Strategies Adopted By Deposit-Taking Savings & Credit Cooperative Societies In Managing Change: A Survey Of Saccos In Nairobi, Kenya

Abstract

Strategic management is centered on the alignment of strategy and environment. Savings and Credit Cooperative Societies must contend with uncertainty and competition in their external environment. Therefore, to remain relevant, they must be aware of the changes in the environment in which they work and respond to various environmental factors. This study set out to identify the strategies used by deposit-taking SACCOs in Nairobi to handle change. This was a descriptive study. The target population was 330 managers from Nairobi-based SACCOs. Using stratified random sampling, 30 percent of each group's members were selected for each sample. As a result, a sample of 99 respondents was obtained for this investigation. The investigation was conducted using primary data gathered through questionnaires. After gathering questionnaire responses, the researcher used descriptive and inferential statistics to analyze the quantitative data. Product diversification, rebranding, and member participation strategies positively and significantly affected the change management efficiency of deposit-taking SACCOs. Product diversification strategy, rebranding strategy, and member participation strategy significantly are key strategies used by Deposit-taking SACCOs in navigating through the ever-changing business environment. The study recommends that the management of deposit-taking SACCOs should strengthen their change strategies.