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An Analysis of Social Media Use in the Recruitment and Selection of Young Professionals: A Case of Commercial Banks in Kenya
No full textA Research Project Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA)The general research objective of this study was to analyze use of social media in the recruitment and selection of young professionals in commercial banks in Kenya. The research was guided by the following research questions: what are perceived costs associated with social media use in recruitment and selection of young professionals in commercial banks? What are the perceived benefits associated with social media use in recruitment and selection of young professionals in commercial banks? What are the perceived risks associated with social media use in recruitment and selection of young professionals in commercial banks? What are the perceived opportunities associated with social media use in recruitment and selection of young professionals in commercial banks?
A descriptive survey design was employed in conducting this study and addressed the questions posed above. The study population consisted of 65 human resource managers in tier one banks (those with assets of over Kes 25 billion) and tier two banks (those with assets of between Kes 6 billion to Kes 24.9 billion). However, only 50 responded resulting into a 77% response rate. The data collected was analyzed by using the Statistical Package for Social Sciences (SPSS) tool for descriptive statistics and presented through means, standard deviations, percentages, and frequencies. Correlation and regression analysis was applied to determine the relationship between the dependent and independent variables.
The findings revealed that the use of social media in recruitment and selection is affordable for the banks, it was also revealed that it is cheaper to access to a wider pool of people using social media, and many banks have set up equal opportunity and diversity policies. The findings also revealed that the firms reduced recruitment and selection time through use of social media although they have not been able to reduce costs of recruitment. To analyse the second objective the findings revealed that when using social media, the HR managers collect standardized information for all applicants making recruitment fair to all. There was however uncertainty on other attributes such as political affiliations or physical appearance are irrelevant in social media recruitment and selection and the firms using social media to access information about a candidate. Lack of company regulations that cover was also identified as a challenge.
To analyse the third objective the findings revealed that when using social media, the HR managers collect standardized information for all applicants makes recruitment fair to all.
Most of the respondents however disagreed that they have company regulations that cover many social media use in recruitment and selection. Analysis of the fourth objective revealed that the research revealed that commercial banks are more likely to make use of social media for recruitment of young professionals, and the banking sector recruit’s young professionals who are tech savvy for innovation and creativity. Most of the respondents however disagreed that Facebook is dominating the recruitment market or they are targeting young professionals.
The study concluded that use of social media in recruitment and selection is affordable for the banks, and helps in offering a wide access to a wider pool of people using social media, as a result many of the banks have set up equal opportunity and diversity policies. The use of social media has enabled the HR managers collect standardized information for all applicants hence resulting into fair recruitment fair to all. A prospective challenge would be the lack company regulations that cover use of social media in recruitment and selection. Lack of laid down company regulations that cover social media use in recruitment and selection is a challenge and this has also given lee way to misuse of information as the practitioners are able to view individuals profiles without the owner’s consent. Commercial banks are more likely benefit from the use of social media for recruitment of young professionals.
The study recommended that banks need to adopt social media more to assist in recruitment and selection as it is very affordable and offers access to a wider pool of prospective candidates. There is a need to set up the rules and regulation to mitigate victimisation due to access of sensitive issues such as political affiliations or physical appearance and demographic information about applicants. Commercial banks need to set up procedures and regulations that cover social media use in recruitment and selection. Also, information retrieved from individual’s profiles should be used carefully to minimize cases of litigation against the firm. Alternatively, the institutions also need to use social media sites for communication not only during a crisis but also to keep the public informed of activities such as recruitment drives.
Further studies need to be undertaken but focus should be on the young professional in order to determine what young professionals prefer in social media recruitment
The Impact of Financial Literacy on the Profitability of Micro and Small Enterprises Owned By University Students in Kenya: A Case Study of United States International University- Africa
No full textA Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirements for the Degree of Masters in Business Administration (MBA)The objective of the study was to investigate the impact of financial literacy on the profitability of micro and small enterprises owned by students of united states international university Africa. The study aimed at examining the effect of financial knowledge on the profitability of micro and small enterprises that are owned by the students of USIU-A, the effect of financial behavior on profitability of micro and small enterprises owned by the students of USIU-A and the effect of financial attitude on profitability of micro and small enterprises owned by the students of USIU-A.
