Nedbank Zimbabwe Limited has retrenched 23 workers, including 10 managers, citing a shift in its strategic focus.
The workers affected by the compulsory retrenchment exercise, which took effect from August 1, are expected to be paid severance packages.
Information at hand suggests that the affected staff were notified last month.
“Since 2019, we have been conducting a review of manpower and skills requirements for our current and future business needs in line with our Strategic Workforce Plan (SWP). The above-mentioned SWP has been impacted by changing customer behaviour, new ways of work, process automation and the centralization of roles,” said the bank’s spokesperson, Mary-anne Kwidini.
“Our strategic workforce plan resulted in the redeployment of over 50 staff to roles which are in line with our evolved business needs.”
Kwidini said engagements were underway with the affected employees whose roles have become redundant, adding that the bank was ‘fully exercised about their welfare and compensation for their contribution to the bank.’
“We are mindful that this process will be difficult for all employees. As such we have organised counselling support services for those who will be leaving and those who will be remaining. We will be working hard to ensure that these changes are made with empathy,” she said.
This comes as the banking industry has over the past three years retrenched a significant chunk of its employees owing to digitisation and the negative impact of the COVID-19 pandemic. Among the banks that laid off staff in the recent past are Steward Bank and CBZ.
Nedbank Zimbabwe was established in July 2004 after changing its name from Merchant Bank of Central Africa Limited (MBCA).
Nedbank Group managing executive for Africa, Terrence Sibiya is on record recently saying: “Zimbabwe is a strong performer within the African region. It doesn’t seem that big, but in the regional business it is a significant contributor to the regional balance sheet.”