ROLE OF STAKEHOLDERS IN THE IMPLEMENTATION OF STRATEGIC CHANGE IN COMMERCIAL BANKS IN KENYA: A CASE STUDY OF NATIONAL BANK OF KENYA LIMITED
Janeth Chepkoech - Master of Business Administration, Jomo Kenyatta University of Agriculture and Technology, Kenya
Dr. Waiganjo E. W. - Jomo Kenyatta University of Agriculture and Technology, Kenya
ABSTRACT
In the current corporate world, the high level of awareness among the stakeholders dictates that organizational leaders must implement change processes which satisfy the interests of those groups who have a stake in the business. The objective of the research study was to investigate the role of stakeholders in the implementation of strategic change in commercial banks in Kenya with a case study of National Bank of Kenya. The specific objectives of the study were to establish the role of customers’ influence on the implementation of strategic change in commercial banks in Kenya; to determine the role of regulators’s influence on the implementation of strategic change in commercial banks in Kenya; to examine the role of employees’ influence on the implementation of strategic change in commercial banks in Kenya and to determine the role of shareholders’ influence on the implementation of strategic change in commercial banks in Kenya. This study adopted a descriptive research design.The target population for this study consisted of 120 staff working at all levels of management at NBK branches in Nairobi’s Central Business District where a sample was selected using stratified sampling based on the management level in the Bank. This study collected primary using questionnaires A pilot study was conducted to test the viability of the intended research.The primary data gathered were coded and analysed with the help of SPSS. The study found out that customers preferences and tastes are key factors affecting the implementation of strategic change and that customers provide the indispensable influence to the bank in terms of competitive advantage, revenue and profits, employees are involved in the change management process need to be adequately trained. The study recommends that there needs to be stakeholder involvement in all stages of planning and implementation to bring a sense of ownership by all parties so that they can feel the strategy has not been forced on them and customers should be involved in the implementation of strategic change because they are the key stakeholders.