Critical Success Factors and Strategic Change Management in Selected Deposit Money Banks in Uyo, Akwa Ibom State

Abstract

Strategic change is an integral part of contemporary business operation. In the Nigerian banking industry, strategic changes have occurred, which affected banks in different ways and magnitude. Surviving in such uncertain and turbulent periods would require careful and systematic implementation of critical success factors. As such, this study is an attempt to assess critical success factors and strategic change management in selected deposit money banks in Uyo, Akwa Ibom State. Two specific objectives were developed for the study, as well as two research questions and hypotheses. Survey research design was applied in the course of the study. The population of the study was 454 employees of the studied deposit money banks, while the sample size was 213 respondents as determined using Taro Yamane sample size determination technique. Structured questionnaire was used in eliciting the required primary data. A total of 213 copies of the questionnaire was administered, while 208 copies were returned in a useable form. Data analysis was done using Pearson Product Moment Correlation (PPMC) analysis. Results from the analysis revealed that the studied variables showed positive and significant relationship with strategic change management in the selected deposit money banks in Uyo, Akwa Ibom State. It was concluded that critical success factors have positive and significant relationship with strategic change management in the studied deposit money banks in Uyo, Akwa Ibom State. On the evidence of these findings, it was recommended that top level managers in the studied deposit money banks should maintain the habit of supporting their employees during strategic change periods in the banks by giving them the necessary resources that is required to cope with the change; and the outcomes of strategic change should be communicated to the employees ahead of time regardless of the effects it will have on them.