Strategy implementation at deposit protection fund board, Kenya

Abstract

The practice and concept of strategy has many varied meanings, yet it remains closely related to planning and planning models. The word “strategy” is now applied to almost every management activity. As a result, strategic management is becoming a highly sought-after managerial competence. It is increasingly recognized that implementation skills are required throughtout the organization, not just within the senior management ranks. Strategy implementation has posed a number of challenges which arise from sources that are internal and external to the organization. Different styles of managing the challenges is likely to be necessary according to different contexts and in relation to the involvement and interest of different groups ( Johnson and scholes, 2002). The purpose of this study was to evaluate strategy implementation at the Deposit Protection Fund Board. The study‟s objectives were to identify the strategy implementation practices, determine the challenges facing strategy implementation at the Deposit Protection Fund Board and to establish how the Board has managed challenges of strategy implementation. A review of related literature was undertaken to support the study. This research utilized case study design. A total of seven respondents were interviewed for the study. Interview guide was used to collect data. Content analysis was used to analyze the data. The study found that the formulation of strategies at the DPFB was by the senior management and the employees participated in the implementation. It was also found that the strategies took longer than the stipulated time to implement. The study found that the board encountered challenges during strategy implementation which include liquidation challenges, policy related challenges, economic and operational challenges. The study also found that the measures taken to mitigate the challenges were commitment by top management, changing peoples‟ cultural mindset and communication of the strategy to the staff especially those participating in the implementation of the organizational strategy. It was finally found that the measures in place to mitigate the challenges were ineffective. The study recommends that the operations of DPFB should be made autonomous, policies guiding the operations of the Board should be harmonized and the management should be more stringent during the implementation process.