The study adopted a descriptive research method for obtaining necessary primary data to give clear understanding of the research objectives. This research design helped in observing the effects of financial knowledge, financial behavior and financial attitude on the profitability of micro and small enterprises owned by students of USIU-A. The study involved samples drawn from students of USIU- Africa that own or manage micro or small enterprises. To achieve the objectives, a deductive approach was used, where primary data was gathered through issuing of a set of structured questionnaires to a sample population of 52 students that have their own businesses. Probability sampling was used to randomly select respondents to collect data.
A descriptive statistics and inferential statistics was employed for analyzing the impact of financial literacy on profitability of MSE’s. A Correlation analysis was used to find out the relationship between financial knowledge, financial behavior and financial attitude and profitability. Linear Regression analysis of variance, frequency distribution and cross tabulations was used to analyze the findings. These analyses were carried out using Statistical Package for the Social Sciences (IBM SPSS) statistical software and Microsoft excel and the report was presented using both frequency tables and graphs.
The study examined how financial knowledge affects the profitability of micro and small enterprises that are owned by students of USIU-A. The finding suggests that most of the respondents are financially knowledgeable as the greater percentage of them answered the financial knowledge questions drawn from the OECD questionnaire on Time value of money, diversification, risk and return and inflation correctly except for the most effective sources of finance for startup businesses. The study, however, reveals that financial knowledge is not significant in profitability of micro and small enterprises owned by the students.
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The study assessed the effects of financial behavior on the profitability of micro and small enterprises owned by students of USIU-A and found that financial behavior slightly affect the profitability of such businesses. The study also found that majority of the business owners are uncertain on budgeting and planning, debt management, savings and some aspect of retirement planning like the knowledge of economic concepts needed for decisions, long term goals to expand the business and having alternative sources of income. However, they recorded low on record keeping and long-term financial decisions that influence retirement planning.
The study observed the effect of financial attitude of owners of micro and small enterprises and how it affects their profitability. It found that most the respondents have positive attitude when it comes to setting financial targets for the future. The study reveals that the business owners are neutral on aspects of time orientation being long-term and the influence of social environment on money management skills. The study also found that majority of the business owners do not believe in risk prevention as a way of ensuring security of their businesses and they do not have the attitude of attempting to acquire more financial skills through training programs. The study established that there is a meaningful relationship between profitability and financial attitude of micro and small enterprise owners.
The study concludes that financial knowledge does not necessarily translate into profits unless it is applied in decisions and other activities of the business. For example, the knowledge of time value of money does not mean ones’ profits will increase unless the business owner applies this knowledge on decisions in running the business. It also concludes that good financial behavior such as budgeting, debt management, savings, record keeping and retirement planning contributes to profitability of MSE’s. Also, positive attitude towards future, risk management, social influences and pursuit for acquisition of skills translates into profits for micro and small enterprises.
The study therefore, recommends financial education and training programs by the government along with other institutions, that will encourage application of financial knowledge on activities of business owners. These programs should also be able to motivate and encourage positive attitude toward future orientation and growth of the businesses. The study also recommends that the informal sector should be encouraged to keep records of their transactions to prevent losses and miscalculations
Effects of Innovation Strategy in Enhancing Competitive Advantage among Commercial Banks in Kenya
No full textA Research Project Report Submitted to Chandaria School of Business in Partial Fulfilment of Requirement for the Degree of Master of Business Administration (MBA)The purpose of this study was to determine the effects of innovation strategy on competitive advantage in commercial banks. The following research questions were adopted for the study: What is the effect of product innovation on competitive advantage? What is the effect of process innovation on competitive advantage? How does market innovation affect competitive advantage of commercial banks in Kenya?
The study employed a descriptive survey research design. The population of the study was 330 composed of managers from 44 commercial banks in Kenya. Stratified sampling was used to select a sample size of 118. The study used a structured questionnaire to collect primary data, which was analyzed using Statistical Package for Social Sciences (SPSS) version 22 for descriptive and inferential statistics.
The findings on the effect of product innovation on competitive advantage revealed the existence of a positive significant relationship between product innovation and competitive advantage of commercial banks in Kenya.
The findings on the effect of process innovation on competitive advantage revealed the existence of a positive significant relationship between process innovation and competitive advantage. All the components of process innovation including process idea phase, development phase and implementation phase were all significant.
The findings on the effect of market innovation on competitive advantage revealed the existence of a positive significant relationship between market innovation and competitive advantage. All components of market innovation including impact on employee performance, organizational performance, employee motivation, and increase in sales were all significant.
This study concludes that product innovation has significant impact on employee performance, satisfaction, and organizational performance. Product innovation directly and positively contributes to how employees find value, morale and significance in their work, which at the end of the day, enhances their productivity, and competitiveness in the market place. The study also concludes that process innovation including planning, design and implementation effect on customer satisfaction, employee performance and organization profitability was significant. Product innovation provided commercial banks under this study with the opportunity and ability to design products that competed effectively at the market place and thus enhancing organizations competitive advantage.
This study also concludes that all components of market innovation including customer satisfaction, employee performance and overall organization performance were significant. Market innovations provide banks the opportunity to enhance their performance through increase in market share, and product differentiation to the market.
This study recommends that management in commercial banks should but mechanisms in place to enhance more internal innovations. This should include giving employees enough space to innovate new products and services. In addition, there is need to have banks to set aside a budget that will be used exclusively for product innovation. This will not only enhance the banks’ ability to compete with other banks, but also the ability to remain sustainable in the long term. This study also recommends that management at commercial banks should ensure that process innovations are conducted in a manner that enhances competitive advantage. This should include ensuring that organizational processes are designed in a manner that enhances organizations strategic goals and objectives. There is need to ensure that employees are customers are involved in all aspects process innovation. Lack employee involvement can be detrimental to the success of the innovation process and thus hinder competitiveness. On market innovativeness, this study recommends the use of agency banking to enhance outreach to those in areas that does not have physical branches. There is also need for commercial banks to ensure that online banking platforms in addition to mobile money platforms should be enhanced
The Impact of Mobile Banking On Commercial Banks in Kenya
No full textA Research Project Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA)The main purpose of this study was to establish the impact of mobile banking on commercial banks in Kenya. The study focused on the following research questions: what are the factors influencing mobile banking in Kenya, how has mobile banking influenced the reduction of transaction costs in banking and what is the effect of mobile banking on financial accessibility.
The study adopted a descriptive research design. The research design was applied to a population of 200 Master of Business Administration (MBA) students in The United States International University – Africa (USIU – A) that used mobile banking. The design was appropriate because the study seeked to build a profile about the impact of mobile banking on commercial banks in Kenya. A further sample of 70 students in the population were requested to take part in the study. A close ended structured questionnaire was used to collect the data. The data was evaluated and deduced using descriptive statistics through frequencies, percentages and regression analysis. Excel was the tool used in this study for analysis.
The study found that majority of the respondents adopted the use of mobile banking due to its ease of use, quick transactions and ability to conduct transactions wherever they are situated. The study also found that majority of the respondents are do not live or work near their domicile bank branch. Through this mobile banking reduces the transaction costs in regards to time and distance because they can perform banking transactions despite not being near the bank branch. The study also found that the simplicity and usefulness of mobile banking is one of the major influencers and increases financial accessibility in that customers can not only perform banking transactions but also make other payments e.g. Utility payments.
The study concluded that the cost of mobile banking was not a huge factor in influencing mobile banking in that due to different banking taarifs over the counter transactions would relatively cost the same. The study also concluded that the threat of fraud and privacy were a major concern for customers in that they felt that there were more susceptible to fraudulent activity and identity theft due to their information being readily available.
