strategies implemented at Sidian Bank as well as several challenges affecting the bank in the implementation of their strategy. Some of the challenges identified include changes in regulation especially the new laws on interest capping, not being able to attract and retain top talent, inadequate communication, inadequate resources and frequent changes in the organization structure. Recommendations of the study are that the bank should evaluate its external environment carefully and be ready for any changes that may be announced, the bank should also find ways of being an employer of choice in order to attract and retain the right talent, improve on communication of the strategy to the various teams and deploy enough resources for the strategy process.
The following license files are associated with this item: