PRACTICES AND CHALLENGES OF STRATEGIC PLAN IMPLEMENTATION AT NIB INSURANCE COMPANY S.C

Abstract

Objective of the study was to examine Practices and Challenges of Strategic Plan Implementation at Nib Insurance Company based on data collected from staffs of the company through questionnaires. The type of research applied in this study was descriptive in nature. A total of 204 actual employees of the company were used as a sample. A well-structured questionnaire was used to collect the relevant information. The data analyzed using Structural Equation Modeling The result of the study has shown that there are problems while implementing the strategic plan. In implementing the strategy, there has been identified that the current practices has a gap which should be intact with all stakeholders. It has also been concluded that most departments and branches did not have strategy policies for implementation as per the policy and procedures set. There is also a lack of acceptance & support from the top management, misunderstanding of the strategy or people being unaware about the strategy implementation, challenge of lack of proper knowledge and skills by employees of the company, challenge of monitoring and controlling mechanism problem in strategy implementation and employees are discouraged by the absence of reward system. In order to make effective strategy plan implementation, the company should address to those problems identified like allocating sufficient resources, setting clear operational plans, implementing effective means of communications, developing a good organizational structure, and timely responding to challenges faced in the company.