The study recommended that in regards to the cost of mobile banking, the regulators should come up with a standard price against all bank taarifs. In regards to the threat of fraud associated with mobile banking, the study recommended that the bank should ensure that all measure are taken to prevent fraud including hiring outside security firms to monitor all activity. Finally, the study recommended that the bank should ensure that the mobile banking platform should offer complete privacy to the end user including the use of asterix (*) or dots (.) to block out the pin number when the end user is performing a mobile banking transaction
Factors Affecting Change Management in Utility Service Providers: A Case of Kenya Power
No full textA Research Project Submitted to the Chandaria School of Business in Partial Fulfilment of the Requirement for the Degree of Masters in Business Administration (MBA)The purpose of the study was to establish the determinant of change management on utility service providers with a focus on Kenya Power Company. This study aimed at establishing how organizational culture affects change management, determining how organizational policy affects change management and how management support affects change management among utility service providers.
The research assumed a descriptive research method in analyzing, interpreting, and presenting data. The study focused on 120 senior management staff including the general managers, senior officers and supervisors drawn from 10 departments at Kenya Power Company. Stratified random sampling was used in the study and inferential and descriptive statistics used in data analysis and presentation using Statistical Package for Social Sciences (SPSS).Figures and tables were used in data presentation.
The first objective of the study was to establish how organizational culture affects change management of Kenya Power Company. The study found that employee attitudes are considered to be indicative of the success of an organization postulated to motivate behaviour and to exert selective effects at numerous stages of processing information. The second objective of the study was to examine how organizational policy affects change management at utility service providers. The study found that an organizational policy is very important in the utility service providers as it conveys to employees what is expected of them. Organizational policies help utility service providers maintain a degree of accountability to internal and external stakeholders. The third objective of the study was to assess the effect of management support on change management of utility service providers. The study reveals that when managers offer their full support to an organizational change management process, they direct activities in a more productive way. It was established from the study that employees at Kenya Power Company are trained regularly to quickly adjust to continuous change occurring in their organizations.
The study concludes that due to organizational culture, employee attitudes are considered to be indicative of the success of an organization postulated to motivate behaviour and to exert selective effects at numerous stages of processing information. The study also concludes that organizational policies help Kenya Power maintain a degree of accountability to internal and external stakeholders. Due to the existence of organizational policies, the company has a change implementation plan involving the engagement of the organizational structure. Due to support from management, employees at the Kenya Power Company are trained regularly to quickly adjust to continuous change occurring in their organizations.
The study recommends the management of utility service providers observe and maintain key values of their organizations as they determine the organizational behaviour and mould the social identity of the employees. The study also recommends management of utility service providers to create viable organizational policies as they convey to employees what is expected of them because policies help organizations maintain a degree of accountability to internal and external stakeholders. The study recommends the managers to train employees regularly to quickly adjust to continuous change occurring in their organizations
Investigating Antecedents of Organizational Trust in Kenyan Start-Up Ventures
No full textA Research Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA)The purpose of this study was to investigate the antecedents of organizational trust in the Kenyan small and medium enterprises (SMEs). The three antecedents included employee-related ability, integrity and benevolence. The study adopted the descriptive research design in collecting and analyzing data from the population of registered 379 SMEs in Westlands Sub-County in Nairobi County. Stratified random sampling was used to sample the respondents according to their strata, whereas simple random sampling was used to generate the sample from each stratum. Therefore, a sample of 75was used for the study. The data was collected using a pretested structured questionnaire that was administered to the respondents and the data collected was analyzed using SPSS to generate the descriptive and regression analysis. All the completed questionnaires were entered into IBM SPSS 20.0 statistical software and data analyzed for descriptive statistics on employee ability, benevolence, and integrity. Results were presented in tables and figures showing the frequencies, percentages, and measures of central tendency such as Mean, Mode, Median, Standard Deviation, and Variance.
On employee ability, most of the respondents agreed that the top management was very capable at the job that they were performing, successful at whatever they tried to do, confident of their top management skills and were well qualified. On integrity, most of the respondents were not certain whether their top management had a strong sense of justice, and whether they would remain true to their word. However, most of the respondents agreed that the top management of their organizations tried hard to be fair in their dealings with others and that their actions and behaviors were consistent. They also liked the values of the top management and agreed that sound principles guided the behavior of their management. On benevolence, most of the respondents were uncertain that the top management were very concerned about their welfare, if their needs and desires were very important to the top management, whether the top management would not willingly hurt them, look out for what was important for them and whether the management would go out of their way to help them. The study found out that there was a significant and positive relationship between the constructs of benevolence and organizational trust in the MSE’s. The study also established that there is no significant relationship between the constructs of integrity, employee ability and, organizational trust in the MSE’s.
