New Normal – CBZ Holdings to Retrench Workers

HARARE – Financial services giant CBZ Holdings has announced its plans to retrench some of its employees effective June 2021, ENN reports.

In a circular to employees dated 23 April 2021, titled ‘Roll out of Voluntary Severance Offer to Staff’, the company announced that the global pandemic has resulted in many changes in the corporate landscape and the way it does business.

“The manner in which we reach, serve, and provide solutions to our customers and clients has changed significantly – most of our work has transitioned to digital platforms and automation has become key. This is an area which will continue to change, and with this comes the need for new business models and different skill-sets”, the circular further said as it announced the opening up of applications to employees for voluntary separation, from April 26 to May 9, 2021. “Following the Voluntary Severance exercise, the organization shall review any remaining positions which have been impacted by the change in the way we do business”, the circular further said, in the process setting the stage for a possible retrenchment exercise, to commence in June 2021. For transparency, the company shared its proposed terminal benefits package with all employees ahead of the voluntary streamlining exercise.

In 2020, more than 300 employees lost jobs across the Zimbabwean banking sector, and over 30 branches were permanently closed since 2019 as banks rationalized operations with digitisation becoming a core part of banking systems. With an impending staff rationalization exercise at CBZ Holdings, which is Zimbabwe’s largest financial services group, the year 2021 looks grim for Zimbabwe’s banking sector employees.