Challenges of Strategy Implementation at Consolidated Bank of Kenya Limited

Abstract

Strategy formulation is the development of long term plans for the effective management of opportunities and threats in light of the organization’s strengths and weaknesses. On the other hand strategy implementation is the process that turns implementation strategies and plans into actions to accomplish objectives. For effective strategy implementation, the strategy must be supported by decisions regarding the appropriate organization structure, reward system, organizational culture, resources and leadership. The process must have the blessings of all interested parties and the top management should play a leading role in the exercise. The general objectives of this study were to investigate the strategy implementation challenges at Consolidated Bank of Kenya Limited and to establish how the bank has been able to overcome the challenges of strategy implementation. This was a case study design where primary data was collected using interview guide. The data obtained from the interview guide was analyzed using qualitative analysis.The findings from the study suggest that the organization had developed some strategies which were geared towards accomplishment of the organizations objectives. Financial constraints and lack of employee participation in strategy formulation was the main reason that slowed down the process of strategy implementation. Other contributors of the challenges on strategy implementation are inadequate analysis of progress being made as planned, financial, change of strategy midstream to suite their focus, non-commitment of some employees in general to support a new strategic plan given the start to its completion including review and supporting its recommendation, lack of implementation continuity if a staff leaves due to absence of project operational manuals, duplication of activities which calls for effective design programs.