The study therefore concluded that to varying degrees the constructs of ability, integrity and benevolence are all determinants of organizational trust in MSEs in Kenya. The study recommended that managements train their employees to eliminate skills vacuum and boost their chances for promotion. The study recommended that MSE managements ensure that the interests of their organizations do not necessarily interfere with the interests of their employees in order to engender a sense of justice. Finally, the study also recommended that MSE managements should employ measures that will assure their employees that their interests, needs and desires are taken care of by the management
The Effect of Dividends on Future Earnings: Evidence from Kenya
No full textA Research Project Report submitted to the Chandaria School of Business in Partial Fulfillment of the Requirements for the Degree of Master of Business Adminstration (MBA)The general purpose of this study was to determine the effect of past dividends on future firm earnings. The study aimed at a answering the following specific research questions:
What is the relationship between past dividends and future earnings? What is the extent of effect of past dividends on future earnings? How does the relationship between past dividends and future earnings change over time? This study was supported by theory that dividends are not merely a distribution of earnings but are a source of information about future earnings and the sustainability of those earnings.
The study was based on secondary data on a sample of 30 firms from the Nairobi Securities Exchange (NSE) which had 65 firms as at 31 December 2016. All firms which paid dividends for this period were selected and analyzed with the help of statistic software (SPSS). A correlation and regression analysis was carried out on past dividend per share (DPS) and one year future Earnings per Share (EPS) for the five year period from 2010 to 2015. Additionally descriptive statistical analysis was applied to the same data using standard deviation and mean of EPS and DPS for the same period.
The study found that there was a very strong positive correlation between dividends and the preceding future earnings for the years 2015-2014. This correlation was strong and positive in 2015 with a decreasing correlation for each successive prior year to 2010.
The study also found that there was a strong predictive relationship between past dividends and future earnings. However, this predictive ability also weakened with every preceding year from 2015 to 2010 where it was at its weakest. It also found that in times of losses firms that continued to pay dividends had a higher likelihood of having future positive earnings.
Lastly, study found that the relationship between past dividends and future earnings has changed over the time in the period under review (that is for the period from 2010 to 2015). Though dividends remained steady and increasing over the five year period, earnings were more volatile, having a general downward trend they also fluctuated, dipping in 2013 and then spiking in 2015. Despite these fluctuations in earnings, the correlation between past dividend and future earnings remained positive. However, in more recent years towards 2015, the correlation was stronger, while in earlier years closer to 2010 the correlation was weaker. There was also a change in the predictive ability of the regression models between 2010 and 2015. The model had a stronger predictive ability in more recent years than in prior years, with more than half of the changes in future earnings being explained by the past earnings.
The study concluded that indeed dividends may be a useful indicator of future earnings, with firms paying higher dividends now likely to have higher earnings in the near future. Additionally, the study concluded that dividends hold predictive information about future earnings, more so for firms that report losses in a financial year. This is because firms that continue to pay dividends, despite losses in the current year, signal to investors that these losses are transitory and are not expected to persist beyond the short term. This finding supports the information content theory of dividends. Furthermore, the study found that there was an increased correlation between past dividends and future earnings from 2010 to 2015 with past dividends in 2014 having the strongest correlation with future earnings in 2015 of the five year period under review.
Finally, this study recommends that dividends are a useful indicator of future sustainability and earnings of a firm. This is especially true when previously profitable firms report a loss in one year. Areas of further research arising out of this study may focus on the role of Agency Theory in explaining the relationship between dividends and future earnings. Moreover, the influence of political factors were beyond the scope of this study, therefore further research may control for these variables to see if they have an impact on the relationship between dividends and future earnings
Impact of Organizational Effectiveness Variables on Digital Media Integration in New Product Dispatches Ventures: A Case of Unilever, Kenya
No full textDigital Media describes a variety of new sources of online information that are created, initiated, circulated and used by consumers’ intent on educating each other about products, brands, services, personalities, and issues. This study sought to investigate the organizational variables that impact the integration of Digital Media in New Product dispatches ventures in Unilever Kenya. This study was guided by three objectives which are determining the impact of Organizational culture on digital media integration in new product dispatches ventures at Unilever Kenya, determining the effect of Organizational productivity on digital media integration in new product dispatches at Unilever Kenya and determining the influence of Technology adoption on digital media integration in new product dispatches at Unilever Kenya.
