Factors Influencing Implementation of Strategic Change in the Financial Sector Regulatory Organizations in Kenya
Kingori, Irene Waithera
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The main objective of the study was to investigate the factors influencing the implementation of strategic change in the public sector in Kenya with a focus on the financial sector regulators. The study had the following specific objectives: To determine how stakeholders' participation influences implementation of strategic change among the Financial Sector Regulators in Kenya; to find out the extent to which the type of leadership influences the implementation of strategic change among the Financial Sector Regulators in Kenya; to establish the relationship between the nature of the operations and the implementation of strategic change among the Financial Sector Regulators in Kenya and to examine how the approach to change influences the implementation of strategic change among the Financial Sector Regulators in Kenya. The literature review focused on the theories related to the concept of strategic management, the process of strategy implementation, the concept of strategic change, the approaches to strategic change, stakeholders' involvement in strategic change, leadership of strategic change and strategic change at Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority and Retirements Benefits Authority. It also reviewed the empirical studies on the subjects of strategic change and public sector management. The research was conducted through a descriptive survey design. The study was carried out at the headquarters of Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority and Retirement Benefits Authorityin Nairobi, Kenya. The study obtained data from the heads of the equivalent of a strategic business unit, mostly directors or deputy directors. The researcher personally administered the questionnaires to the selected respondents to ensure that data collection exercise took the shortest time possible. Descriptive statistics like the mean, standard deviation and percentages were used in the analysis of data. Regression analysis was also used to determine the relationship between variables. Frequency tables, bar graphs and charts were used to present the information. The main findings indicate that the policies on strategic change at the financial regulators lacked an element of flexibility and inclusivity. The findings also indicate that all the financial regulators were considered to have succeeded in executing the mission, funding their own budget, building and strengthening the ability to deliver services, initiating laws and regulations and involving stakeholders in their decisions. The conclusions of the study held that the stakeholders were interested in quality of service, style of operations, new changes in operations, ability to offer leadership and changes to reporting lines and authorities. It was also concluded that the leadership team at the financial regulators had considerable influence based on their relevant working experience, sufficient knowledge of the systems, adequate skills on the operations, ability to plan for the future and ability and strengths to offer leadership.' The recommendations were that the financial regulators should seek to implement strategic changes in quality of service, style of operations, new changes in operations, ability to offer leadership and organization structure in form of aligning the reporting lines and authorities to the type of strategic change being implemented. The researcher also recommended that a similar study encompassing the organizations that are regulated by the financial regulators be carried out in order to come up with findings that can be applicable to the particular industries like insurance industry and commercial banking industry.