Strategic Change Management and the Performance of Family Bank Limited

Abstract

Strategic change management and performance are connected. Effective strategic change management leads to improved firm performance. This study sought to establish how strategic change management impacted the performance of Family Bank. This study adopted a case study approach. This research employed an interview guide to gather primary data from Family bank’s management. The researcher interviewed five members of senior management at Family Bank (heads of department). Data was reviewed for completeness and accuracy. The data was evaluated to establish patterns and themes were analyzed. Data interpretation was conducted, utilizing content analysis to map the existing relationships between specific concepts and the researcher's objectives. The study found that strategic change management significantly enhanced Family Bank Limited's performance. Effective leadership set clear directions and motivated employees, while robust stakeholder engagement through clear communication and responsiveness improved support for strategic initiatives. Strategic communication via digital platforms minimized misunderstandings and ensured organizational alignment. Training programs and performance management aligned with strategic goals further drove growth. Consequently, the influence from senior management, engaged stakeholders, clear communication, and a supportive culture contributed to increased deposit growth, profitability, customer retention, and operational efficiency. The study concludes that strategic leadership that motivates teams towards a common goal, stakeholder engagement, strategic communication and organizational culture as strategic change management practices have a positive effect on the performance of Family Bank Limited. This study recommends the adoption of effective strategic change management practices within Family Bank for improved performance. Similar studies are recommended based on other factors of performance, other strategic change management practices, and quantitative data.