The study adopted a descriptive design in examining these factors through a census survey. The choice for census was necessitated by the fact that, the study sought to survey the entire population of 86 Brand Managers at Unilever Kenya. The data for this study was collected using a questionnaire. The study used a structured questionnaire that contained only close-ended questions. The questionnaire was divided into two sections, with the first section, covering the demographic details of the respondents, and the subsequent section which addressed questions on the research variables. A scale of 1 – 5, was used to seek respondent’s opinions on all the research questions which addressed the variables.After the completion of the field survey, the questionnaires were edited for completeness and consistency and checked for omissions and errors. Quantitative data was analyzed using a descriptive statistics through Computer statistical program for (SPSS) where it was tallied and analyzed using frequency distribution, mean, and standard deviation.
The study established that there exists a significant relationship between the organization culture and the integration of digital media on new product dispatches with a p value of 0.000 reflected at, 0.01 significance level. The study also found that, personnel deployment was found to be the most critical organization culture factor that impacted on digital media integration for new product dispatches with a mean value of 4.68. Another finding is that, respondents were strongly in agreement that employee remuneration model, was the most significant organizational productivity factor with a mean of 4.67 and the results show that, respondents were in agreement that by technology adoption through the use of social media it made it possible to achieve real time feedback on from the audience with a mean of 4.64.
The study concluded that, employee motivation was another highly critical factor ensuring the effectiveness of the digital media strategy geared towards new product dispatches. The study concluded that remuneration model used by an organization impacted employee productivity this is by the levels of personal commitment to achievement of organizational goals such as the effective integration of digital media in new product dispatches and that emerging technology platforms have been integrating tools which made it possible for real time feedback which is a positive factor in digital media strategy and technological adoption within an organization.
The study recommended that organizations should adopt organizational culture that creates a working environment that values the employee efforts and reward output as a strategy for employee motivation. The study also recommended that the remuneration model should be commensurate of the employee capacity to execute certain critical organizational operations such as the capacity to effectively deliver on the digital integration for new product dispatches and it was also recommended that organizations should use the adoption of a unique social media strategy as it has direct correlation with the growth in the popularity of the brand which is vital for the effectiveness in new product dispatches
Employee Retention Factors In the Hospitality Industry: A Case of the Carnivore Restaurant, Nairobi, Kenya
No full textThis research project assessed employee retention factors that influence employees to stay with the Carnivore. The study was set to determine whether company culture at Carnivore creates a conducive work environment for personnel. It was set to determine the effect of the remuneration and reward strategies on employees’ decision to continue in employment with the company. Finally, it also aimed to establish the effect of training and development on employee retention.
This study was a descriptive research design for the data collection and analysis of 62 employees although only 60 responded giving a response rate of 93%, which was adequate. The sampling technique used was a consensus for the respondents according to their decision to stay. A questionnaire was used for the employees and the manager. The data collected was processed and analyzed using SPSS to produce the analysis.
An analysis of the first objective findings showed that most respondents agreed that there is team work in the working environment, and that they also understand the company’s vision and mission. The company was also found to have an open door policy, and performance appraisals were conducted fairly. The firm also practices a two way communication with management. Analysis of the second objective findings showed that most respondents agreed that they were concerned about the shareholders return on investment, and informal recognition was just as important as formal recognition. The management was also identified to recognize good work. Analysis of the last objective findings showed that most respondents agreed that the tests administered were relevant to the learning outcomes for the training sessions, and their abilities were fully utilized at each stage of the training program. Most of the respondents agreed that they would recommend this program to someone else, and feedback on assessments was given in good time with the respective supervisor signing off on every stage of the program. It was also revealed that there was adequate time assigned to each training session, with majority being able to understand what was required at each stage of the program.
