Zimbabwe’s unemployment rate increases as Steward bank retrenches workers


ECOCASH Holdings Zimbabwe’s subsidiary, Steward Bank, has resolved to retrench some of its workers under a staff rationalisation programme occasioned by the digitalisation thrust.

“Following the successful deployment of our new core banking, additional automation of our banking processes and the investments we continue to make in our digital transformation journey, Steward Bank has embarked on a retrenchment exercise to rationalize its staffing levels,” said the company in a statement.

The bank said its investments in technology have necessitated the optimization of the organizational structure hence the need to reduce staff numbers consistent with “our changed operating model.

“The bank is consulting with all the affected employees, together with the works council, to ensure clarity and transparency in the process and to, as much as possible, mitigate the impact this change will have on the affected staff,” it said.

“Steward Bank remains committed to delivering quality services to our customers and supporting all the affected staff and stakeholders.”

– Chronicle

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