By Baron Ike
Despite the seeming half year report that puts Zenith Bank on the radar of banks doing well in the country, all may not be well with its establishment as regards the plight of the current work force.
The situation even makes nonsense the assumption that the economy is looking up as most financial and economic analysts are wont to say.
Reason: The management is about to implement a key policy that will sweep a good number of the personnel away any moment from now and render them stranded.
Armadanews.com has just learnt that the bank is contemplating restricting the number of personnel in each of its branches to just 12 from the initial minimum of 24, meaning a 100 per cent downsizing of its workforce at the branches.
This is the shocker that awaits the personnel as Zenith bank gets ready to tidy up its full year report and looks forward to a more rewarding 2018.
We got it on good authority that the management is no longer prepared to paper over the challenges which “over-bloated’ workforce is causing the bank at this critical moment of economic recession.
The policy has also started being felt among departmental heads as their impress had been severely tampered with, making it difficult for most of the supervisors to deliver on required target.
The road to the rationalisation of staff actually began in July this year when most of the bank’s contract staff at the branches were taken out without notice.
Peopleplus Management Services Limited, one of Zenith Bank’s several contract staff recruitment bodies was said to have also been advised on the need to reduce its intake.
The content of the letter given to one of the Zenith Bank’s contract personnel who was laid off in July reads: “This is to advise that your services are no longer required by Peopleplus Management Services Limited effective July 20, 2017.
“Accordingly, you are to hand over your identity card and other company’s properties in your possession to the Secretary, Peopleplus Management Services Limited, Head Office where you may request for your end-of- service account.”
Zenith Bank is not alone in the massive use of contact personnel as many other banks do in what a senior bank officer said is “to save cost,”