It was concluded that team work is vital in the working environment and allows for smooth operation of a firm. The company’s vision and mission are well understood and this enables employees to base their effort on meeting the firm’s mission and objectives. From the study carried out on this company it can be concluded the hospitality industry, can benefit on open door policy, and regular performance appraisals are necessary but they are only beneficial if undertaken fairly. In addition, from the case study of the Carnivore, the hospitality industry shareholders return on investment is an issue given much priority. Recognition is important based on good work. The issues of salaries and fringe benefits, as well as remuneration packages are factors affecting employee retention. The use of tests to gauge learning outcomes for the training sessions, have been fully utilized in the training program. The program has sparked interest in participants especially due to timely feedback off on every stage of the program by supervisors.
The study recommended that the organization needs to maintain team work in order to facilitate smooth operation of the firm. The hospitality industry needs to adopt open door policy in order to address the issues that arise. The management needs to review issues of salary and fringe benefits in order to benefit from increased retention. The company needs to review remuneration packages to make them competitive and adequate. There should be fairness in award selections, and promotions with emphasis on performance based remuneration. The organization should continuously make use of tests to gauge learning outcomes for the training program adopted. Although the program has sparked interest in participants its structure needs to be clearly defined. This research project assessed employee retention practices and the factors that influence employees to stay with the Carnivore. Similar studies should be done in other hotels and restaurants in order to be able to generalize the findings in the hospitality industr
Strategic Responses to Changes in Business Environment: Case Study of Britam Insurance Company in Kenya.
No full textThe purpose of this study was to establish the strategic responses to changes in the business environment by Britam Insurance Companies in Kenya. The study was guided by the following research question: What are the markets based strategies used by Britam Insurance Company in response to the changing business environment? What are the products based strategies used by Britam insurance company in responding to changes in the business environment? What are the operational based strategies used by Britam insurance Company in response to the changing external business environment?
This study adopted a descriptive research design to find out the strategic responses to changes in the business environment by Britam Insurance Companies in Kenya, this involved mean, standard deviation and percentages of the variables under study. The target population for this study was 579 employees of Britam insurance in Kenya. A simple random sampling technique was employed while data collection was conducted with the help of a questionnaire. The data was analyzed using descriptive and inferential statistics with the help of the Statistical Package for Social Sciences (SPSS). The results were then presented in tables and figures.
The study revealed that there was a positive significant relationship between market based strategies and responsiveness to the changes in business environment. Implying that the response to changing environment is influenced market based strategies such as clearly defined market segment for all its products, appropriate promotional channels, different distribution channels, Shares information with other players in the insurance, benefit of the community, as well as carefully selecting suppliers and developing strategies to align its operations to the changing market conditions.
The study also revealed a positive relationship between product based strategies and responsiveness to the changes in business environment. This findings imply that the firm’s responsiveness to changing business environment and its performance is influenced by product based strategies such as differentiated insurance products, new product development, technology incorporation, extension of benefits of existing products, developing unique insurance products, and investment in product research.
Furthermore, the study revealed that operational based strategies significantly positively impacted on the responsiveness to the changing business environment. This findings
imply that the responsiveness to the changing environment and firm performance is influenced by operational based factors such as automation of majority of its operations, diversified communication media among staff, improved the level of efficiency, training of employees from time to time, a well-organized job orientation for new staff, well defined job descriptions for all staff, and offering employees enlarged duties to build their capacities.
The study concludes that market based strategies, product based strategies and operational based strategies, affect the responsiveness to the changing environment among insurance companies in Nairobi Kenya.
The study recommends that insurance firms need to devise aggressive market based strategies that could help counter the impact of today’s market uncertainties and dynamics such as; defining clear market segments for all their products, utilizing appropriate channels in their promotional activities, different distribution channels, sharing information with other players in the insurance, as well as supporting the community to build a strong competitive image in the market through CSR. It also recommends that the insurance firms need to invest in research and innovation in order to generate new products in the market. Additionally, the Human Resource Management departments need to be equipped with necessary resources and facilities to develop capabilities of manpower. Finally the study recommends that further research be carried out on the same topic but focusing on other variables such as leadership styles in insurance industry