Ecobank, Stanbic have best industrial relations

Ecobank Zimbabwe has been recognised as the best employer by the Zimbabwe Banks and Allied Workers Union (ZIBAWU), the largest organisation representing employees in the banking and financial services sector in Zimbabwe.

The award only focuses on the three best and two worst banks for now.

“We recommend Ecobank Zimbabwe to anyone who wants to work in a good and safe environment. If it is good for workers, it must be good for clients too,” ZIBAWU said.

The second-best banking sector employer for 2023 was Stanbic Bank Zimbabwe.

ZIBAWU noted that Stanbic Bank has consistently maintained sound industrial relations based on mutual respect.

“It has an open door policy with the union and we engage and share views. We recommend it as a safe workplace,” it said.

CBZ Holdings claimed the third spot for best employer in the banking sector in 2023.

The largest employer in the industry has done better than many of the other employers, according to ZIBAWU.

“Although there is room for improvement in some areas, we appreciate how the bank has continued to protect jobs while improving remuneration to an extent,” it said.

“We recommend it to potential employees.”

ZB Holdings was named the 2023 Worst Employer in the Banking Sector as it failed in most respects in terms of industrial relations.

According to ZIBAWU this was because ZB Bank kept workers unaware of their fate for almost the whole year as it went through its organizational transformational project.

The union said, “There was poor communication and this caused serious mental health issues for employees including anxiety.

Up to now, we are just hearing through the grapevine about the intended merger with CBZ. This is outdated industrial relations management.”

Additionally, ZIBAWU said ZB Bank failed to emulate other employers who were taking measures to cushion workers against the rising cost of living and depreciating wages.

“As a result, most of its employees were facing serious financial hardships. To make matters worse, the working environment at ZB is not conducive.

“Workers are not free to air their views and to meaningfully bargain collectively. The works council has been rendered ineffective and only convenes to tick the boxes without tangible results,” ZIBAWU added.

AFC Bank became the second-worst employer in the sector in 2023.

“AFC Bank is deteriorating in terms of industrial relations. Workers are disgruntled and relations between management and the workers committee have been at their lowest.

“Instead of improving workers remuneration to cushion workers against the economic hardships, management reduced some of the allowances workers bargained for in the past,” ZIBAWU added.

Among the reasons for the position was poor communication between management and the workers’ representatives including the Union.

“We are witnessing a new negative culture building up in this bank that is replacing the good culture that the previous senior managers had built over many years,” the union added on AFC Bank.

To correct the shortcomings, ZIBAWU suggested that the banks take action to take them back to where they used to be in industrial relations.

-businessweekly